A home is a place, which provides you the warmth and peace that one looks forward to at the end of a hard day's work. However, our home can also be threatened with burglary, damages caused by natural and man-made disasters. To secure your home of any threat, it offers you Home Insurance Policy, which will provide security to the structure and/or contents of your home against unforeseen calamities.
While we put our life’s savings into buying or constructing a home but we rarely realize that our home needs a protection in the form of insurance too.
By investing in a good home insurance policy, also referred as home owners insurance, you can protect your home from threats. Situations like burglary, fire, earthquake or destruction of house due to riots are quite common in India.
If you are a homeowner in need of both buildings insurance and contents insurance cover, a combined buildings and contents insurance policy can often work out cheaper than two separate ones.
It's a very good idea to compare buildings and contents insurance premiums to ensure you are getting the best deal, but it also makes sense to check the small print to ensure that policies you are considering provide adequate cover for both buildings and contents.
Key Benifits :
As the name suggests, buildings insurance covers the structure of your property against a range of unforeseen events including fires and flooding.
If you have a mortgage, buildings insurance is a requirement of the bank or building society which is lending to you. But even if you own your home outright, it would be foolhardy not to get covered with buildings insurance.
This includes your kitchen and bathroom fittings, and also the ceiling/roof of the insured house. Some houses have garages, an outdoor room/house or sheds. This type of insurance usually extends to these structures as well.
This type of home insurance covers you and your family. A compensation is given in case of permanent disablement or death of the insured person due to accidental or physical injury, even if it has happened anywhere is the world.
This type of insurance is also more suitable for tenants, who do not need to worry about buildings cover because it is the landlord's responsibility.
While generally cheaper than rebuilding your home, the cost of replacing all your belongings after a burglary or a fire could still run into many thousands of pounds.
Contents insurance gives you the peace of mind of knowing that your valuables, as well as essentials such as your clothes and kitchen appliances, are protected should disaster strike.
It is also worth considering extending the contents insurance cover to include your personal possessions when you are outside the home. This will mean paying a bit more, but could be a great help if your handbag or laptop is stolen.
If you are a tenant in a rented property, you do not need to worry about buildings insurance. You should, however, consider taking out contents insurance to protect your belongings.
Your landlord's house insurance will not cover you if your computer is stolen or your television is damaged in a flood, for example, so the only way to ensure you do not lose out in those situations is to take out a tenants insurance policy.
As most insurers cover accidental damage to your landlord's contents as well as your own, a tenants insurance policy could also be useful if you stain the carpet or curtains.
If any guests or third party experience damage caused to them or their property inside the insured’s home, then this type of home insurance policy provides coverage against the same.