Home insurance allows home owners to insure their home or any other property registered under their name. Sometimes known as homeowner’s insurance, it allows you protection from certain risks regardless of the type of property you are residing in.
Causes for claiming under home insurance
These are the causes for which you can claim under the home insurance plan, otherwise you will have to pay yourself for any other reasons that damages occur.
- Natural calamities, like lightning, hail, windstorms or fire.
- Man-made issues like theft, vandalism, riots.
- Damage caused due to construction of railway lines or roads.
- Collision of vehicles, which are not your own.
- Smoke or explosion of any kind.
What is covered under home insurance scheme?
There are several kinds of damages covered under the home insurance policy, some of which are:
- Structural damage
- Damaged pipes, or electrical lines
- Interior damage
- Exterior damage
- Any personal assets damaged in an insured house
- Physical injuries which occur on the damaged property
Not all home insurance plans cover all these costs, since it depends on your residence, the area in which you live and the plan you choose. Go through all the terms and conditions carefully before you choose an insurance plan, so that it can cover costs of damage to things most important to you.
Exclusions
There are several cases which are completely excluded when it comes to damages caused to your house. Most of the insurance providers exclude these conditions. They are:
- Natural calamities like earthquakes and floods.
- Neglect of property
- Damage caused by rodents, termites, mold, or birds.
- Damage due to war.
While you might consider not purchasing a home insurance, it is better to have your home insured than take the risk of having to pay out of your pocket, in case huge damages occur. Consult experts at Daily Finserv and understand how you can benefit by ensuring your home.
