Why home Insurance has become a must today – All you need to know

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Home is always the best place to rest. It is a place of peace and finality and also entails lots of memories, emotions; time as well as investment of money.We invest our entire life’s saving in buying or building a house but barely feel the need of protecting it. Thus, providing protection to this pleasant place against natural or man-made calamities is an imperative concern.

According to a J.D Power Survey, it is found that only 48% of customers fully understand their policy. So if you are one who is struggling in making heads or tails of home insurance then no need to worry, you are not alone. Scroll down and stay tuned to this page to know in depth about home insurance.

As Benjamin Franklin once said, “One Ounce of Prevention is worth a Pound of Cure”. The key tenet behind the concept of Home Insurance is to protect your symbol of independence against any unforeseen calamities. Investing in a good and trusty home insurance policy is just not the shield of the structure of your cherished home but also protects your home from threat situations like fire, earthquake, and destruction of house due to riots or burglary. It also offers protection to the implements, appliances, items and prized possession of the home.

Perks of opting for Home Insurance Policy

Opting for a home insurance policy is unquestionable however there are other benefits as well that will convince you to buy this policy. A home insurance policy provides comprehensive coverage to both structure as well as content of your home. It also reduces your stress in case of unpredictable circumstances. Moreover, applying for home insurance policy is simple with dynamic turnaround time and its availability in almost all banks across India. In addition, if you are a policyholder who pays his or her premiums on time than you might get massive assistance for your family to move on and put their lives back together after facing any calamities.

Inclusions and Exclusions

Home Insurance policy covers losses to the content and structure of your home due to catastrophic natural or man-made calamities. It includes fire and peril covers such as aircraft damage, riot, strike, storm, cyclone, flood, lightning, fire and missile testing operations. The policy also offers coverage against loss or damage due to earthquakes (many policies do not cover overflow of sea, lakes or rivers or flood due to earthquake). It also covers man-made calamities.

On the other hand, subscribing for comprehensive home insurance plan features exclusion such as loss or damage due to wear and tear and depreciation or loss of money and electronic equipment due to over-running or excessive pressure. Also, the policy does not cover loss or damage caused due to war, act of foreign country, invasion or by nuclear war.

How to file a claim?

Different insurers have different deadlines for informing the insurer about the loss. This deadline can vary from 7 to 15 days of time; hence it is vital to do it as soon as possible. With the evolution of modern technology and innovation in Insurance Industry, now one can claim digitally through SMS or simply by sending an e-mail. However, before filing for a claim you are required to lodge a FIR and a copy of it needs to be submitted to the insurer. There are few other documents as well that you need to submit along with the FIR report.

Thus, safeguarding your house has become much easier and quicker than before, and hence it becomes obligatory for homeowners to shield their house against any calamities by opting for optimum home insurance plan and stay peacefully.

Attributed to Mr. Rakesh Goyal, Probus Insurance Broker Ltd.

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