Who should get home insurance and what are the benefits?
What is home cover or home insurance? This type of insurance is the financial security against your property that safeguards your interest in case of an external attack that inflicts damage and losses. Almost all insurance providers outline home insurance as per the following structures:
Comprehensive Home Insurance: Under this policy,your home,the contents inside it,its structural ability and your family members living in that house are protected under the umbrella of a single home cover.
Structure Insurance: This covers the loss incurred due to the structural damage of the house,during natural or manmade calamities. Theft and terrorist attack can also be considered for coverage.
Content Insurance: It only covers the damage or loss of contents inside the house,like electronics,jewelry and others. The amount given as the coverage is based on the market value of the damaged or lost accessories.
However,many insurance providers segregate them further,based on popular requirements.
Home Cover for Landlords
Buying a house is by no means a small feat. In fact,in our country,buying a house is a long-cherished dream and a milestone that most people achieve after years of hard work. This calls for a protection which can be offered by a robust home insurance plan. Even if you are not living in your house at the moment,home insurance protects you against any damages that are likely to take place due to your tenant or natural occurrences. A homeowner’s insurance will protect you against both internal and external damage.
With the right homeowner insurance,you are secured against the following damages - fire,electrical breakdown,burglary,manmade hazards,natural calamities,shifting expenses in case of alternative accommodation or emergencies,and accidental damage.
The best part about most home insurance plans is their flexibility and long term benefits with a maximum coverage that offers the best deals and helps you negate any financial liabilities in the future.
Home Cover for Renters
Insurance is essential even if you are not in a position to buy your own house but have shifted to a new city where you seek to rent a comfortable and safe place. Even though you won’t have the ownership of this place,you should consider getting a home cover for renters.
After all,you can turn the rented house into your home for the time being with your accessories and appliances that you bought. And it can be that vintage decor item or that Kashmiri rug that you need to protect against any external damage. In that case,a tenant insurance policy will protect your valuables and much more.
With a renter’s insurance,you can expect the following benefits:
It will cover losses concerning personal property
You will get liability coverage that can be used as a proof in case of legal actions
The policy may/may not cover additional living expenses
Irrespective of your location,your belongings will be secure in your rented home
Home cover for tenants is affordable and a precautionary step towards safeguarding your possessions,and sometimes,even yourself and your family against any external attack.
Types of Plans and Benefits
Homeowners Insurance: Homeowners need to protect their homes on the outside as well as on the inside. This insurance is mostly a comprehensive plan that covers almost all aspects and damages.
In such covers,homeowners can expect the following benefits:
Short stay and long benefits: If the homeowners are planning on not living for long in the house,they can customize their insurance tenure and save on the premium
Big discounts: Value-added services in the form of discounts
High coverage for contents in the house: The contents of your house can be under the protection of a substantial amount without giving a laundry list of the possessions
Renter’s Insurance: A renter’s insurance mostly protects the tenant’s belongings in the rented space. And on certain occasions,the renters themselves as well as their family members can avail protection.
Under such plans,tenants can expect the following benefits:
Possession protection: Your personal items in the rented house are covered
Affordable: Such policies are affordable and flexible
Housing Society Home Insurance: This is more of a collective insurance taken up by big communities and housing societies that seek complete protection against multiple factors. This insurance is a big step towards keeping the entire community safe and secure.
In such covers,multiple homes are insured under one policy. Such policy offers the following benefits:
One insurance,big discount: The society is completely secured while you receive big discounts on the premium.
Coverage of common amenities: Such insurances cover common amenities like club houses etc.
Big properties,high coverage: Societies get the flexibility to choose their coverage amount based on the size of the society.
So,who should get home insurance? Well,anyone and everyone who owns a home and has invested a lot of capital,hard work and emotions in it,should not shy away from home insurance. You need to research and zero in on the right home cover that will suit your requirements. Reliable insurance providers can help interested homeowners,tenants and housing society authorities to customize their insurance plans that provide the maximum benefit at the most economic premium. Just make sure you understand the terms and conditions thoroughly before signing on the dotted line.
Disclaimer: The above information is for illustrative purpose only. For more details,please refer to policy wordings and prospectus before concluding the sales.