What is a home insurance policy? A home insurance policy covers the insured person’s home against the loss and damage caused by natural calamities like fire, flood, storm, etc. and human-made events like theft, robbery, etc. Home insurance also provides liability coverage against accidents that may take place in your residence. It not just covers the structure of your home and its contents but also provide cover for the damage of components attached to the structure like the fence, garage, roof, etc. It also pays for the treatment of a guest who gets injured by accident at your residence.
Natural calamities do not come with any prior notice. Disasters occur suddenly, making you choose to save the most prioritized things and, most importantly, your life. Apart from human lives, such disasters destroy homes, trees, cars, street lights, and everything that comes in the way. Though the pandemic has conquered major attention, other disasters have made 2020 a tough year. More than a dozen earthquakes, floods, and cyclones have taken place in the past four months. Despite the latest security and protection measures, these calamities still end-up, causing a lot of damage.
When such calamities take place, it is impossible to control or stop the damage. But what can come as aid is some monetary help to replace or repair the damage. In the case of your home, a home insurance plan will save you from the loss to handle expenses for repair of your home that suffers damage in a calamity. And this financial backup will eventually reduce your stress in tough times of facing disasters.
Home insurance providers in India offer various types of home insurance plans, such as home insurance for homeowners, tenants, and housing society. Each policy is designed to benefit the different requirements of customers. The home insurance policy typically covers prized possessions in the house against the damage caused by earthquakes, storms, floods, fire, and other natural disasters. It also compensates for the losses due to theft or robbery.
Here is a detailed list of calamities that are covered under a comprehensive home insurance policy.
- Volcanic eruption
- Landslides and rockslides
- Storm, cyclone, typhoon, tempest, hurricane, tornado, floods or inundation
- Missile testing operations
- Explosion/ Implosion
- Leakage from automatic sprinkler installations
- Theft, burglary or housebreaking
- Bursting or overflowing of water tanks, apparatus or pipes
- Riots, strike, terrorism or any malicious damage
- Impact damage and aircraft damage
Why should you buy a comprehensive home insurance policy?
It takes years and years of savings, hardship, and so many dreams and sentiments to build a home of your dreams. When a natural calamity strikes damaging the structure and contents of your home, it obviously becomes a trauma to see your most prized possessions being spoiled. Comprehensive home insurance saves you from the financial burden of replacing, repairing, and reconstruction of the insured property. Apart from this, it covers the damage caused to your valuable contents like furniture, furnishing, jewellery, air-conditioner, TV, and other electronic devices.