Home Insurance Inclusions and Exclusions

There is no other place like home; it is the place you rejoice, spend time with your loved ones and build thousands of memories that last a lifetime. You spend corers and lakhs of money on building your dream home to ensure there is no place like yours. But have you realize the importance of having a home insurance? Has it even crossed your mind ever? What if tomorrow earthquake or fire destroys your house? Sounds frightening, right? If yes, then you should definitely consider purchasing a home insurance policy. Read this article to understand what is home insurance and its list of inclusions and exclusions.

What is home insurance?

In simple terms, home insurance is a type of insurance product that helps you protect your house or property. Buying this policy helps you protect you from any financial losses arising out of damages caused to the property. A home insurance policy cannot just be purchased by homeowners, but also by tenants. The policy not only covers the physical structure of the house, but also the contents inside it and also against manmade and natural calamities.

What are the benefits of buying home insurance?

Buying a home insurance policy is must, hence, it is important you understand why buying this general insurance policy is required. Read on the benefits of investing in home insurance policy.

• Secures the assets of your home against any disastrous events
• It provides comprehensive coverage by covering the structure as well as the contents of your house
• Helps you stay stress-free in case of unforeseen circumstances
• Helps you secure your house at low premium rates in comparison to other insurance policies
• Gives you complete coverage against every monetary liabilities arising out of any damages caused to the house.

Inclusions in home insurance

• Protects you against natural calamities: Natural calamities do not knock at your door before coming. Calamity such as earthquake, flood, lightning, etc.  can strike anytime leaving you in mental and financial distress. Thus, in such instance a home insurance policy can provide you the required financial assistance.
• Provides coverage against man-made disasters: Even in the safest of cities or states, the possibility of a man-made disaster cannot be knocked out. With home insurance, you can easily make up for loss caused due to an act of theft, burglary, etc.
• Damages caused to personal assets: Your furniture, jewelry, antiques, etc. are all secured in case of loss of damage of the same.
• Temporary cost of living: If your house is under reconstruction or has gone under repair, a home insurance policy will provide cover against rental expenses.

Exclusions in home insurance: Home insurance policy does not provide coverage for the following:

• Loss or damage caused due to regular wear and tear
• Loss of cash
• Damages or loss caused due to invasion, war or act of foreign country
• Damages or loss caused due to nuclear war
• Damages or loss caused due to electronic equipment 
• Under construct property is not covered
• Willful destruction of property is not covered.