Knowledge Centre

Lesser Known Features Of Home Insurance

Buying a dream home is one of the biggest investments we ever make – financially and emotionally. Hence, most of us spend a great deal of effort to protect and preserve this sanctuary. This is where Home Insurance comes to the rescue. Buying a home insurance policy protects us from any unforeseen event, thereby providing the much needed peace of mind to the homeowner. While it is common knowledge that a home insurance policy safeguards us against certain man-made and natural calamities like fire, storms, burglaries etc, there are some lesser known advantages of having a home insurance policy too.

Did you know?

  • It’s a myth that home insurance is for home owners only. Even if you are a tenant, the contents of the house belong to you. Hence it’s prudent to insure your belongings against any unforeseen mishap.
  • In case of calamities or major damages, we also bear the cost of alternative accommodation that you have to seek while repair and maintenance is being undertaken at your home.
  • Most policies limit the damages caused by earthquakes to fire and shock only but some also cover flooding as a result of earthquakes, just like our Home Shield Insurance Plan.
  • Bursting and overflowing of water tanks and damages arising thereof are usually not covered.
  • Some policies also allow for protection of losses to the structure of the home or the contents due to acts of terrorism with add on cover.
  • Jewellery or valuables as per their declared value are not only covered while they are stolen or lost from the home but also during the course of wearing or carrying them anywhere in India
  • Many insurance companies also provide cover for personal accidents along with insurance of the home.
  • Your domestic appliances are not only insured against fire, burglary etc. but also against electrical or mechanical breakdowns.
  • Any damage due to landslides and rockslides is usually covered by all insurance companies.
  • A few insurance companies offer protection from riot, strike and terrorism.
  • The insurer may refuse payment if the damage has been due to your negligence. For example, if your house is not adequately secured (locked), then you won’t be reimbursed for any theft that occurs.
  • The policy usually covers only the structure and its contents, not the land.
  • Loss due to nuclear perils is usually not covered.

Home Insurance Plans are extremely flexible. While the importance of insuring the structure and content of our home cannot be over-emphasized, it is useful to note that you can tailor-make your insurance plan according to your needs, geography and risk factors. Removing unwanted or perceptibly less risky factors and including more relevant ones will bring down your premium costs considerably.  A whole basket of options is available to you. Go ahead! Take your pick.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.              

 


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