Home sweet home, yes, an old saying carries so much of value! After all, our homes are very precious to us. However, they are constantly at a risk of getting damaged due to certain things that aren’t under our control.  Take a recent example of the Chennai floods that literally created a widespread havoc making so many people homeless. Our homes are usually susceptible to burglars. You can therefore safeguard your home with the best home insurance policy in India.

However, before you take the step of buying one, go through this one minute read fully to be aware of what the purchase entails.

• There are two types of home insurance in India. The first type is the building insurance that covers the structure against man-made as well as natural disasters. The second type of home insurance is the content insurance that covers your household items. This value of your household items is calculated on a market price. Thus, it’s totally your choice, whether to buy one or both types of home insurance cover. Do not forget that a building cannot be insured if it’s more than 50 years old.
• Your home insurance policy offers coverage for any losses or damages caused by fire, earthquake, riots, storm, lighting, explosion, and damage from the bursting of pipes or overflow of water tanks, any act of terrorism as well as aircraft damage. You are also offered coverage against burglary as well as loss of high priced items. But, remember that the cover against terrorism as well as rental for alternative accommodation are considered as optional and therefore need to be stated separately from the standard home insurance policy.
• You may not be aware but your home insurance covers certain hidden costs that would be subtracted from your actual deposit amount. Say for example, administrative charges and/or allocation fees could be charged as extras. But, it is important that you be aware that these charges may not be declared at the beginning. Therefore, always enquire about such things before buying the home insurance policy for you to know your exact monthly payout.
• The exclusion list of home insurance includes any loss of the property because of war, will full acts of destruction of property, and also any damage that might have occurred due to wear and tear. Certain other exclusions under a home insurance policy includes, any Antiques, art works as well as rare collectibles or cash.
• You can get peace of mind and a sense of relaxation post insuring your home that you purchased by working hard. It doesn’t matter that you own a flat or a bungalow, all you need to do is safeguard your home sweet home by paying the home insurance policy premium regularly.
• There can be different terms and conditions that your home insurance policy may carry. So, experts suggest to read the policy document carefully before you make the purchase.

Conclusion

Purchasing a home is like a dream come true.  It is definitely your most important and greatest financial investments of life. Therefore, compare different home insurance plans offered by different insurers and then make an informed decision of buying one