Home insurance, also commonly called homeowner’s insurance (often shortened in the US real estate industry as HOI), is a type of property insurance covering a private residence. Home insurance scheme that combines several personal insurance protections, which can involve losses occurring to one’s home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at home or the hands of the homeowner within the planned township.
Types of Insurance
There are three types of home insurance plan available.
- Home Building
- Household
- Home Building & Household
What’s Covered & Not Covered
| Covered | Not Covered |
| Loss or damage due to fire | War |
| Natural Calamities | Precious Collectible |
| Man-made disasters | Old Content |
| Burglary & robbery | Consequential Loss/Willful Misconduct |
| Alternative Accommodation | Third party construction loss/ Wear & tear |
| Accidental Damage | Cost of land/Under construction |
Benefits
Including your home from accidents and damages, home insurance has different advantages as well. Here includes –
- This policy gives complete coverage for damage expenses acquired due to fire or natural calamities.
- Every policy comes in helpful if you are rebuilding your home following an unfortunate event.
- Each policy acts as extra protection for you and your loved ones in the situation of theft.
- Simple and valuable items such as home television systems, computers, and other appliances do cover under the policy.
- Additionally, the policy covers expensive jewellery and priceless work of art.
- Some add-ons possible on the policy cover the cost acquired in case of alternative service.
- You can improve the scope of the policy by several add-on covers for extensive coverage.
Reasons to buy Home Insurance.
- Peace of mind
- Natural Disasters can strike anytime
- Harsh Weather conditions
- Damages caused by human-made risks
Home Insurance Eligibility
- Insurance can be taken by a person remaining in a self-owned or rented house.
- The property under development or not in possession yet is not covered.
- Details/contents have to be inside the house to be eligible for a claim
- Uniquely, Pucca Construction is included (for the definition of Kutcha Const, lead to the FAQs section)
How to buy Home Insurance
Below the mention purchasing home insurance is a hassle-free method. Follow the steps below:
- Step 1. Determine the type of home insurance policy you need from the options available online mode.
- Step 2. Implement the demanded features and documents.
- Step 3. Check the plan terms and conditions properly.
- Step 4. They pay the rewards online.
- Step 5. The plan will be assigned to you in no time.
Claim Process for Home Insurance
Below we have mentioned the filling claims was never so easy. Just follow these steps.
- Step 1: Register your concern Online
- Step 2: Upload documents online.
- Step 3: Claim Assessment
- Step 4: Claim Settlement
Best of Luck…