Building and owning a home is certainly a dream come true, but the next important question that you need to answer is whether you have taken the measures to protect it. A home insurance protects you from all impending casualties and catastrophes, saving you not only money but giving you financial protection at times of need rendering you safe as well. Most, often feel that locking your home is all that you can do for its safety but that doesn\u2019t guarantee its safety even against burglary also. There are certainly several other factors beyond our control that can damage your home and so a home insurance policy would protect you from all or every possibility of damage. Most of us actually don\u2019t realize the crucial role of home insurance until it\u2019s too late for them. If you are new to home insurance, here is the knowledge that you need of home insurance which is also considered a basic necessity in many other countries.<\/p>\n
Home insurance provides cover against natural disasters like a flood, earthquakes or cyclones which have become common nowadays. Any harm caused due to such natural disasters would be provided cover by your home insurance and also provide compensation for the damages due to other manmade hazards like fire, theft or vandalism or any other such inadvertent events.<\/p>\n
A home insurance can even provide you with the cost of temporary living expenses when your home becomes uninhabitable due to the damage caused. This cost would be borne by the insurance company until the home is rebuilt.<\/p>\n
A home insurance inevitably covers the structural damages and the cost of the building along with the movable assets like clothes, furniture and gadgets as well. A home insurance would also protect you against any liability that may arise to any other third party or any damage caused to the third party within the confines of your home or property.<\/p>\n
What are the types of home insurance policies in vogue?\u00a0<\/strong><\/p>\n A Building or Structural Insurance can be procured by generally the homeowner which covers the damages caused to a building or the structure of a building as well as the outdoor structures like the outhouse, garage or sheds.<\/p>\n A Home Content Insurance can be obtained by people staying in rent as well and this type of policy covers the contents of a home like the clothes, and all movable assets in the house.<\/p>\n Generally, under any home insurance policy, the compensation depends on the damage of the home or the property which are insured which is assessed after the damages occur. The amount of the claim that is settled by the insurance company depends on the valuation of the home and the assets that are insured. The insured can choose to insure only the building, the contents or both. The valuation is done based on two methods of valuation as under.<\/p>\n This is the type of insurance where the cost of the construction of the home would be borne by the insurance company if it is so needed. The construction cost of the house includes the materials and labour costs too.<\/p>\n In case the home is insured based on the indemnity value, the insured can claim the sum insured along with the total premium paid in case there is a loss or damage to the property. This would also take into account the depreciation of the property due to age.<\/p>\n However, few incidents or loss like damages caused due to any radiation or nuclear activity, any civil war, or a military attack is excluded from the home insurance coverage. Any intentional damages or act of terrorism is excluded from coverage as well.<\/p>\n \n An eco-friendly home may be what you always felt is the need of the hour and it\u2019s certainly one as it is for the future generations that we have to protect our planet. This doesn\u2019t necessarily mean you have to spend a fortune on buying a home in sustainable projects. Going green is a mindset and way of life that you can always adapt by making a little shift in your attitudes and habits.\n <\/p>\n \n The investments from the Non-Resident Indians (NRIs) have surged in the FY 2021 to $13.3 billion from the earlier estimate of $13.1 billion according to a report published by 360 Realtors. The same report states that the investment volume has climbed upwards by 6.4% compared to the previous financial year despite the pandemic and the buyers\u2019 sentiments plummeting downwards.\n <\/p>\n \n Building and owning a home is certainly a dream come true, but the next important question that you need to answer is whether you have taken the measures to protect it. A home insurance protects you from all impending casualties and catastrophes, saving you not only money but giving you financial protection at times of need rendering you safe as well.\n <\/p>\n #1797, 5th Block, 14th Main Rd, Brindavan Nagar, HBR Layout, Bengaluru, Karnataka Building and owning a home is certainly a dream come true, but the next important question that you need to […]<\/p>\n","protected":false},"author":1,"featured_media":8729,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[63],"tags":[],"class_list":["post-8515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"yoast_head":"\n
\n 560043\n <\/p>\n","protected":false},"excerpt":{"rendered":"