What Does Home Insurance Cover?

Home Insurance Cover

Although home insurance is considered important in many foreign countries, in India, unfortunately, it’s still seen as an unnecessary expense. However, perceptions are slowly but surely changing since property prices are escalating. Home owners are realizing that a number of things that are beyond our control can go wrong. Mother nature can wreak havoc on homes with floods and earthquakes. Burglars can decide to steal valuable art or your impeccable furniture. A fire can start as a result of an electric short circuit.

The good news is that a comprehensive home insurance policy can protect your house and your possession. That’s right: Many insurance companies offer home insurance that not only covers damages to the structure of your property but also its contents. So policyholders can sleep better knowing their expensive LED TV sets, home theatre systems, air conditioners, tasteful paintings and other precious items are protected.

So what does home insurance cover, anyway? Although different policies provide different coverage, most general insurance companies in India cover the following losses:

1. Floods

Floods leave extensive damage to building structures in their wake. Walls crumble and possessions are destroyed once a flood ravages a home. Some places in India are more prone to floods and tsunami than others. Which is why buying a home insurance policy is mandatory if you reside in a flood-prone area.

2. Earthquake

Much like floods, earthquakes can cause permanent damage to property and loss of life. Home insurance can help you rebuild your home after an earthquake by paying for the repairs and reconstruction work.

3. Fire

You will be surprised to know that many people forget to switch off the stove before traveling. Even an electric spark or short circuit can cause a blaze. Which is why it’s important to have house insurance. Rebuilding your home after a fire damage can put a heavy strain on your family financially without this type of insurance.

4. Theft

While many anti-theft devices are available in the market today, there are burglars who can surpass even the most state-of-the-art technology in order to steal extremely valuable items. Many homeowners adorn their walls with priceless artwork, store valuable jewelry and use high-end TV sets. All of these possessions can be very tempting for a robber to steal. Several home insurance providers offer theft coverage as part of a comprehensive policy or as an add-on benefit.

5. Vandalism and House Break-ins

Vandals break into homes and smash property. If your house is located in a neighborhood or complex that has seen a spike in crime rate recently, it might be the perfect time to shop for a home insurance policy.

6. Storm and Lightning

Natural calamities can strike anywhere and at any time. An insurance policy for your house can safeguard your possessions and building structure against windstorms and lightning.

7. Terrorism

Although not covered by all policies, some do offer compensation for damage incurred to your home and its possessions due to a terrorist attack.

Besides the above advantages, home insurance premiums are quite affordable and you can easily buy them online.

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