Home is the most prized possession, so it requires insurance to cover it against any damage caused by natural and man made disasters. Your home faces financial loss. Then your home insurance can save you from it. The common types of home insurance are home contents insurance, building insurance, landlord insurance, holiday home insurance, flat insurance, etc. All types safeguard your home against any calamity.
Generally home insurance protects the structures and contents of your house against man-made and natural disasters. The coverage period varies from companies to companies. There are special cover against fire, burglary, theft and others. Due to the need of the time, online home loan insurance is available. One can pay by credit card through online. EMI facility is also offered by some insurers which is subject to minimum annual premium.
You can only purchase the building insurance or contents insurance, or altogether the both. The natural calamities that are covered are Fire, Lightning, Impact Damage, Aircraft damage, Explosion / implosion, Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation, Riot, Strike, Malicious and Terrorism Damage, earthquake, etc.
If you opt for contents insurance then you can avail burglary and theft cover. It may also cover loss of jewelry, silver articles, and precious stones. The contents insurance covers the contents of your home such as furniture, durables, clothes, utensils, etc.
Your home insurance does not cover the followings self-willed destruction of property, loss and damage caused by war, wear and tear, etc.
What amount of insurance is suitable for your home? It depends on the construction cost as the sum insured by you provides you reconstruction cost against man-made or natural disasters.
Buying a right home insurance takes some products research. It is a heady job. Here at mantra4money you take guide from us. You can see all the products and the amount of the sum and the duration of the coverage. Keeping in mind all the factors of your home, choose the policy that meets your budget and requirement.