How Home Insurance Riders can help you get the RIGHT Home Insurance
Home insurance, by definition, is a type of general insurance that safeguards your home and its contents (along with yourself) against any unfortunate and unpredictable events of loss and damage. The scope of coverage is clearly defined in a home insurance policy; however, it is in no way restricted. By adding specific insurance riders, you get the benefit of extra coverage on your existing home insurance.
What is a Home Insurance Rider?
A home insurance rider is an add-on to the main home insurance policy. By paying a nominal amount over the regular policy premium, you can add these insurance riders which provide specific types of coverage. That in turn helps increase the cover on your home insurance.
Do I need to opt for a rider when there’s enough in the standard policy?
Many policyholders fail to take advantage of the insurance riders, either due to an intention to save on policy premium or because they aren’t well aware about the significance of these insurance riders.
Most of us have a lot faith in standard policies, so much so that we forget to look for the extra benefits we can get by paying a little extra. This is not to say that a standard policy does not provide protection, it definitely does, but sometimes customizations can help cater to your requirements in a better way.
Now that you’ve got an idea about an insurance rider and its usefulness, let’s move ahead and connect it with home insurance.
If you think a standard home insurance policy provides adequate coverage for your house and everything you have in your house, then you may be in for an unpleasant surprise when the time comes to file a claim.
Usually, every home insurance policy benefit comes with a cap or limit on the claim you make. That means if your high-value house contents like jewelry or electronic items get damaged or stolen, you might get less than the actual cost!
Here are some home insurance riders that can broaden your policy coverage, and should be a part of your home insurance policy -
● Personal Property rider
A home is where you house a number of contents, some of them costly enough to need individual protection. These may include jewelry, collectibles, antiques, fire arms, fine art, etc. A standard home insurance policy might have a cap on the amount but if you buy an add-on, your coverage increases.
● Personal Accident rider
This coverage protects the policyholder and the members of the house (named in the policy) against disablement or death in case of an accident on the property.
● Living Expenses rider
If due to damage you are unable to stay in your house, then some insurers also provide you with additional coverage for living expenses.
● Theft Cover rider
The coverage offered for theft of personal property might be limited. You can buy a home insurance rider to increase coverage for loss caused by theft.
Apart from these, some insurance providers also allow you to increase the Sum Assured of your home insurance policy by paying a slight additional premium.
When it comes to buying Home Insurance, your property and its real-time insurance needs have to take precedence over everything else. So, before you finalize your home insurance policy, make sure to review the policy coverage on these grounds. If need be, add the required riders to customize your home insurance as per your exact needs.
To reiterate, Home Insurance which serves its intended purpose is the only Home Insurance you should invest in.
**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**