From the Economic Times:
When it comes to your house, it holds not only economic but also tremendous emotional bonding. The possibility of damage to your house cannot be ruled out. Home insurance tries to preserve the safety of your valued house. It protects the house from unforeseen eventualities that can cause damage.
A home insurance policy covers the structure and contents of your home from natural to manmade calamities. It also comes with additional features like protection for the family, loss of cash in transit and baggage loss. Home insurance comes with two-fold protection, one for structure and another for content . Structure cover is a comprehensive cover that envelopes the construction of the house including its walls, roof and the flooring. Content cover protects all the contents and belongings within the house. It provides insurance for all the expensive jewellry and cash at home.
What are the calamities covered?
Fire is a major catastrophe that damages structure and its contents. A home insurance policy provides protection from fire and such disasters that can prove very expensive.The contents of the house should be insured for their market value.The building cost is equated to the cost of reconstruction today.
There are other perils against which this insurance protects your home. It includes explosion or implosion, aircraft damage caused by aircraft,damage /loss due to riot,damage due to impact by rail or road vehicle or animal, bursting/overflowing of water tanks, apparatus and pipes, leakage from automatic sprinkler installations, lightning and bush fire, loss caused by storm, landslide etc.
What are optionally covered?
The home insurance needs can be diverse and can be tailormade to suit various needs of home owners. On payment of extra premium you can extend the umbrella of cover to include additional benefits. You can include burglary , loss/damage of domestic appliance, personal accident and baggage loss, public or third party liability, plate glass, etc.
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