Homeowners Insurance Policy
Complete Guide to Homeowners Insurance
Homeowners insurance also known as property insurance or home insurance covers losses and damages to an individual’s residential building /apartment / flat / house/ bungalow etc and to assets in the property. A homeowners insurance policy also provides liability coverage against accidents in the home or on the property. As a homeowner, you can purchase home insurance policy in India for the structureof your home or the contents inside or for both.
The need for homeowners insurance arises for the same reasons you need insurance for yourself or your family. Any damage to your home could lead to drastic emotional and financial implications. The coverage provided by homeowner insurance will at least take care of the latter.
A homeowners insurance policy is the best way to mitigate any financial distress you might face due to damage to your home. Homeowners insurance policy provides protection to structure of insured property, general content e.g., furniture, electronic items and valuable items e.g. Jewellery, paintings etc depending on the type of policy purchased.
In structure coverage only, homeowners insurance policy, then the insurer will only bear the cost of replacing, reinstating or replacing the building’s structure in case of a calamity.
If you go for the cover for the contents and belongings along with structure coverage, then the insurance company will bear the costs of damages to household contents, appliances, and electronics along with the providing coverage for building’s structure in case of a calamity.
Homeowners insurance policy provide protection against man-made or natural calamities. Let’s explores these in bit more details.
Protection against the damage caused due to natural calamities like -
Protection against the damage caused due to manmade calamities like –
Standard exclusions of a homeowners insurance policy are –
**To understand exactly about the policy coverage, exclusions etc please read policy documents carefully.**
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