Benefits of Home Insurance policy

‘Home is where the heart is’ this quote signifies the love that we feel for our house. We all share an emotional connect with the place we reside in. We beautify it with the best quality paint, marble, and furniture to make it look best. We often spend a lot of money, buying a property and further on its maintenance.

Very often, our property is at stake due to certain felonious and uncertain activities. Hence, it becomes necessary to protect it from any damages. For this purpose, home insurance policies have come into being to secure you financially and ensure your peace of mind when it comes to protecting the place you are nestled in.

Home insurance also known as hazard insurance or homeowner’s insurance is a type of property insurance that covers a private residence. This policy also covers contents of the house; it provides protection to your home and its possessions.

A house insurance policy protects your home from theft, damage, burglary, earthquake, and fire.

Benefits of home insurance policies are:

  • Ø Provides comprehensive coverage to both possessions and structure of your home.
  • Ø Covers valuable contents of your home.
  • Ø Covers for jewellery, art pieces, and other valuables.
  • Ø Affordable premium at attractive rates.
  • Ø Provides coverage up to 10 years.
  • Ø Minimum documentation is required for availing this policy.
  • Ø Ensures complete protection of your home and valuable contents.
  • Ø An ideal home insurance plan provides protection against-fire, explosion, burglary, natural calamities, and damage caused due to aircrafts.

The policy does not cover the following activities:

  • Ø Wilful destruction of property.
  • Ø Loss or damage caused by war.
  • Ø Does not cover loss of cash.
  • Ø This type of policy can be availed by the owner of the property.
  • Ø In India, top home insurance companies are: ICICI Lombard, HDFC, and Bajaj Allianz.

Along with house insurance one should also avail a fire insurance policy.