Saturday, October 31, 2015
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Indian Real Estate News
House Holders Insurance - Overview
Home insurance, or house-owner/householder insurance as it is also known, is important, and you should purchase one.
Be it a humble hut or a bungalow, rented or owned, it is advisable to insure your house and belongings to guard against unforeseen risks.
In addition to protecting your home, the typical home insurance covers your valuable personal property as well. Your personal property could consist of your furniture, clothing, stereo, computer equipment, jewelry etc.
Your householders' insurance policy provides you with a choice of cover for:
- The building (structure) of your home, and,
- The contents or belongings in your home/building
Householders' insurance protects both the structure of a building as well as the belongings in it.
Coverage for natural wear and tearIf you read carefully, insurance companies specifically state that they will not pay for damages caused due to regular wear and tear. Read to know more about coverage.
Even if you have purchased the mechanical and electrical breakdown section, the insurance company is not liable to pay for the damages. If you read carefully, insurance companies specifically state that they will not pay for damages caused due to regular wear and tear. The company is liable to pay only for losses or damages arising out of accidental electrical or mechanical breakdown. It will not cover items that are more than 7 to 10 years old and nor will it cover for acts considered willful or due to negligence on your part or the supplier or manufacturer.
Coverage for insured house let out to tenant
If you own the building or house, you may purchase the householders' insurance policy for it. In case your tenants want to insure their belongings, they have to purchase a separate policy for their belongings.
I live on rent; do I still need home insurance?
If you live on rent, you may not want to purchase insurance for the building. But what about your belongings? The householders' policy covers you for damage or loss of a whole range of household items, such as domestic and electronic appliances.
Can I buy home insurance even if my spouse uses one of the rooms as an office?
No. Homes used for business purposes are not covered under this policy. In such cases, you will need the Merchant Cover Plan to insure your office.
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