What all is offered under the Home Insurance policy?
It is a dream for many to own their own home. There are a lot of emotions and sentiments attached to it. You have your dreams linked to that home and the last thing that you would want is to see your house in shatters. Imagine a fire or a theft at your home. This could shatter your dreams completely and also pinch your pocket. It is thus, advised that you get the best home insurance coverage from IFFCO Tokio for your home so that it is safe in the case of any crisis.
However, not every house insurance policy that is available in the market can actually help you out. You need to take extra care to ensure that the home insurance policy that you buy gives you the required coverage and is also not priced very high. You want to be assured that the house insurance policy protects your house and your belongings, and keeps you secure financially. The house insurance plan should secure your home and protect you in the case of any unexpected crisis.
There are house insurance policies that compensate you in the case of an accident or in the case of a theft. The house insurance policies could also pay for any repairs in your house and also in cases of renovation. Your house insurance policy would also pay or any temporary accommodation that you may need in at the time your home is being repaired.
In the case where there is a fire break out in your house, then the house insurance policy can cover the cost of valuables as well as for any repair that you would have to do to your house. Thus, it is crucial that you choose the right house insurance plan. There are a number of plans available at IFFCO Tokio and one plan does not fit all. Every individual has different needs and thus, it is important that you shop for a house insurance policy with care.
Why Do You Need Adequate House Insurance Coverage?
Financial disaster is not uncommon, even in today’s life. This is because most people are not well prepared and don’t save enough for their future. It is important that when you are buying a house insurance policy, you take care to value all the stuff you have at home. Yes, you will be saving on the premium if you opt for less coverage, but in the case of any unforeseen event, this could really impact your finances.
You will end up in financial loss if you do not take proper house insurance coverage. In the case of any unexpected event, if your property or belongings get damaged, it could impact you financially.
Landlord Home Insurance Policy
The landlord’s home insurance is a kind of policy that gives protection to the homeowner in the case of any financial loss at the property that they have rented.
The property is an asset and the value of the property goes up with time. This is why many choose to buy property to make smart investments. Renting the property has become common now, because of the high returns. But, the problem here is that the tenant may not really care for your house very well.
When you purchase landlord home insurance, you can relax, because the policy covers the risks that are associated with renting out property.
The landlord insurance gives protection against:
Damage to property which includes the building structure and to personal property.
If the property cannot be stayed in because of damage incurred due to a cause covered by your home insurance policy, then the policy will cover you for the loss of rental income too. The reimbursement gives you time to repair your house.
The liability insurance will cover the expenses and the claims in case of any bodily injury to a third party that could happen at your property.
You are also given coverage against a natural disaster or manmade risks.
Renter’s Home Insurance
Renter’s insurance is something that is still not very popular in India and this is mostly because rental homes are temporary. However, it is important to understand that you have valuables at home and theft can make you lose them all. Thus, it is highly advisable that you get your home insurance even if you are staying as a renter.
There are plans that let you cover any loss to belongings in the case of an act of God or a manmade act. This saves your belongings and valuables that you have at home.
The renter’s home insurance policy offers coverage in many cases:
In case of a fire at home or theft, the insurance will cover your belongings. The insurance purchased by your owner would probably only cover the outer structure of the house.
The insurance policy will let you replace the belongings that you have lost. This could include costly electrical appliances and things of everyday use.
Any third party injury that happens on your rented property can also be covered when you take the renter’s home insurance.
Any damage that happens to the property also gets covered under this plan.
Renter’s Insurance and All That it Covers
The renter’s home insurance covers many unforeseen circumstances, like a fire or a catastrophe. It also covers the tenant in case of a fire.
Many renters do not understand the importance of buying a home insurance plan. But it would be very shocking to know that a single calamity can actually wash away all your valuables in no time, leaving you in major financial problems. The cost to replace valuables at home can be really expensive.
You should not just consider the large items at your rented home, like your TV, iPhone, etc., but smaller items to are equally prone to get stolen and thus, it makes sense to cover them as well.