Home Insurance Policy Cover

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Home insurance is the best way to safeguard your home from any unexpected accident or burglary. As the number of theft incidents and natural calamities increase every day, it is imperative to insure your house and the material properties in it.

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Home Insurance Policy Cover:

Home Insurance Policy Cover

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Home insurance is the best way to safeguard your home from any unexpected accident or burglary. As the number of theft incidents and natural calamities increase every day, it is imperative to insure your house and the material properties in it. There are numerous insurance policies available in the market that fits your requirement. To choose the right policy that gives you the maximum benefits, it is crucial to understand the standard cover of the home insurance policies . The home insurance policy includes the following 4 types of coverage : Structure Protection The structure of the house is the crucial part of the home insurance policies. The policy covers only the reinstatement value of the house and not the market value. Most of the home insurance companies in India cover your house from natural and man-made calamities. Here is a list of perils covered in a standard insurance policy: Fire accidents and bush fire Lightning, storm, cyclone, hurricane, tornado and flood Sulekha Property offers more than 1 lakh properties. Get updates on upcoming projects, price trends and more on property.sulekha.com

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Earthquake and volcanic eruptions Landslides, rock slides and subsidence Missile testing, explosion and implosions Strike, Riot and malicious damage Damage due to vehicles Automatic sprinkler leakage, bursting and overflow of water tanks and pipes Damage due to aircraft House breaking due to theft These peril covers may vary from one insurance policy to another. Carefully choose the policy based on the coverage . Exclusions Damage made by insured or insured’s employee. Insurance does not cover the portion of the house that is used for any commercial purpose. The insurance will not cover houses that are kept unoccupied for more than 30 days. Sulekha Property offers more than 1 lakh properties. Get updates on upcoming projects, price trends and more on property.sulekha.com

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Tips for the best structure coverage policy While applying for a policy, buy enough to rebuild your home in case of any damage . Usually the contents will have depreciation value in the insurance policy but it is not applicable for jewelry items . If you have detached space like garage, tool shed etc., you can look for policies that cover these properties along with the structure of the house. If you live in a terrorism prone area, then you can choose an additional terrorism cover . Content Protection The home insurance policy is also available to protect your valuable belongings. The valuables generally include jewelry, clothes, electronic appliances, furniture etc. The cover includes the market value of the valuables i.e., the sum assured for the insurance is calculated based on the market value of each item. In case of any loss, the policy will bear the re-buying price of the valuable. The insurance cover includes Burglary and all other perils listed in the structure cover. Exclusions The insurance cover is not included to cash, artifacts, depreciation caused by wear and tear, damages caused by nuclear weapon and ionizing radiations etc. Sulekha Property offers more than 1 lakh properties. Get updates on upcoming projects, price trends and more on property.sulekha.com

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Tips for the best content coverage Enquire if your policy includes off-premises coverage which will safeguard your belongings from anywhere in the world . Liability Protection The policy is used to safeguard an individual against lawsuit claims for bodily and property damages. This will protect you from any alleged liability for unintentional injury or damage caused in your property to a third person or a third person’s property in your presence. The policy covers any collapse of building, falling of fixtures, poor maintenance causing accidents to the visitors, leakage of toxic substances causing death or health issues. The insurance company will pay the compensation and the defense cost. Exclusion The insurance is not applicable for nuclear and radioactive damages. It doesn’t include fines and penalties. Tips for best liability coverage Take insurance more than the basic sum to meet any compensation amount quoted. Sulekha Property offers more than 1 lakh properties. Get updates on upcoming projects, price trends and more on property.sulekha.com

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Additional living expenses This is the policy cover for alternate accommodation. If an individual’s property was damaged and if he/she had to live in a rented house, the policy will cover the accommodation cost along with the reinstatement value. Most insurance policies will allow up to Rs.1 lakh money for a time period of 6 months and it is allowed only if the policy is taken for structure protection. The policy also covers monthly food bill due to eating out in hotels or restaurants, loss of rent income that comes from the tenants, laundry and cleaning charges, transportation expenses etc. Most insurance companies offer this as an additional cover in their home insurance policy. Sulekha Property offers more than 1 lakh properties. Get updates on upcoming projects, price trends and more on property.sulekha.com

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