subject: Home Insurance A Shield For Your Most Valuable Asset [print this page] Your home is definitely one of your most valuable assets or investments of life. It is therefore obligatory to safeguard your most valued possession. Home Insurance Policy is the key to protect your property including all its contents. The cost an insurer pays for the policy is determined by taking into account the replacement cost of the home along with all of the home's contents. The premium varies taking into consideration the security, age of the building etc.
People often suppose that home insurance is redundant because they don't believe they will need it. But you must understand that if the worst happens and your home and its contents are destroyed or badly damaged due to a flood, storm or fire then this policy would be there to save you from financial mess up.
The policy protects your home against natural calamities such as Storm, Flood, Earthquake, Tsunami, Fire, etc. It also protects against other risks such as burglary and terrorism. The limited policy includes damage caused by fire, smoke, lightning, theft and vandalism. The basic policy includes damage caused by the weight of snow and ice, frozen pipes and other accidental water damage from appliances, damage from floods.
What is not covered?
1.Willful destruction of property.
2.Loss, damage and destruction caused by war, wear and tear etc.
3.If your home has been unoccupied for more than 30 days, with no preceding notice to the company.
4.Cash, bullion, painting, works of art and antiques.
You therefore, got to be very cautious while choosing the Policy. In fact, with the increase in number of companies offering Home Insurance Policy, the competition is getting more and more intense. It is hence indispensable that you do your research about home insurance policies comprehensively before signing an agreement with a company for the same. Gather enough information on the fundamentals of the policy and arrange quotes from various companies and then proceed.
Your insurance is a yearly contract. The premium depends on how much money the insurance company might need to pay as coming years claims. Banks and HFCs would insist customer to buy Home Insurance Policy while availing Home Loan. They would do so to get the loan protected.
How to claim?
Give pertinent information, which includes your policy number and other details regarding your claim. Accordingly, your claim request would get registered and escalated to the company's claims department.
The company appoints a surveyor within 48 hours.
You will need to submit all the relevant documents to the surveyor. The surveyor submits the Final Survey Report (FSR) along with the documents within 7 days.
On receipt of documents, the claims department is expected to processes it within 7 days.
In a nutshell ensure that you do get a comprehensive Home Insurance Policy that covers not just the structure but also the content of your house. Give specific time to learn exactly what your policy covers and make sure the monthly payments are affordable and fit your financial requirements. We do understand the importance of our home but somehow tend to ignore the importance of home insurance.
by: Money Laxmi
welcome to Insurances.net (https://www.insurances.net)
