Purchasing one’s own home is something we all aspire for. This has become even more convenient to do through the purchase of a home insurance policy. Now, before you decide upon purchasing one, it is important to understand its various types as well.
Home insurance is something that is a necessity in the recent times. Home is indeed a place which is very important to every individual and hence it is a necessity to protect it. Home insurance brings a sense of security for the property and in case there is any damage the property can be recovered or at least the money can be redeemed. There are multiple home insurance policies that are available in India. A lot of insurance companies are out there to provide these insurance to people owning properties. Some of the companies have amazing home insurance policies and gives the best home insurance plan. House insurance plan can come off as a very complicated process and for that one has to know the major forms of home insurance in India. Property insurance is something that secures the property with different house insurance plans thereby making it better for the owner. There are various forms of home insurance policies that is available in India. This includes;
- Standard fire and special perils policy:
This policy is provided by most of the big insurance companies. The policy includes house insurance where the coverage is provided for any sudden fire outbreak or and other special peril such as natural calamity or man-made calamities. This coverage can be taken by the owner or a tenant residing in the house. The house insurance plan covers the cost of reconstruction and therefore the sum insured is calculated before. This property insurance plan covers any damage caused by natural calamity like lightening, fire, forest fire, storms, earthquake, flood etc. It also covers any damage caused by man-made anti-social activities like riots, act of terrorism, explosion, implosion etc. Any damage caused by direct contact of any vehicle, bursting or overflowing of tanks, pipes or leakages are also covered in the insurance plan.
- Personal Accident:
This form of property insurance insures the insurance taker and the family. In case the is a death or permanent disability of the person insured, due to accident , this type of insurance provides a compensation, no matter where the unfortunate event takes place.
- Burglary and theft:
In this insurance, the house is secured if there is any kind of burglary or theft. If any valuable is stolen or damaged in that case, this insurance covers it thereby securing the future.
- Contents insurance:
This insurance is planned with the primary motive of insuring the content inside the house. This insurance respects and covers the damage or theft of any personal valuable like jewellery, documents, electronic equipment inside the house. These contents are also very important and valuable and thereby deserve equal protection. The content insurance make a home more secured with valuables inside.
- Landlord and Tenants’ insurance:
These two types of home insurance are specifically made for the landlords and the tenants. If a tenant is living in a rented house, it is still necessary to keep it insured and secured. Same goes for the landlords; this insurance is considered to be one of the best home insurance plans that covers any damage caused by a third party to the property and helps the landlord in rebuilding.
On this note, we can agree that it is very much required for any house to be insured since it gives the owner a safety with the property. With so many forms of insurances available in the country, it is easier for property owners to gain a sense of safety for their property and valuables. It is also very much important for them to look through the plethora of insurances available in the market to choose the best and making their home a safer place.