Your house is no doubt the most valuable treasure of yours and you want to keep it protected always. But have you ever wondered what if your dream home sustains any major damage due to some unforeseen circumstances like a fire, burglary, earthquake or any other natural calamity? Damages resulting from such disasters are not easy to repair and even if you plan to rebuild the entire house, it calls for a huge amount of money. Well, you don’t need to fret as having a home insurance cover can spare the horror and save you in the event of such unexpected occurrences.
A home insurance policy will cover your house against any loss and damage caused due to fire, theft, burglary, and allied perils. Certain house insurance policies also offer coverage against natural calamities like floods, earthquakes, etc. as extra covers at an additional premium. Thus, it is imperative to have your house protected under a comprehensive home insurance policy. However, to make sure that you have the best insurance policy in place, here are a few things to look for while buying the policy:
Things to check while purchasing a house insurance policy
- Natural and man-made calamity coverage: Though the insurance companies claim to offer optimum coverage against natural and man-made calamities, most of them don’t provide enough coverage and cover only a few specific events. Hence, while buying a house protection policy ensure that it covers all the commonly occurring natural disasters like fire, flood, storm, pipe burst, burglary, etc.
- Coverage for personal belongings and appliances: Besides covering the structure of your homes such as roof, walls, and windows, it is extremely important that the house insurance policy also offers protection to the valuables and personal belongings that are kept inside the insured property. Hence, while buying the policy make sure that it offers coverage for permanent fixtures like ceiling, kitchen, and bathroom fittings, domestic and electronic appliances, furniture, and personal belongings such as documents, jewellery, clothing, etc.
- Check the amount of deductible: Deductible is the amount that you will have to pay upfront before making a home insurance claim. Hence, it is pivotal to check and decide the deductible amount first and then make the purchase decision. The higher the amount of deductible is, the more amount of money you will have to pay out of pocket while filing an insurance claim. However, a higher deductible comes with a lower premium cost as well. So, you must consider your affordability and economic condition and then decide the deductible amount while purchasing the policy.
Other points to consider before making the purchase
Besides these vital points, also consider the location of your house as that plays an important role in deciding the sum assured amount and deductible that you should opt for. If your house is located in an earthquake or disaster-prone area, it is more susceptible to damages and you may need better coverage to repair the damages.
Also, don’t go for a home insurance plan which includes the land on which your house is built under its coverage. It is your house and not the land that is at risk of loss of damages and this is why it doesn’t make any sense to pay for its protection.
So, if you are planning to buy a home protection cover soon, to get the maximum benefit out of your policy reach out to the experts of Compare Market Insurance. They will help you to invest in a comprehensive insurance policy offering optimum protection for your most treasured asset, your sweet home.
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