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Owning a home is a lifelong ambition for most of the people. After making substantial investments in that dream abode, one needs to insure it against future risks and perils. Besides natural calamities such as cyclones and earthquakes, man-made disasters too pose significant threats to residential properties. Here comes the use of home insurance policy. In the present time, a number of insurance companies and banks are coming up with attractive home insurance policies, which provide cover for the property in case of all the aforementioned hazards.
Tragedies due to gas cylinder explosion, fire due to electric short circuit or disasters like burglary are also covered by majority of home insurance polices available in the market. It shall be noted that a home insurance does not cover the market value of the home. The price of the home includes the cost of the land and the cost of constructing the building structure on this land and the land cannot be insured. The insurance cover is only for the cost of constructing the building. The sum insured is calculated by multiplying your home area by the construction rate per sq. feet.
Things Included In Home Insurance Policies
- Building structure
- Contents inside the home
Insurance Covers For A Building Structure
The Fire and Special Perils Cover covers damages to the structure of home due to the following reasons
- Storm, Tempest, Flood Inundation
- Riot, Strike Malicious Damage
- Explosion Implosion
- Aircraft Damage
- Damage Due To Impact By Vehicles
- Subsidence, Landslides And Rockslides
- Bursting And/Or Overflowing Of Water Tanks, Apparatus And Pipes
- Missile Testing Operation
- Leakage From Automatic Sprinkler Installations
- Bush Fire
- Earthquake Cover
- Terrorism Cover
Insurance Cover For Contents Inside The Home
- This cover is only for damages or loss of the contents inside the home -electronic and electrical goods, furniture and fixtures, clothing, jewelry and any other contents inside the home.
- The covers that can be taken for the contents include fire and special perils cover, earthquake cover, burglary, Loss / damage to contents due to burglary or an attempted burglary Loss of jewelry, gold ornaments, silver articles and precious stones kept under lock and key.
Home Appliance Insurance
Are you equipping your house with yet another time-saving or labor-saving device? If yes, then you would agree that in the present times, people are much more dependent on machines than their own self. Almost all of us today have become gadget freaks. Right from washing machine/tumble dryers and dishwashers to PCs
Fire Insurance Policy
With more and more people opting for a luxurious lifestyle, as a result becoming gadget freaks, the risk of facing a crisis situation i.e. fire accidents have increased considerably. In such circumstances, the best bet would be to get your house and commodities secured and insured. One such policy is the home fire insurance policy, also called Standard Fire and Special Perils Policy
Home Burglary Insurance
The home burglary insurance policy offers protection against the risk of loss or damage by burglary, housebreaking, theft or larceny in residential premises. Protection is offered from burglary to both the premises as well as personal belongings. Although insurance companies define burglary by means of entry
Householders Insurance Policy
Householders Insurance Policy is a comprehensive package policy that protects householders from a wide gamut of potential risks and perils. It covers almost all your personal belongings and household possessions, including furniture, domestic equipment, electrical appliances, furnishing, food and drink, some valuables and cash up to a certain limit, against loss or damage.
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