Know More About House Insurance
House insurance, as the name suggests insures your house from external damages. Not only the structure, but also this insurance policy brings you extended protection for the entire belongings from earthquakes, flood, fire and other disasters. House insurance can also protect your personal belongings such as jewelry, electronic goods etc. from burglar attack.
If you are planning to make your house insured, you have three options to choose from. The first choice is to protect the building only. The second choice is to secure the belongings only. The third choice combines the structure along with the belongings. If the structure is damaged due to any of the natural calamities or if the belongings are lost under burglar attack, house insurance provides you the best support to make up the finance.
What it actually means
House insurance, also called Home owner"s insurance or hazard insurance is a variation of property insurance policy. It combines the protection of a home"s belongings and the building. The only requirement for this is that one of the insurance nominees should occupy the house. In accordance with the insurance company, the coverage pattern differs.
Need of house insurance
The house you build up may cost a lot, so a sudden break up can even result in complete destruction. So it is better to protect it in any manner. One of the brilliant ideas to secure your payment is house insurance. Such that, your hard work won"t get wasted up. If any hazardous effect happens to your house or the belongings, the insurance policy you have signed will help you by issuing the lost finance.
There are various types of policies covered in house insurance. The most popular among them is the owner occupied policy. It covers the destruction due to the environment and other human perils. Some of the insurance companies exclude certain damages from their coverage list. On signing the policy form, make sure that it covers your needs. Examine the environmental condition and whether the area is prone to burglar attack. A renter"s policy mainly covers the protection of the belongings and not on the building. It also includes the case if the renter is being mistreated by the owner inside the building premise.
Things that are not covered
Even though the house insurance covers a lot of impact, there are some factors that won"t come under their coverage list. If you destruct your house willfully, you should face the consequences as house insurance has no role to play in such a situation. It only covers the damages occurred as a result of environmental hazards or unexpected attacks. If a war results your house in a bad condition, house insurance won"t act on it. Maintenance works as a result of damages in painting, art works, gold bars etc causing wear and tear won"t be compensated by house insurance. The insurance policy will get elapsed if the house is unoccupied for a long time without a prior notice.
While signing up for the house insurance, make sure that you are well aware of the terms and conditions.