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Tips To Choose A Home Insurance Policy For Your Dream House

Buying a property is tough but when you are opting for the right home insurance product it gets even tougher. It is important that the owners can protect their abode and belongings against natural, as well as man-made losses. We explain how to go about choosing the right policy for your house.

In India, mostly property is purchased after a procuring a loan and most home owners do not bother to insure their homes. It is because they don’t consider it important even though it is often the biggest asset that one can own.

As per the reports there is low demand for home for sale insurance, to ignorance, saying that Indians are not even aware of the risk associated with their lifetime investment.

It is not like people are not aware of home insurance, but they consider it complete waste of money even they have invested their lifetime savings. Considering the threat to their house is quite rare and may happen once in 10 years. In many places, people may have not experienced any threat to their home in their lifetime that also makes them ignorant. But, surely this ignorance can expose them to high risk, which can be avoided by paying a small annual premium for their residential property.

What Is Home Insurance?

Home insurance is a safety net that provides cover for the house, in case of any damage. The home insurance remains on a low priority for most of the people as it is not even mandatory when you buy a property.

In home insurance, the cover is provided for the structure and contents. There needs to be more awareness about such products, as a lot of people are not even aware of home insurance.

Home Insurance Protects From:

It protects the house from unwanted, unforeseen causes that can damage it, such as fire, smoke damage, floods, earthquakes, lightning strikes, storms of all kinds, explosions, riots or civil commotion, burglary, break-ins, vandalism, etc.

The insurance coverage is generally limited to the construction cost and contents of the apartment. Every home insurance policy has its own terms and conditions, so it is important for the home owner to do a good homework prior finalising the policy.

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How To Claim Home Insurance?

Step 1: Keep all information, like policy number, name, address and ID proof ready, if required.

Step 2: Fill the claim form, mention the type (theft/fire/water damage, etc.) and the description of loss or damage to the personal belongings and home.

Step 3: Call the concerned authorities, in case of fire or pipeline burst. If possible, take photos of the damaged area and also keep the receipts from services used or purchases made, because of the damage/loss.

Now, the insurance company will deploy a surveyor and have the damaged goods inspected thoroughly. The claim is settled, after the losses are assessed.

Thus, either you own a 2 BHK residential apartment or a villa for sale make sure you have the opt of insurance to keep your lifetime savings intact and safe.

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