Home insurance sometimes also referred as homeowners insurance, provides a cover for house property against hazards. Now a day's people have been going and opting for home insurance due to the recent spent of nature calamities hitting the normal man like earthquakes, tsunami, floods etc.
The home insurance gives you peace of mind by protecting your house and available s for a long period time. It secure your property from any in certain future losses. The covered elements include losses to your home, its contents, or loss of other personal possessions of the homeowner.
The home insurance policy usually a term contract which is for a fixed period of time. Premium is the amount the insured pays to the insurer. If the insured lives in an earthquake zone area then premium is likely to increase. Therefore the insured must thoroughly go through the term of contract and insurance agreement details.
The insured is given an option to insure the building structure or opt for the contents or both. Usually: fire, malicious, damage, earthquake, explosion, storm, cyclone, landslides, rock slides and burglary are covered. In case of theft, the contents of the home are covered including loss of jewelry, silver and precious stones.
Basic Features and Coverage:
1. The basic feature of the policy is the protection of the building and its contents from hazards, such as: fire, lightning, explosion, terrorist acts and earthquake etc. But this cover doesn't include valuable (such as jewellery).
2. The second feature includes protection against burglary and cover for jewellery and other valuable. This cover has to be taken separately, over and above the basic feature by paying additional premium.
3. The other features include protection for breakage of plate glass, baggage loss, and breakdown of domestic appliances or electronics gadgets, such as TV, VCR's, DVD players as well as a personal accident.
Home Insurance is different from Home Loan Insurance
You must know the difference between the two before going for Home Insurance. Home Loan Insurance cover is a plan that protects your home loan in case of any unforeseen events happens to the borrower. The Home Loan Insurance cover is for all those people who are burdened with such worries of paying the EMI of their home loans in their absence. In case of any unforeseen events the dependent family members will be supported by the Home Loan Insurance cover, whereas the Home Insurance covers the house and its contents against various hazard. www.bimadeals.com
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