Categories
January 9, 2018 by

For most of us, our home is the most prized possession. You should also be concerned about the security aspects of your home like—how would you safeguard your home and your personal belongings in the event of theft or natural calamities like floods and cyclones. A prudent move to tackle such uncertainties is by buying a good home insurance plan. Unfortunately, there are a lot of homeowners and tenants who are not aware of what is home insurance and what are the benefits associated with it.

In simple words, home insurance covers almost everything in your home—right from the physical structure, to additional structures like garage and driveway. It also covers plumbing, air-conditioning, and heating system damages. It covers all your furniture and other consumer durables like refrigerator, microwave, television, laptops and anything else that was damaged in your house.

Insurance Cover for Household Goods

Modern homes have all types of appliances designed to make life easy and comfortable. But, over a time period, they’re subject to wear and tear. Plus they could get stolen.

Household appliances like microwave ovens, refrigerators, mixer grinders et al are covered by limited manufacturer warranty. For added safety, some buyers opt for an extended warranty as well. Buying extended warranty for individual appliances can prove to be expensive.

A better option would be to buy a customised home insurance cover that will act as a shield for all your household goods. In addition to making good the cost of repairs and maintenance, you’re also compensated in the event of theft or physical damage, when the household goods are brought under home insurance cover.

To put it short, a home insurance policy offers complete coverage, so it is imperative for every homeowner to buy home insurance, especially if your home is equipped with numerous household appliances. Plus, the householder’s policy is a package offering. It spares you the hassle of taking separate policies.

Extent of Home Insurance Coverage

A standard home insurance policy covers the following:
  • The building structure
  • Protection from fire damage
  • Domestic appliances
  • Jewellery and other valuables
  • Baggage insurance
  • Television, music system, and DVD player
  • Theft and burglary
  • Personal accident insurance

Catering to the needs of every individual, there are different types of home insurance policies. So, you can choose one based on your requirements. Before you make your decision on the choice of policy, value your property and assess the extent of coverage.

Higher coverage entails higher costs. That is the premium that you have to pay will be high. Suppose you have limited number of appliances and you live on rented premises, look just for optimum coverage. Expanding the coverage will translate to extra cost with no apparent benefit.
Policies differ in their extent of coverage and differ between providers. So, it’s best to read the fine print before buying a home insurance policy.

Making a Claim

A claim on a home insurance policy can be made in the event of loss/damage to the house or household goods. A claim is admissible if the house or household goods have been damaged by fire or have suffered any physical or mechanical damage. The claim is valid if there is a loss of possessions due to theft. However, any intentional damage or one caused due to personal carelessness is excluded from home insurance cover.

In case there is damage to any appliance, you can make a claim to the extent of the cost of repairing. If the damage is beyond repair, you can get compensation.

Securing your home and your belongings is possible with a home insurance. Make sure you choose a home insurance policy that offers comprehensive coverage. To know more about home insurance policies, visit the Bajaj Finserv website.