Our homes are extremely precious to us – but they are always at risk of damage due to things out of our control. The recent floods in Chennai are testament to the widespread havoc that nature can cause on our homes. At the same time, our homes are vulnerable to burglars. The best way to protect your home is to buy a home insurance policy. But before you do, do read this article fully to get cognisant of what the purchase entails.
It covers most types of damages to the structure and its contents
The most comprehensive home insurance policies in India today offer coverage for most types of damage to the house’s structure and its contents. This means that it provides a natural cover for damage to the house and its contents by fire, burglary, natural calamities (floods, forest fires) etc. The most highly rated house insurance plans also cover damages to baggage, items comprising plate glass, exercise equipment (like pedal cycle), electronic appliances, laptops and desktop computers, etc.
Wilful destruction and negligence are not covered
However, if your house structure is damaged out of your negligence, then the damage is not covered by the home insurance policy. If there is a fire owing to old electrical wiring, or mishandling of gas equipment in the kitchen, then the damages are not covered. Similarly, if you jeopardise the structure stability or damage the structure during renovation, the insurance will not pay to repair that damage.
The policy spells out what else is not covered
Study the policy document carefully to understand what is excluded from its coverage parameters. Generally, the policy will not provide coverage for precious items of a consumable nature. It will also not cover damages to personal electronics like mobile phones or communication gadgets. Losses and damages owing to the depreciation of the building are also not covered.
It may have special inclusions
At the same time, do study what is included in the insurance policy. The best home insurance plans at the moment have an all-inclusive approach to home protection and safety. This means that there is no need to take separate riders for various heads of damage and loss. Just one policy might include every potential damage or loss due to manmade or natural calamities.
It can be extended to rental accommodations, too
Home insurance can be extended for homes that are owned by you, while you can take the insurance for its contents if you live in a rented accommodation. The latter is important in case the house owner has access to the house in your absence, or if you live in a locality that has seen a spike in crime or natural calamities in recent months. Along with coverage for the house’s expensive contents, the house insurance plan can provide tenants’ legal liability and public liability as well.
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