What is home insurance and what does it cover?
Home or homeowner’s insurance enables property owners to insure and safeguard the homes/properties registered under their names. This insurance protects against specific risks irrespective of the property one owns.
Causes for filing house insurance claims
Most home insurance policies provide financial coverage for the following risks/threats.
- Man-made damage like vandalism, theft, and riots
- Damages originating from the construction of roadways and railways
- Damaged caused by a collision of a vehicle not owned by a homeowner
- Damage caused by explosions or smoke
- Natural calamities like fire, hail, lightning, and windstorms
Any other form of damages must be covered by the property owners.
Forms of damage covered by home insurance policies
- Interior and exterior damage
- Structural damage
- Damaged electrical lines and pipelines
- Damaged personal assets in an insured property
- Injuries suffered on/at damaged property
Bear in mind that not every home insurance policy will cover costs associated with the aforementioned damage. Coverage varies depending on the policy, the property/home, and its location.
Exclusions
A vast majority of insurance companies/providers do not cover the following damages:
- Damage caused by war
- Natural calamities such as flooding and earthquakes
- Damage occurring due to rodent, bird, termite, and mould infestations
- Neglect of home/property
Why invest in home insurance?
Your home is precious and hence protecting it against different forms of natural and manmade damage is essential.
Consult the Arthavidhi financial experts to find a suitable home insurance policy for your property.
