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Home Insurance

Home Insurance

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Published by Ankita Gala

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Published by: Ankita Gala on Sep 15, 2012
Copyright:Attribution Non-commercial

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09/15/2012

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Home Insurance, India
Every man has a dream to own a house one day. For an ordinary person it takes a whole lifetime of savings to build ahouse. And one cannot predict a natural calamity like earthquake. In recent times we have seen what havoc anearthquake or any other natural calamity such as floods, landslides and torrential rains can wreck. Hence homeinsurance is very important.Home insurance policy also protects against other hazards like gas cylinder explosion, fire due to electric short circuitas well as man-made disaster like burglary.Home insurance policy available in the market covers broadly two things:
 
Building structure
 
Contents inside the home
Insurance Covers for a Building Structure are:
 1. The Fire and Special Perils Cover This is a comprehensive packaged cover that covers damages to the structure of home due to
 
Fire
 
Storm, tempest, flood & inundation
 
Riot, strike & malicious damage
 
Lightning
 
Explosion & implosion
 
 Aircraft damage
 
Damage due to impact by vehicles
 
Subsidence, landslides and rockslides
 
Bursting and/or overflowing of water tanks, apparatus and pipes
 
Missile testing operation
 
Leakage from automatic Sprinkler installations
 
Bush fire2. Earthquake Cover: Covers damages to the structure of your house due to earthquake3. Terrorism Cover: Covers damages to the structure of your house due to acts of terrorism A home insurance does not cover the market value of the home. The price of the home includes the cost of the landand the cost of constructing the building structure on this land and the land cannot be insured. The insurance cover isonly for the cost of constructing the building. The sum insured is calculated by multiplying your home area by theconstruction rate per sq. feet.

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