Home is single largest financial decisions that most individuals decide upon. With such big financial expense, it becomes crucial to select one wisely weighing all the pros and cons. The process of buying a home not only requires financial resources, but also time to come to a decision. It is one dear place where you spend considerable time rejuvenating and regrouping. With home being such a dear and crucial part of your life, it is important to have it safeguarded against various perils. These perils can range from a natural calamity damaging your home to a fire hazard causing destruction. A home insurance policy not only covers the damages to the structure but also the contents within it, based on the type of coverage. Here are some reasons listed that make it necessary to secure your home using a home insurance policy.
Protection against Natural disasters*
Natural disasters or Act of God, as referred in insurance terms, are events that cause destruction not only to human life, but also property. This includes homes that are ravaged in such natural calamities and without a home insurance cover, it is financially stressful to rebuild or repair.
Protection against Man-Made perils*
Homes have various levels of security from conventional security guards to advanced alarm systems and surveillance cameras. Despite all these measures taken by you, homeowners, thefts are robberies take place and a home insurance policy helps to protect from damages your house. Apart from theft and burglaries, riots and other man-made perils continue to pose a risk to home and home insurance policy comes handy to safeguard against them.
Rented accommodation is also covered*
A common misconception is that home insurance is for property owners. However, insurance can be availed even for rented properties too. While a policy covers the structure, it also offers coverage for the contents of the house. If you rent a property, the content coverage of your home insurance policy can help protect all your appliances and other important things declared at the time of purchase of your policy.
A home insurance policy does not restrict its scope to damages caused to your home, but also liabilities that may arise as a result of damages to other due to any mishap at your home. For instance, a gas leak leading to fire damage can result in damages to your house, but also your neighbours thereby requiring you to compensate for their loss. With a home insurance policy, these third-party liabilities are also covered under the policy scope thereby providing a broader coverage for third-party losses.
Some home insurance plans have the features that include cover for re-location. As natural disaster strike, it sometime requires you to re-locate to a different plan till the house is rebuilt or repaired. With a home insurance plan that offers relocation facility, any temporary relocation as required is included in the policy scope.
* Standard T&C Apply
With these reasons in mind, make sure to get a home insurance cover for your beloved house. While the home insurance quotes differ based on the coverage your policy offers, a home insurance calculator can help you shortlist policies that fit your budget and check your requirements. Also, you must keep in mind insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.