Home insurance is the most crucial type of insurance in the market that often gets ignored by homeowners. In simple terms, home insurance is the insurance that covers the home and assets damages that occurred due to different overwhelming conditions. Like any other type, you have to pay the premium for a certain period and have to renew the policy once it expires.
Most homeowners overlook the home insurance process, which may increase the probability of incurring huge losses in the future. Due to a lack of knowledge and trust, owners neglect the home insurance and eventually regret it if some unfortunate things happen with their house. This blog will give you an idea about home insurance and how it can benefit homeowners and tenants.
Key benefits of home insurance
As a home is one of the most important assets we possess, it is essential to protect our homes from any risk that can occur unexpectedly. Here are some of the key benefits of home insurance home buyers and owners should know.
- Financial coverage against calamities
A home insurance policy protects your house from different natural and man-made calamities and damages. It covers natural calamities like earthquakes, storms, floods, etc. and disasters involving human element such as riots, explosions, and strikes. Such calamities and disasters can significantly damage your house and its structure. Having a good home insurance policy will ensure the safety of your home by providing financial coverage after such incidents.
- Coverage against loss of valuable assets
Home insurance also protects your valuable assets in the case of loss or damage. The insurance may cover your essential home assets from any theft or calamities that occurred. Things like gold, furniture, electronic appliances, and other valuable assets can get covered in the insurance policy.
- Provides temporary living expenses
In the case of structural damage to the house, the insurance company can provide expenses for your temporary living. This includes the rent amount of your temporary house that is claimed under the home insurance policy. Having such features certainly shows the importance of home insuranceand why it should not be ignored.
Types of home insurance policies
According to the requirements and needs, you can select from the different home insurance policies available in the market. Some of the most popular and primary home insurance offered by banks and insurances companies include:
- Standard fire and special perils policy
As the name suggests, this home insurance policy covers fire explosions and special perils incidents, including natural calamities and home damage, for several reasons. Both homeowners and tenants can buy this insurance policy.
- Home structure/building insurance
This type of insurance policy provides coverage for the home structures. This policy includes damages in the structures and permanent home fixtures in the kitchen, bathroom, etc., are included in this policy.
- Burglary & theft
This insurance policy protects your home from loss due to burglary or theft. Customers can get insurance amounts for the valuable asset in the house that gets stolen.
- Contents insurance
Contents insurance is the most valuable policy as it covers the goods and assets of the house damaged in a natural calamity or other unfortunate incidents.
Home insurance claiming process
It is essential to know and research the home insurance policy before buying it to get coverage for the mentioned things in the policy.
At the time of accident or calamity, you can claim your insurance amount by contacting the company and providing evidence in the form of images or videos.
After providing all the details of the incident, the surveyor appointed by the insurance company may come and assess the damage. After the assessment and the validation of the claim, the company will offer you a fair reimbursement for the damage.
Runwal Group is a well-known real estate brand renowned for its spectacular residential projects and excellent customer service. At Runwal Group, homebuyers not only get premium homes at an attractive price range but also dedicated home loan assistance and facilities to enjoy a hassle-free home buying experience.
Offering some of the luxurious 2 & 3 BHK flats in Kanjurmarg west, in Mumbai, Runwal Group is the perfect place to buy your next dream home. From world-class amenities to a quiet neighbourhood at Runwal projects, you can live a peaceful and comfortable life with your loved ones. So to live a secured and convenient life in the new normal, book your home at Runwal soon. Call us to know more.