Buy Home Insurance Policies to provide all around protection to one’s home from unforeseen risks and it ought to have best protection against house damage and belongings inside.
Home Insurance Cover offers various benefits like protection from unlawful entry to an extensive cover for accident which may occur inside.
A good Home Insurance Cover can give the insured an absolute peace of mind regarding the property venture which includes structure and its contents.
A complete Home Insurance Cover should cover all potential liabilities not just cover for home as it is a high valued asset which needs upright protection.
Sum insured when you buy Home Insurance Policies depend on current value of the property and selected contents insured under the coverage based on the requirements and budget of the policy holder. Home Insurance Cover also includes personal accident cover in case of permanent disability or death of the policy. In such the nominee get the fixed amount as compensation.Buy Home Insurance Policy for coverage.
The policy provides protection against damages to the property and its contents due to fire, explosion, riot, strike, overflowing water tanks and pipes.
Damages due to natural calamities like earthquake, volcano, cyclone, hurricane and tremor of nature are covered.
Household items like electronic equipments, furniture & furnishing, jewellery are also covered when you buy Home Insurance Policies.
Alternate accommodation expenses are borne in case the property is under repair or modification.
Intentional demolition of property, loss due to depreciation, loss due wear and tear are not included. If the house is unoccupied for more than a month without intimating the insurance company, such claims are rejected.
Losses due to outcome of war or invasion, civil commotion, hostilities directly or indirectly are omitted under the option to buy Home Insurance Policies.
Some of the contents of the home which are not accepted by Home Insurance cover are cash, paintings, gold, and antiques.
Key steps to calculate sum insured
The sum insured to buy Home Insurance Policies depends on the reconstruction value of the property not on the basis of market value (cost of land, demand and supply).
Home Insurance Cover calculates sum insured by multiplying built area of the property with the construction rate per sq feet. Construction rate per sq. feet depends on certain criteria like place (city) of construction, materials used, type of flooring.
It is wise to opt for Home Insurance cover offering protection against negative situations which leads to damage to one of the valuable asset.
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