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Insurance Article

Rented Or Owned, Home Insurance Is Must For Everyone!

June 27 2015
Protect your most important asset

Protect your most important asset

A household is a cherished place, full of memories, built through hard work, a secure roof over loved ones and holding prized possessions. Our lives would be thrown into turmoil if we were uprooted from our homes, a dark reality recently faced by the people of Nepal whose homes were destroyed in an earthquake.

Although we can't stop natural disasters and the subsequent damage, home insurance reduces the distress and suffering after a calamity. It financially protects you from any damage caused to your home and valuables, which can be of great support in the time of need.

Protects Your Property

Home insurance covers all natural disasters

Home insurance covers all natural disasters

Structure insurance for your house covers the cost of reconstruction, after damage by unforeseen circumstances. When Mrs. Mehta returned from a trip abroad, she was shocked to see her house, which held all her valuables, had been reduced to ashes because of some faulty electric wiring. Rebuilding the house would have cost her a fortune. She was living off the savings of her recently deceased husband, and did not see how it would be possible to rebuild.

Fortunately, her husband had purchased 5 year home insurance, which, for a yearly premium of Rs. 21000, gave her a sum insured of Rs. 60,00,000. With this money, she began rebuilding her home and replaced her valuables. In the meanwhile, the insurance company paid for alternative accommodation.

Insurance for tenants

Content insurance covers loss or theft of jewelery

Content insurance covers loss or theft of jewellery

If you live in a rented house, you can only insure the contents of the house. Content insurance protects the tenant's valuables from damage or destruction arising out of mishaps such as fire, flood, riots and storms. The insurance company reimburses your losses based on the current market value of your belongings.

A family returned from a holiday and shockingly discovered that their house had been broken into and robbed. Amongst the stolen items were two gold chains, a pair of earrings and two precious stones, valued at 2 lacs. Here, insuring their content paid off. The insurance covered a part of their loss and paid the family a sum of 1lac.

Apart from fire and natural disasters, content insurance also covers losses incurred due a burglary or attempted robbery at your house. Any losses of jewelry and other valuables, up to the value of 1 lac, are compensated.

Increasing Awareness

A lot of people do not realize the importance of home insurance until they are caught in a disaster situation. Currently, only 1% of homes are insured for structure and content damage. If you own a house or live in a rented accommodation, home insurance will not only protect the roof over your heads, but also your precious possessions.

The recent terrorist activities and natural disasters have opened our eyes to the perils their homes could face. Availability and ease of purchasing home insurance online is boosting sales amongst cautious homeowners. There is also an increase of buyers opting to insure their contents aswell. Home insurance buyers are also opting for the additional terrorism cover, after a slew of terrorist activities in India.

Buy your home and content insurance here, and you'll never have to worry about home sweet home again.

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