Five benefits of home insurance that other policies don’t offer
Published on November 1, 2021 | 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.
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.
*All discounts provided by insurers as per IRDAI approved insurance plans.
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