Ways home insurance keeps your life from unexpected shocks
For most of us, our homes are the most prized possession in the world. It’s a sweet reminder of one’s hard work and sweat and essential component of one’s existence. We adore our home, decorate it and equip it with all the creature comforts of life. But, have you ever thought of preserving your home from unexpected events? You might have the best security or structures in place to protect your home, but untoward incidents like fire, theft, earthquake, etc. can put our humble abode at grave risks.
To protect your valued residence from unfortunate events, you can avail home insurance policy that is suitable to your requirements. A Home insurance cover can be availed by the owners as well as the tenants of the home, but there is a difference in the degree of protection that it offers. Companies can also avail it.
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Here’s how a home insurance policy can be the best bargain that secures not only the physical structure of your home but also the contents within:
1) Protection of building or structure
The strength of a house is linked to its physical structure. Therefore, safeguarding the physical structure of your house which you must have planned and constructed with a lot of care is so relevant. The home insurance policy provides coverage to the structure of the house, except for the land. This includes electrical fittings, plumbing structures and fixed furnishings of the house. This cover is to be applied only to the owner of the house.
2) Cover for unattached structures
Nowadays, home structures are made in an innovative manner and are technologically advanced with protective fencing around the house or the garden so that there is reduced danger of theft or burglary. Therefore, these outside structures that are a part of the house but unattached to it are critical. These outside structures like fences and grills are also covered. This is also limited to only the owner of the house and not the tenants.
3) Safeguarding assets
The contents of the house can also be protected by availing a suitable home insurance policy. The contents include assets like furniture, jewellery, electronic items etc. However, certain assets may not be covered under the same especially antiques and artworks as it is difficult to determine the market value of such processions. This cover is available to both the tenant and homeowners.
4) Safety from natural and man-made disasters
Natural disasters like flood, cyclone, and earthquake can be really disastrous. If homeowners have an insurance policy in the face of such disasters to fall back on, it can assist to bring life back to the normal mode within no time. Similarly, man-made disasters like theft, burglary can also incur immense loss and damage. However, man-made disasters in the likes of riot, war is not included in the policy, although can be availed by paying an extra premium.
5) Expenses of alternative accommodation
In the event of a serious disaster, your house may be inflicted with extensive damage wherein you may be required to move into a temporary housing till your home is re-stored. However, this will cost money. This is an extra cover that can be added to the primary policy to save you from the burden of unexpected expenses.
6) Specialized cover
If you live in an earthquake-prone area, it is recommended to avail add-on cover that will help you cover the risk that comes as a result of owning a home in such a location. There are various specialized covers in the likes of theft cover, earthquake and burglary cover that can be availed along with the primary policy of home insurance.
7) Third-party liability cover
Although a rare possibility, but third-party liability cover is an unforeseen situation (especially if you reside in a crowded neighbhourhood) one must always be prepared for. For instance, if a fire breaks out in your house as a result of your negligence of mistake and the house adjacent to yours is also damaged you are expected to pay compensation to the owner of that house. This is an example of third-party liability. The resulting legal expenses of the damage of another person’s house will be borne by the insurance company if you have third-party liability clause in the primary policy.
8) Payment of medical expenses to the third-party
Medical expenses for any injury to the third-party are also covered under the Home Insurance Policy. For example, if a tree in your compound falls and a person or child is hurt, you would be held legally liable to bear his or her medical expenses.
All such incidents are covered under third-party liability cover. Therefore, the insurance company will pay for all the treatment of the injured party.
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Ways home insurance keeps your life and savings safe