Don’t we all relate to “home is where the heart is”? You feel the safest when you are at your home despite the luxuries of any hotel in the world. When buying a home, you look for various comforts before spending your hard-earned money. For many, it is often the single largest investment ever made during their lifetime.
To not have a backup for unplanned contingencies can be gruesome when the time comes. This is why you need a home insurance policy. A home insurance cover can help provide a financial reimbursement for damages to your house. The damages which are covered under this insurance policy include fire, robbery, natural calamities and more. There is a general misconception that this policy only protects against the losses to the structure where it isn’t the truth.
The coverage extends as an optional add-on to home furnishings and other equipment. Not only that, valuable artifacts and jewellery can also be included depending upon your policy’s offerings.
Let us look at the various reasons that makes it indispensable to purchase a home insurance policy.
Protection against perils of nature
Natural calamities are one of the leading reasons that result in damage to life and property. This includes vehicles as well as homes. While a motor insurance policy ensures protection for damages to vehicles, a home insurance policy reimburses the damage to homes. With affordable home insurance quotes, you can make sure the structure as well as its contents are protected under the policy cover.
Safeguarding contents of your house
As discussed above, a home insurance plan not only includes coverage for damages to the structure, but also its contents. Furniture, home appliances are some of the things that make up your home. In addition, expensive jewellery and artifacts like paintings and sculptures can also be insured when availing the home insurance policy.
Covers the risk of burglary and fires
Home insurance plans include the coverage against man made mishaps alongside natural perils. These include risk of burglary and fires. While both these scenarios cannot be estimated, the financial impact can be hefty. Alongside these benefits, features like resettlement cover are also available that make it convenient to seek alternate accommodation in the event of damages.
Protection against liabilities due to others
A liability towards damage or injury may arise due to an accident or repairs at your home. A home insurance policy makes sure these liabilities are also covered under the insurance coverage under the public liability clause.
Preferred basis of valuation
The valuation of your home insurance policy can either be based on agreed value or reinstatement or indemnity basis. All types of valuations work differently and can be opted based on your preference. Agreed value basis settles the loss based on the valuation as initially agreed between you and the insurance company whereas reinstatement basis replaces the asset with a new one. For indemnity basis, the insurer indemnifies the loss after deducting for depreciation of the assets.
These noteworthy benefits make it essential to purchase a home insurance policy. There are various plans that can be bought but a comparison using a home insurance calculator can come handy. They help to shortlist the most suitable policy at a wallet-friendly price. So do not put off buying a home insurance to enjoy the much-needed peace of mind. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
Hey, this is Johny Sehgal. I am the owner and caretaker at Finance Jungle. I completed my education in BSC and now heading towards the digital marketing industry. I usually have interests in reading, playing games and watching movies. I also love to write content based on quality information. The main motive of mine is to provide the top and best quality information to my readers. Finance Jungle is the blog for the same.