All You Need To Know Before Buying a Home Insurance

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Are you planning to buy an insurance policy to protect your house? A home insurance policy protects the structure of your house and the most treasured possessions present in the house from different perils. It allows you to enjoy a stress-free life by providing financial protection against covered risks.

What is Home Insurance?

A home insurance policy (homeowner’s insurance policy) is a type of property insurance that protects your home (owned or rented), and the content of your home against an uncertain event like fire, flood, storm, housebreak, theft, etc.

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Features of Home Insurance

  1. It covers losses and damages to the physical structure of the house.
  2. It covers losses and damages to the property/possessions present in the home like electrical appliances, furniture and fixtures, and jewellery if included in the policy document.
  3. The policy covers damages arising out of natural calamities (fire, earthquake, bursting of pipes) and man-made reasons like theft, burglary, etc)
  4. The policy tenure can be 1 year or you can avail of a longer tenure. If you have taken household insurance cover only for the building structure, then the policy tenure ranges from 1 to 30 years. However, if you have taken the home policy for home content only or both – the building structure and the home content, then policy tenure ranges from 1 to 5 years.
  5. It also offers cover to an additional structure around the insured house like garages, pool, mailbox, etc.
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Home Insurance: Inclusions

A home insurance policy covers losses to the structure of your home and your belongings within your home due to natural and man-made calamities like

  1. Fire, lightning, explosion
  2. Riot, strike, and malicious damage (RSMD)
  3. Earthquakes, storms, cyclones, typhoons, floods, etc.
  4. Bursting/overflowing of the water tanks, apparatus, and pipes
  5. Burglary or theft
  6. Damage caused due to an external object like a tree falling.

Read the terms and conditions of the policy document carefully as there can be more inclusions.

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Home Insurance: Exclusions

  1. Loss or damage due to a deliberate attempt.
  2. Loss or damage due to willful negligence
  3. Loss or damage caused by war, war-like operations, invasion, or act of a foreign enemy, terrorist attack.
  4. Loss of cash
  5. Damages due to volcanic erosion (generally excluded)
  6. Pre-existing damage

Who Can Buy a Home Insurance Policy?

Anyone having an insurable interest in the property i.e., the house can buy home insurance. He can be the owner of the house or a residing person. A tenant can also insure a rented house.

Things to Remember Before Buying a Home Insurance Plan

Before buying a homeowner’s insurance plan, compare different policies offered by different insurance companies. You must check the important facts enlisted below:

  1. Carefully read and compare the coverage provided by different companies.
  2. Check whether the premium quoted, fits within your budget or not. If not, then you can try negotiating with the company or choose another company’s policy.
  3. Check the insurer’s reputation in the market.
  4. Check the claim settlement ratio

If you face any insurance-related problems, you can contact Insurance Samadhan. We have helped 14,500+ people in resolving complaints related to insurance. Contact us to get samadhan for your insurance-related issues. We are always available to help you out.

Click on the below links to read some cases resolved by Insurance Samadhan:

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