Do not neglect home insurance
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Home insurance is primarily a cover that is provided as protection for one's home against various kinds of risks and hazards such as natural calamities including floods, earthquakes, tsunami or accidents such as fire and occurrences such as theft.
There are two basic types:
Building Insurance: This provides cover to any form of building or the structure of the building against damage due to man made reasons or natural calamities to the extent of providing for the entire cost of reconstruction in case the building suffers complete destruction. The conditions under which insurance is valid includes:
Fire, explosion of any domestic appliance like cooking gas
Damage due to riot, strike etc
Natural calamities like storm, flood, cyclone or earthquake
Damage caused by aircraft
Loss due to third party liability or personal accident
Subsidence and landslide including rockslide
Lightning and impact damage
Content Insurance: This provides cover to the contents in the house such as jewellery, movable goods and any valuable item which is not fixed to the home like electronic goods, clothing or furniture. There are various types of covers available with different insurers which the customer can choose from. The contents of the home are provided cover against loss or damage due the following reasons:
Storm or fire
Loss of valuables like jewellery, crystal, crockery
Accidental damage of plate glass fixed in windows and doors
Damage or loss of electrical appliances
Before buying home insurance do take note of the following:
Read the fine print: what is covered and what is excluded.
Make inventory of contents, estimate market value and have ownership documents of contents.
Ascertain periodicity of renewal and stick to it.
Age doesn't affect premium cost but some insurers refuse houses more than 50 years old.
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