Investing in a property along with loan must go hand in hand when it comes to securing your home while applying for an home insurance. Basically, as per a study made by experts it has been observed and come to a conclusion that individuals opting for property as an investment must also invest in buying an home insurance.
Home loan insurance: Today there are many banks that provide home loans and even home insurance because of their tie-ups with many other general insurance companies. This option has become a compulsion in many countries, because such a combination of home loan with home insurance provides enough cover to the insured and his property. Many banks in India too provide good coverage on insurance. For instance: a bank covers against various misfortunes i.e. incase of illness, accidental death,permanent total disability. In case of any employment loss, then there are certain banks that cover three EMI payments. This policy also covers in times of earthquake, loss of property or damage to the building and/or any of its contents. There are also certain companies that provide comprehensive coverage for structure and contents against the listed natural and man-made calamities. Also, people are given the option of continuing with the same policy even if the loan term ends.
Home Insurance: Besides various private sector companies, there are also certain government owned general insurance companies where an individual is given the option of insuring every single item in the house. An individual can basically insure even smallest of the item in the house. All that the person has to do is, just provide a proof of the existing contents in the house along with their estimates and then a surveyor is send across to the persons house who then estimates the loss against the claim when in time of burglary etc.
Hence,one may come to a conclusion that investing in a property must go hand in hand with applying for a loan or home insurance.