Someone has said it rightly, “Be it ever so humble, there’s no place like home.” Well, that’s true! Owning a house – especially in metro cities – is itself an achievement. After all, it is among the most expensive possessions you own. It is not only the money that matters but the emotions and sentiments you and your loved ones have invested for your dream house. However, as they say, with big dreams and possessions comes the bigger responsibility! Therefore, owning a house is as important as keeping it safe against potential threats such as the natural calamities, theft and fire etc. Not so long ago, we have witnessed some of the catastrophic events in India including Chennai floods, Assam floods and Uttarakhand flash floods etc. These unpleasant events prompt us to protect our life investments like home.
Future is uncertain and beyond our reach. So, why not make a little effort to prepare ourselves for such calamities by purchasing home insurance for our hard-earned houses and possessions, right? So, let us take a look at what is home insurance!
As the name suggests, Home insurance is a general policy that insures your home and its belongings against the potential damages, be it natural disasters, theft, fire or any other types of calamities. Meaning, once you buy house insurance, your insurance company will be liable to bear the losses that you experience because of the unpredictable damages to your house value and its belongings. It is quite important to buy home insurance for house owners for their new or existing properties. The house insurance policy makes sure that you will not suffer any major financial crisis due to the damage to the property or possessions you own. By paying a nominal fee – known as the insurance premiums –you get the assurance that your insurance company will not let you endure the losses caused by some mishaps to your property.
However, there are certain aspects that you must be aware of while buying home insurance for your property. Let us have a look at them!
Doing thorough market research before buying house insurance is a must. With the market having full of insurance companies – reliable and corrupt –you must have the knowledge of each and everything about your policy.
Make sure you do not settle for a lower sum assured for the sake of minimising the premium amount. Always choose the sum assured based on the market value of your property and its possessions.
Keep in mind that not all insurance policies cover each and everything you possess. Hence, you must be aware of the inclusions and exclusions covered under your policy.
Yes, no matter how well-informed and educated you are, never sign the policy before reading it carefully. Make sure that you are aware of all the terms and conditions mentioned in the policy documents.
You should never hide anything related to your property from the insurer as it will make the things smoother for both parties at the time of buying home insurance and apply for the claim as well.
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