Home insurance plans provide insurance coverage against property damages, which may be caused by various damaging agents such as natural calamity, fire, accidents etc. A home insurance plan acts as a protective measure and helps in covering the costs of repair which may be incurred due to the damages caused to the property. They can be of numerous types, providing varying levels of coverage.
What is covered under a home insurance plan?
A home insurance policy can cover damages caused by a wide range of causes, depending on the policy selected. Most property insurance policies cover any damages caused by natural disasters, theft, fire or accidents. The insurance policy in such cases covers the cost or replacement or repair of the damaged parts of the property. Certain types of house insurance policies do not cover damages caused by all-natural calamities.
For example, most plans in India do not include damages caused by large scale disasters such as flooding and earthquake under their coverage. Since different policies have different range of coverage, it is essential to perform thorough research on the details of different home insurance plans before you apply for home insurance policy.
Types of coverage in home insurance policies
There are a number of different types of coverage under different home insurance policies.
- Structural protection: all property insurances provide coverage to the structure of the property being insured. The structural protection not only covers the building of residence, but also includes any extra structural constructions such as garages and walls. Any damage to these structures is covered by the property insurance policy.
- Coverage of personal belongings: many home insurance policies in India not only provide coverage for the structural constructions of the dwelling but also cover the personal belongings present inside the dwelling. This ensures that the customer gets compensated in the event of damage to any personal belongings caused by one of the cases covered under the home insurance policy. Commonly protection against loss of belongings due to theft and fire is provided.
- Liability coverage: this aspect of the house insurance plans ensures protective coverage in the event of any injury that is caused to another person inside your property. Liability coverage covers the medical or legal expenses which may be procured due to another person being injured while inside a property which is under the coverage of the policy.
- Home loan insurance coverage: some insurance policies further provide coverage in the case of a property being under a home loan.
Limit of coverage
Most of the different home insurance policies come with a fixed ceiling of coverage. This signifies that only a certain maximum amount is paid to the customer in the event of any damage caused to the property. It is possible to adjust the limit of coverage in a policy depending on the needs of the customer.
How to apply for a home insurance policy
It is fairly easy to apply for home insurance plan. A number of different organizations provide policies for home insurance in India. Bajaj Finserv provides a user friendly interface on their website which customers can use to select an insurance policy according to their needs. A wide range of policies are available on the website to be chosen from. Also you can buy home protection insurance as an add on with your home insurance policy.
Home insurance policies are a necessity in the modern market. Due to the increased rate of accidents and natural calamities, it is prudent to have a property adequately covered under an insurance plan as it lessens the economic burden during repairing and replacement.
