Home Insurance

 Home Insurance

Home Insurance is an insurance plan that provides coverage for the losses and damages to an individual’s property. Along with the furnishings and other assets in your home, it also provides you with liability coverage against accidents occurring at your property.

Your home is the most beautiful place in the world. As you have built that home with love and care. It is your duty to secure your home from unwanted challenges. For that, you must buy a home insurance plan.

Advantages of Buying a Home Insurance Plan

Some of these are as follows:

1. The coverage is given to your expensive electronics such as Television, Washing Machine, Fridge, Computers, Laptops, etc.
2. It protects your home from short circuits and other mechanical breakdowns.
3. It gives protection against accidental breakage.
4. It gives protection against loss, burglary and theft.
5. It protects you from personal accidents, which can happen inside your home to you or your spouse.

Importance of Home Insurance

It is really important to purchase a Home Insurance plan done for your home. We know that owning a house nowadays is much difficult. It is your hard-earned money and love which builds the home. You spend a lot of money to provide a surface for yourself and your family.

For you all, it is an investment and a safety shield. And for you, it is your duty to provide your home with the best plan possible.

For example: Suppose, that your roof is not in a good state then at that moment you can claim for that from the Insurance company. The insurance company will definitely assist you and will give you the claim on an immediate basis. Also, once you will submit all the documents your work will be done quickly.

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What Your Home Insurance Plan covers?

The insurance company tries to give you and your home coverage to secure your home. Such covers are:

1. It gives protection to your content against fire, flood, earthquake, and thunderstorm.
2. Your jewellery and valuables are covered against accident and any misfortune.
3. House Breaking and theft.
4. Accidental breakage.
5. Mechanical electrical and electronic appliances coverage.

Buying Home Insurance Online

Digitalization has led to the advancement and is bringing prosperity to the online market. It has made buying the best home insurance plan very simple. You can check out some of the best home insurance plans online. Here are some simple steps to follow:

1. Visit the website of http://Policybazaar.com.
2. Go to the option of ‘View All Products’.
3. Click on ‘Home Insurance’ under ‘Other Plans’.
4. Fill-up the details related to your home.
5. Enter your contact details in the form that includes your name, mobile number and email address.
6. You will see various insurance provides’ quotes.
7. Compare and choose the best plan.
8. Pay online conveniently.

In a Nutshell!

Most people realize the importance of home insurance after they have incurred losses. We don’t want you to suffer from such losses and damages. That is why home insurance is important and you must buy it for the sake of your beautiful home and your family. For more information, please visit Policybazaar.

The best homeowners insurance should take care of the following with reasonable premium .

1 . The policy should cover the repair of the damage to the house without ifs and buts .

2. The maximum limit of the insurance money should cover reconstruction of the house of the same original size .

3. Any additional premium required for damage due to water , flood etc should be specifically mentioned and covered .

4. Any liability for the damage of others property inside the house or outside should be covered explicitly to a fixed value .

5. Similarly premium addition for the damage to personal effects should be quantified ..

6.Till the property is restored to the original condition the policy should take care of the boarding and lodging of the family .

That being said, below is a little information about common types of homeowners insurance:

Type of Policy

HO-4 - if you are renter

HO-6 - if you own a condo

HO-2, HO-3, & HO-5 - if you own a home - with HO-3 being the most common (think of HO-2 as the bare minimum, not-enough option, and HO-5 as the premium all-inclusive version)

HO-2, HO-3, & HO-5 will usually have the following Coverage Types

Coverage A - Dwelling - (should be covered for the full cost to rebuild your house if it was completely destroyed) This will cover damages to your home from things like fire, hail, etc. Be sure to check what is excluded in your policy as some types of damage, like flooding or mold, are specifically excluded. You can purchase extra endorsements to get these special items covered as well.

Coverage B - Other Structures - This covers structures on your property that are not attached to your main home. Examples of these structures are detached garages, storage sheds, in-ground pools, gazebos, etc.

Coverage C - Personal Property - This covers damages and theft of your personal property. Personal property includes items like clothing, appliances, and furniture. There are usually special coverage limits for certain item categories like money, jewelry, golf clubs, firearms, video equipment, music instruments, and silverware - that’s why I ask about what you own in these categories. If you have special high value items, such as that beautiful engagement ring, consider getting additional coverage for these items.

Coverage D - Loss of Use - Also known as Temporary Housing Expenses, this covers your living expenses if you have to stay in a hotel or somewhere else while your actual home is being repaired from a loss covered in the policy. These additional costs can also include additional food cost, transportation, and other expenses that exceed what you would normally spend if you were still living in your home.

Coverage E - Liability - Personal Liability coverage pays for loss settlement and legal fees in the event that you or your family members cause bodily injury or property damage to others. I know everyone can be clumsy at times :)

Coverage F - Medical Payments - This coverage pays for medical bills when someone is injured by you personally, or on your property. Reasonable medical expenses are covered, regardless of fault, up to the amount of coverage you select. Still not a free pass to drunken boxing.

FINE PRINT

Exclusions - like many things in insurance you have to read the FINE PRINT. Most of these policies will not cover damage from flooding, damage from mold, identity theft, damages associated with an in-home business, etc. To get coverage for these, you need endorsements.

Also, always ask for “Personal Property Replacement Cost” in your policy. This ensures that if your stuff gets damaged or stolen, it is replaced by the insurer in brand spanking new condition, not the old, used value (also called depreciated value). You don’t want stuff at the depreciated value, believe me.