Home Insurance Blogs

In the words of Dan Brown, “Knowledge grows exponentially. The more we know, the greater our ability to learn, and the faster we expand our knowledge base”. Knowledge is Power. It is good to be well-read but it is equally important to understand what your home insurance covers and what is not covered.

Property insurance protects you from risks, damages and losses that may affect your home due to any unpredictable event. Your home is one of the most valuable assets and having protection is important because it takes a fortune to build your dream house.

A home insurance policy provides coverage against theft, fire, burglary, accidental damage, earthquake, floods, and more. You must have checked these coverages under your home insurance plan, but did you check the exclusions in your home insurance policy?

It is extremely important to know what is not covered in your home insurance policy before purchasing a plan. A home insurance policy does not cover the following –

1. Intentional Destruction of property: If an insurer determines that damages to your property could have been prevented, you will not be covered. You could be charged with insurance fraud if a claim is filed for damages caused intentionally.
2. Pre-existing damage to your home: Property Insurance is for sudden or accidental problems, such as burglaries and fires, not for general wear and tear. Performing basic maintenance is a must.

Maintaining your home’s exterior, roof, fixing leaking pipes, and replacing worn-out floors are ways to avoid huge expenses that your insurance won’t cover.

3. Damage caused by radioactivity from a nuclear power plant or nuclear waste: Your home insurance does not provide cover against nuclear accidents. Nuclear stations are required to provide their own liability insurance to cover damages if any.
4. Damage/Loss caused directly or indirectly in consequence of invasion or war
5. If the insured person’s house is unoccupied for more than 45 days continuously, theft and burglary claims are void.

Always read your home insurance policy carefully and understand the coverage, benefits, and premium details. Be sure to have a complete understanding of the exclusions of your policy. With Elephant home Insurance policies, keep your home protected against any unfortunate events.

The first question that arises is what is home insurance. Well, if you are a house owner, whichever corner of this World you might be residing in, you require home insurance. Much like you purchase insurance coverage for the medical and fiscal well-being of your nearest and dearest, your house also needs protection from several outside perils.
Home insurance policies have been devised for this reason to give protection to a house from human-made or natural dangers. But, there are many reasons why comparing a house insurance plan is essential if you’re a homeowner.
Things You Want to Know Before Buying Home Insurance Policy
Hope you’ve understood what is home insurance. Assessing home insurance programs Permit You to evaluate the Policies and inclusions of this coverage. A particular policy may likely offer policies that aren’t being provided by a different policy.
While assessing home insurance policies, you can decide to select the one that gives one of the policies you want to cover your home.
You must assess the place where your property is situated. You have to understand how likely to threaten your house is. If the area you reside in is procured and isn’t prone to a lot of all-natural disasters, you can decide on a simple strategy.
But should you stay in regions where the Odds of Earthquakes or flooding are large, you want to buy the very best home insurance program that offers additional coverage. Considering these aspects can allow you to buy the best coverage depending on your requirements.
The sum insured must be appropriate.
The best home insurance cover provides protection for Scenarios that are out of your hands. You thus must be careful to buy home insurance that gives you maximum benefits. Ensure the ideal home insurance cover offers protection for those elements of your house too.
The best home insurance coverage covers the whole house. It would be helpful if you thought about the built-up region and the entire cost of building. It is the reinstatement value. In a nutshell, you have to be sure the sum insured is enough to pay the rebuilding price of your house in the event of any unforeseen event.
According to Your Unique Needs
You want home insurance according to your unique needs. Your home insurance provider will have some exceptions on which they cover, and therefore you will need to contemplate what your insurance requirements are and then pick the best home insurance policy.
It’s Not Just about the Premium
Buying an Inexpensive home insurance policy could be a genuine challenge. With so many programs offered in the sector and all these clauses in every of these, it can be a real job to understand which one will be the best suited to you.
A Frequent question that creeps from the head is an excellent thought to compare affordable home insurance quotes to offer coverage and pick based only on the amount. However, this isn’t something that’s suggested.
Each policyholder’s coverage may differ and should be something suitable for them. Search for the best home insurance quote settlement proportion of the business along with other variables to get your purchase decision.

Your home’s location, construction, and condition, as well as your credit and claims history, all play a part in how much you pay for home insurance. Insurance companies assess risk in different ways, so it’s essential to compare homeowners’ insurance quotes to be sure you get the most affordable rate. It is critical to review your insurance coverage regularly so you can be sure your coverage keeps pace with the cost to repair or rebuild your home and replace its contents, including any upgrades you might make over time.

Some of the things which affect the homeowner’s insurance quote are:

1. The replacement cost of your home – Under-insuring your home’s value is perhaps the biggest mistake homeowners make when insuring their homes. Not having enough coverage can lead to financial pain if the worst happens. Replacement cost is the amount of money to build the exact same house where it stands now. This is different from a home’s market value. Market value includes other things, such as the land’s value.
2. Home insurance deductibles – A deductible is an amount you pay toward a loss before your insurance company pays a claim. Choosing the right deductible amount is a significant decision. The higher the deductible, the more money you save on premiums.
3. Age of house, roof and materials – As your home and roof age, they could become more susceptible to damage from weather elements or even internal deterioration. Replacement costs, including material and labour, go up over time.
4. Wood-burning stoves – If you have a wood-burning stove, you could limit potential premium increases by providing your insurance carrier with proof your wood-burning stove was installed by a licensed contractor and meets code requirements. Install smoke detectors on all levels of your home. Additionally, keep a fire extinguisher in an easily-accessible location and make sure everyone in the household knows how to use it.
5. Marital status – When it comes to buying home insurance online, insurers tend to smile at married homeowners. Married couples historically file fewer claims than singles and are seen as, possibly, more mature and definitely less of an actuarial risk by insurance companies.
6. Having a swimming pool, hot tub, or outdoor spa – These nice-to-have features will increase your home insurance rates because you’ll need additional liability coverage in case someone is injured, and the Insurance Information Institute suggests homeowners with swimming pools and other special features, such as spas, consider an umbrella policy to provide additional protection in the event someone gets injured on your property and decides to sue.
7. Home-based businesses – As experts who offer home insurance online, you may need coverage for equipment and electronics, business vehicles, and inventory stored on-site if you work from home. Standard homeowners insurance may provide some protection for business equipment, but coverage varies by policy and may not be enough.

Hence, insurance companies use multiple factors when setting your home insurance rates. These factors point to the importance of shopping for home insurance.

It is essential to understand what home insurance is to realize the value of home insurance. Home insurance cover is a unique type of property insurance covering your house from different kinds of dangers like accidents, perils, damages, and thefts. If the house gets damaged, the emotional and financial pain of rebuilding the house or reinstalling its contents is painful, challenging, and tedious. A comprehensive home insurance policy spares you the horror of the same.

Insurance companies provide different plans under house insurance such as landlords’ insurance, tenants’ insurance, content insurance, buildings insurance, etc. A standard house insurance plan also covers loss and damage caused to your property due to a fire accident, theft, allied perils, and burglary.

Some benefits of the home insurance cover are:

1. Protects against liabilities:
House insurance policies provide liability coverage that covers you against personal injuries, property damage to guests, and other third parties that they might have incurred while residing in the insured house. There could also be loss and damage caused to third parties for which you or your family members may be responsible for legal terms. Hence, the coverage is critical as it provides protection to you and your house from any possible legal problems.

2. Provides coverage against natural and human-made calamities:
A fantastic home insurance policy protects your house against losses and damages caused due to natural calamities, including earthquakes, floods, lightning, storms, typhoons, etc. The policy also covers your home from human-made hazards and anti-social activities alike. These are acts such as vandalism, thefts, strikes, riots, other activities caused out of malicious intent, etc. It also enables you to recover from the loss and rebuild your home financially.

3. Coverage of temporary living expenses:
When you buy property insurance online, it gives you coverage against temporary expenses. For example, your insured house has undergone some damage and is uninhabitable until you rebuild/renovate it. Then, suppose you rent out another house and apartment to stay there until your own home to livable condition during the rebuilding/ renovation process. In that case, the insurance company will cover your expenses incurred for paying rent.

4. Coverage for the loss/damage to your valuable assets and precious personal belongings:
Besides covering the structure of your house, house insurance companies also offer policies to provide coverage against loss/ damage to articles/contents kept inside the insured home. It features valuable, expensive, and essential belongings. These include documents, personal belongings, jewellery, clothing, appliances, furniture, and much more.

5. Makes it easier to avail of a house loan from banks:
The majority of the banks prefer those customers who have their homes insured. For individual financiers, home insurance is, in fact, one of the primary eligibility criteria for availing of a home loan.
Hence, buying a house is the single largest investment for most people. It is a challenging task that involves a lot of planning, saving, and research. Above all, when you buy property insurance online, you can avail this task.