Buying a house is a huge milestone and a dream come true for many of us. It takes a lot of financial planning and saving to afford a home. However, to ensure that the home you have worked so for is protected from unforeseen events, you must buy insurance. To learn about the different home insurance benefits you can enjoy, continue reading.
What is Home Insurance?
Home insurance is a kind of property insurance that provides coverage to the policyholder. With home insurance, you can cover your home against unforeseen loss or damage. A home insurance policy is for personal property and covers home content as well as structure. In return for such insurance cover, you are required to pay the insurance companies regular premiums.
Benefits of Home Insurance
*If a third party causes damage, you can claim insurance without getting into a legal rift
*It is easier to get a mortgage (home loan) for repair/reconstruction/expansion if there is property insurance
*The costs of loss of home’s belongings and content can also be covered up. Home belongings like appliances, furnishings, furniture, gadgets, or jewelry
*There are types of home insurance policies that are designed to cater to specific requirements. These policies include Landlord’s Insurance or Tenant insurance.
*Cost–efficient protection: At first, home insurance might seem like an unwanted expense. However, investing in a home insurance policy can pay off when you need it the most. Nowadays, several insurers offer home insurance policies at a competitive premium. These premium rates are definitely worth paying when you look at the coverage that you get in return.
*Your home insurance policy will also cover you against any claims that may arise out of accidental death or damage to property faced by a third–party, including domestic workers.
Home Insurance – Coverage
Damage due to rail or road constructions
Collision of airplanes or any vehicle (not your own)
Explosion or smoke
Man-made problems like riots, theft, vandalism, or property destruction due to any civil commotion
