Home Insurance Policy – A handy checklist to follow
Published on 24th Aug 2020 EST Read time 4 Mins
Home insurance cover is a category of insurance that protects your house against any losses or damages caused due to unpredictable risks such as natural calamities, fire, or any other man-made hazards. A comprehensive home insurance policy would help you with cover against damages caused to your house/building along with the contents of your house.
There are different features of home insurance policy, which would cater to different needs of policyholders. So, you can have a look at the home insurance checklist to purchase your ideal home insurance cover.
Checklist for home insurance policyholders
This guide to home insurance would be helpful for you while buying your home insurance policy. Use this checklist to see if you are fully covered against any property-related loss. Cover for the structure This forms the most basic and important part of every home insurance policy. It covers your house or building against a plethora of risks/damages. This should cover the building, plumbing, heating, air-conditioning, etc. However, the land on which your house has been built would not be covered under this home insurance cover.
Cover for additional structure
Any non-attached structure such as a detached garage, backyard shed, a fence around your house, swimming pool, driveway, mailbox, etc. are also covered under your home insurance policy and you should check for the same.
Cover for property or personal possessions
The home insurance policy also provides coverage for the contents of your house against various risks. This cover would include electrical appliances such as personal computers, microwaves, television sets, refrigerators, air-conditioners, etc. Moreover, this cover would also include furniture such as beds, couches, rugs, dining tables, etc. and even your expensive jewelry present in your house. You must ensure the sum assured is appropriate for all these contents and everything is mentioned in the policy.
Cover for an alternate accommodation
The policy should give cover for your alternate accommodation expenses in case of any damage to your insured house. Under this cover, the expenses, which would be included are the additional rent, food, travel, and other living expenses.
Cover for liabilities
You should have the coverfor any legal liabilities, which might arise due to any injury, harm, or damage caused to a third party person/property within your premises or by you.
Availability of add-ons
There are some additional benefits that you can avail from your home insurance cover if you are opting for the add-on covers. The most common add-ons available in the home insurance policy include terrorism cover, pedal cycle cover, etc. These add-on covers can be availed on the payment of an additional premium and you can choose the ones you find appropriate.
What are the exclusions
Exclusions form a part of all home insurance policies. Expenses, which are not covered include loss or damage caused due to wear/tear and depreciation, loss caused due to nuclear war, loss or damage caused due to war/invasion, damages caused due to volcanic eruptions, etc. It is important to analyse and understand the exclusions before you purchase a home insurance policy.
One of the vital checkpoints while purchasing your home insurance policy is the selection of the correct insurance provider. It is quite important to buy the right insurance plan, however, it is even more important to get an insurance provider who would co-operate with your requirements. In case of an insufficient insurance cover, the use of your home insurance policy at the time of need would become difficult. Thus, do good research and choose an insurance provider, which has a good reputation in the market.
Cost of your home insurance policy
You must keep your budget in mind while purchasing a home insurance policy. You would wish to have the right health insurance plan from your preferred provider. You must compare insurance policies online and opt for the ones, which provide good coverage at a nominal premium.
Hence, an unexpected contingency such as a burglary or a natural disaster can happen anytime and can cause severe damages to your property. A home insurance policy would help in providing all-round protection to you and your house. With a checklist in mind, you would get a useful home insurance coverthat ensures full coverage against any loss. You can buy HDFC ERGO’s home insurance cover and enjoy total protection of your precious asset.
This blog is written by Deepika Mathur, CEO Markel, Veteran in Insurance Industry
Deepika Mathur highly recommends opting for Home Shield Insurance to ensure your dream home is protected always! She also recommends tenants to opt for Home Shield Insurance to cover their valuable home belongings like portable electronics and furniture.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales . UIN Home Shield Insurance - IRDAN125P0001V01201718 UID No. D2HO870