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You want to keep your house and valuable items in it very safe as your hard-earned asset is where you’re staying and keeping the most precious belongings. Also, note that your home is one of the assets you can take a personal loan, Secured Loan and Home Loan on. Home insurance ensures the safety of your house and valuable items under various provisions. Be it theft, natural disasters like fire and flood, lost items, etc. It depends on the specific plan you’re choosing under home insurance each having different coverages, provisions, and content. There are numerous benefits of home insurance, one of the most crucial being protection against future perils. In this blog post, we will look at what points you should consider before buying home insurance and analyse the benefits of home Insurance.
There has been a rapid rise in home buyers in India, still very few of them buy a home insurance plan. Most people think that their home is perfect which indeed can be, but the mis happenings do not occur after telling us. Mishaps like burglary, theft by a domestic worker, and natural disasters can happen anytime without prior information. Hence buying home insurance becomes all the more important in a densely populated country like India.
With a theft and vandalism insurance policy, the bank will cover the losses you experienced, but only after inspecting if the theft really happened or if it was planned by the homeowner.
To note, burglary, vandalism, and theft have three different definitions. Burglary is the forceful intrusion into your premises and theft is a non-forceful act of taking away items without the permission of the owner.
Vandalism is destructing a property because of hatred or envy, which might not include burglary. Some insurers do not consider theft by an employee, theft by a family member, theft during strikes, natural disasters, and wars.
So it is better to read the terms and conditions of the insurance package you are going to choose. You can talk to the bank officials and discuss which specific covers you want to take.
A home insurance policy with certain coverage protects you from the losses or damage incurred from natural calamities like floods, earthquakes, lightning, and fire. The home insurance policy works as a risk management tool in the due hours of disasters.
Home insurance saves you from informal borrowings and debt traps increasing the manifold of better disaster management, and assurance that you have not lost everything, as well as protection of life and health according to a study conducted by the Journal of Disaster and Emergency Research (JDER)
According to the coverage you have chosen, the EMI and the years of EMI of home insurance may get vary. For example, building structure coverage spans from 1 to 30 years, and home contents and building home contents spans from 1 to 5 years. While you pay monthly, you will enjoy the long-term benefits of home insurance.
Your landlord’s building insurance does not secure your belongings, hence as a tenant, you should buy a separate cover called tenant’s legal liability cover which will help you incur the losses of any liability damage and damage of possessions.
Things to keep in mind before applying for home insurance
We at Nilaya Greens have ensured to take care of all of these parameters for Home Insurance and all of our properties are secured with home insurance. Check out all of our offerings and make an informed decision to buy your property.
In today’s sphere of surging natural hazards, the rise in theft and burglary, and the increasing population, raise our concern about implementing the principles of “prevention is better than cure.”
A home insurance policy might look complicated and costly at the surface but in recent times it has proved to be a boon for many. Also, numerous companies in India have made the process uncomplicated with a call on assistance, an agent who guides you at every step, and with hassle-free online portals.
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