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Insurance Article

Got a Home? Get it Insured

November 25 2014

 While we do all the right things, we often forget the smaller ones. One of which is insuring the house and its belongings.

In fact, unless mandated by law, we might not even think about insuring our vehicles or other property. We see the paying of premium towards that insurance as a bothersome waste of good money. But what is perceived as a waste of money now could well protect you financially in the event of an unknown risk in the future. What if your property is vandalised in your absence? Or there is theft? What if a sudden, unforeseen event, like a fire, destroys your property? Wouldn’t you feel safe if someone reimbursed you for the damages? Better the Insurance Company than you!

Types of Home Insurance

Home insurance policies differ with countries, but basically, there are two major categories to it. One is the protection of the structure and second is the protection of its contents. These two can be combined in a single policy to take care of the structure of your home as well as the contents, like furniture, TV, washing machine, etc. While buying a home insurance policy, it is essential to understand what all is covered. A home is subject to many risks, like fire, theft, vandalism and natural calamities like floods, hurricanes, earthquakes, etc.

Covers can be chosen depending upon the regions in which one lives. For example, if a person has a home in, say, regions like Assam, which is prone to floods that could be devastating; it is advisable to cover your homes for damages caused by water.

There is another coverage called "liability coverage." This coverage helps you if there is damage to a person or adjacent property due to acts on your property. For example, if there is a fire in your backyard, which burns part of your neighbour’s property, who do you think should pay for their losses? You? Of course! So if you have liability coverage, these expenses are paid for by your insurance company.

How to choose the right home insurance?

Choosing the right insurance company is of paramount importance. Stay miles away from unknown (or little known) companies giving you “unbelievable” premium rates and extraordinary features. Always choose from well known players in the insurance market and compare policies before taking the final call.

A home is a rare example of an appreciable asset, contrary to, say, a car, whose value starts depreciating the moment it leaves the dealer's lot. It is undoubtedly the most important possession of an individual and protecting it with a comprehensive insurance should be a no-brainer. Remember that through a home insurance policy, you are buying your peace of mind. When you know that your home is protected from various violent acts of individuals or Nature, wouldn't you rest assured? Time to call your insurance agent.

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