home insurance, home insurance, home insurance, natural disasters, burglary and theftIn case of real damage, a home insurance policy always comes to your rescue.

Your house is where your heart is! And just like you, your heart needs care just like your home. A home insurance cover not only protects your home from damage, but also the essentials of the home. So why should not you insure it? And, with the recent wave of natural disasters ravaging parts of the country, homeowners should start considering home insurance as a necessity and not a formality.

Home insurance provides essential protection against the financial damage caused by natural disasters such as fires, floods, earthquakes, landslides and the risk of loss of personal property resulting from an accident. burglary / robbery, riots, strikes, etc. Some policies also cover household items such as furniture, air conditioning, refrigerators, television, clothing and jewelry.

A comprehensive home insurance policy covers the property / property / contents of the home, while there are policies that only cover the home. In addition, most insurers offer tailored plans tailored to the needs and budget of the policyholder.

The key points to keep in mind when choosing home insurance:

Sum insured

It is calculated by multiplying the constructed area of ​​your home by the construction rate per square foot. The cost of construction depends on the type of construction of the building and can be easily obtained through the builder, architect or local engineer.

Cost of the premium

The cost of premiums depends on a large number of factors, such as the type of coverage required. If coverage is chosen for the structure and contents of the house against fire and related hazards, such as natural disasters, the premium can not be too high.

Main risks covered by the home insurance

Fire

Fire insurance covers the building and its contents against 12 hazards, including storm, storm, flood and flood. There are two types of adequate covers available on the market that provide the structure that makes the building and another is the contents of the house. There are policies that also cover a combination of both. Cover is provided against fire, fixtures and installations. Fragile items such as lamps, chandeliers and similar items can be secured with certain white goods. In case your home is rendered uninhabitable due to a fire, the home insurance covers the cost of packing and transporting (within the specified limits) your household goods to another home.

Some policies may also cover legal or medical liabilities resulting from a bodily injury suffered by a third party or by internal help.

Natural calamities

A policyholder must purchase additional protections against natural disasters such as floods, lightning and storms. These additions lead to a sharp increase in the value of the insurance premium, providing complete coverage at home.

Burglary and theft

A major saver to cover the contents of your home in case of forced intrusion. Any resulting damage in the house is subject to a maximum payment of 10% of the amount of the insured benefit or Rs 5,000, whichever is less.

Terrorism

Not all insurance companies provide coverage against acts of terrorism or explosions. The cover is offered in add-ons with a complete policy.

Exclusions from the homeowners insurance policy

Before investing, it is advisable to understand the details and exclusions of the policy. For example, the home insurance policy does not cover structural defects or damage resulting in the collapse of the building, negligence, poor maintenance, hidden defects, resulting damage intentional or inexplicable reasons, regular wear of the structure of the building. building, corrosion and damage caused during home repairs.

In case of real damage, a home insurance policy always comes to your rescue. So, be careful and protect your most valuable property, your home, with a comprehensive coverage plan from a reputable insurer, without compromising the quality of coverage.

(By Par Ved, Executive Vice President and Head of Consumer Line, TATA AIG General Insurance Co Ltd)

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