Know About the Importance of Home Insurance

  • @kw
  • 12 May 2021

Calamities do not come with a warning in advance. Home insurance is a very common term that you have come across many times but most of the time it is overlooked by people as they think it is an extra burden. But without covering your property with home insurance may cause heavy losses when you face unexpected damages due to natural calamities or some losses caused due to human errors, construction defects or deliberate attempts by some external sources to cause damage. A home without home insurance mean you are always at risk and subject to huge financial losses in the event of damages.

Home insurance is a type of insurance which offers coverage against your property damages, loss of personal assets, etc. The coverage of insurance plan depends upon the type of insurance you purchase. Your insurance covers for any unfortunate event like a fire, earthquake or flood occurs resulting in property damage or theft of valuable assets in your home. A home is the most valuable asset that you own and also insurance for your commercial property is very importance to safeguard your asset and stocks. An insurance policy is for a fixed period and needs to be renewed on or before expiry date. A home insurance safeguards you from spending a huge amount of money for rebuilding or renovation your home, office space, shop or warehouses. People are though serious about buying insurance for their commercial ventures but are not too serious about buying insurance for their home. 

Insurance premium varies between different insurance providers and before buying insurance for your home or office you should make a thorough comparison between them by comparing the premium and also the coverage. Insurance needs to be paid on regular interval mostly on annual basis, though some insurance companies accept quarterly or half yearly premium. The premium amount for an aged property will be usually higher than that of a newly constructed house. In modern apartment insurer will inspect safety devises installed like fire extinguishers, smoke detectors, security surveillance system, etc. Insurance companies offer different types of policies such as Building Insurance, Contents Insurance, Tenant’s Insurance, Landlord’s Insurance, Personal accident cover, Public liability coverage, etc. It is always better to take the opinion of an expert insurance agent before buying a policy.

Major Befits of Home Insurance

1. Financial coverage against calamities:

It gives financial coverage against natural and made calamities that damages your house. This include calamities like floods, earthquake, storm, explosion, fire, electrical etc. Besides natural calamities home insurance covers unforeseen man-made disasters like explosion, strikes and riots that may destroy your house structure. Insurer is liable to cover all your expenses against your claim as specified in your policy.

2. Coverage of losses against loss of valuable assets:

It covers losses against your valuable assets kept in the home as a result theft or any other man-made or natural incidents. Personal assets like gold, jewelry, cash, furniture and other appliances will be insured under the home insurance policy. However the premium amount is much less than the actual value of your belongings.

3. Covers expense against temporary accommodation:

In some cases there could be structural damages and make it unsafe to live in the damaged home. In such cases it will be binding on the insurance provider to pay for the rent of the house till the time you get your house renovated and gets back to a good condition. This Is a great advantage to the financial losses by paying rent on your own.

Conclusion: In addition to the above, some insurance companies provide additional benefits provide you extra coverage limit, premium discounts and exciting add-ons to ensure a seamless living experience even amidst calamities. Some home builders of home insurance to their home buyers for a specified period to gain confidence of their home buyers.

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