WHAT IS PROPERTY INSURANCE / WHAT IS HOME INSURANCE

 

WHAT IS PROPERTY INSURANCE / WHAT IS HOME INSURANCE

WHAT IS PROPERTY INSURANCE / WHAT IS HOME INSURANCE

Property insurance or home insurance is a broad term for a series of policies that offer either mortgage protection or mortgage coverage to homeowners. Property insurance provides financial compensation to the owner or lessee of the property and its contents in the event of injury or theft - and to the non-owner or lessee if the person is injured in the property.

Property insurance can cover many policies, such as homeowners insurance, tenants insurance, flood insurance and earthquake insurance. Personal property is usually covered by a homeowner or tenant policy. The exception is personal property with a very high and expensive value - this is usually covered by additional purchases in a policy called "passenger." In the event of a claim, the property insurance policy will reimburse the policyholder for the actual amount of damages or reimbursement costs to correct the problem.

IMPORTANT POINTS

• Property insurance refers to a series of policies that provide protection against property or debt cover.

• Property insurance may include homeowners insurance, rental insurance, flood insurance and earthquake insurance, among other policies.

• The three types of property insurance cover the cost of restoration, the actual cost, and the cost of replacement.

Understanding Property Insurance

There are three types of property insurance Plans: replacement costs, real mortgage, and extra restoration costs.

• Repatriation costs include the cost of repairs or replacement of the same item at the same or similar cost. The overlay is based on the cost of the replacement cost rather than the cash value of the item.

• Real estate value protection pays the owner or hires a cost reduction on the repatriation. If the molded item is 10, you get the value of the item at 10, not new.

• The additional cost of replacement will pay above the cover limit once construction costs have gone up; however, this will generally not exceed the 25% limit. When buying insurance, the limit is the limited amount of insurance company that will pay for a condition or item.

Home Insurance: Shield against Loss / Damage

Home insurance is known as homeowner insurance. It is a type of property insurance that covers real estate.

Well, this is how we define home insurance.

There is no such place as home in Universal. After all, it is a place where you and your loved ones can be unhappy, encompassing thousands of lifelong memories. When we put our money in life to buy or build a home, we rarely realize that our home needs protection in the form of insurance. By investing in a good home insurance policy, also called homeowners insurance, you can protect your home from accidents. Incidents such as burglaries, fires, earthquakes or vandalism due to rivals are common in India.

Don't wait for a disaster to remind you of the need to buy home insurance, choose ahead of time!

What Are the Special Features of Home Insurance?

Home insurance programs provide coverage for debts arising from home damage and / or contents due to man-made causes such as burglaries, theft, etc. and natural disasters such as fire, flood, lightning etc. Here are some features of home insurance policies:

Cover of Damage:

The basic premise of a home insurance policy is to cover coverage that offers against separate damages. Home insurance policies not only protect your home but its surroundings, and the contents of your home.

Including Structure:

Property cover is the basic cover provided by all home insurance plans. This protects the physical structure of the building / house / dwelling from various hazards and hazards. Spreads cover the building including electrical equipment, air conditioning, construction, plumbing, heating, etc.

Includes Additional Properties:

In addition to covering the building, the home insurance policy also provides coverage for additional buildings around the house (which may not be attached to the building). Some examples would be a fence around the house, covered garages, retained wall, back wall, mailbox, driveway, pool etc.

Includes Your Personal Property / Items:

Home insurance policies also provide coverage for personal or property or home contents as opposed to different risks and risks. This may include personal electronic equipment, television sets, refrigerators, microwaves, air-conditioners, etc. Includes furniture such as dining tables, cushions, beds, and accessories such as robots, curtains etc. Expensive goods including jewellery are covered.

Benefits Of Home Insurance

There is no denying the fact that home insurance should; however, there are other benefits with passengers in purchasing such a policy that will add total persuasion. See below:

• Get full coverage of the content and design of your home.

• Protect your property from any occurrence.

• Buy a home insurance policy at a lower premium price than other insurance policies.

• Reduce the pressure and stress level that you will have home insurance to cross, in case of unexpected circumstances.

Timely insurance coverage allows families to start the rebuilding process faster, helping them get on and get back to their normal daily lives.

• People who do not want to buy the Comprehensive Home Insurance Policy can purchase a Fire Insurance Program which will give you cover against accidents such as fire, etc. However, you should not forget that the coverage provided by the Comprehensive Home Insurance Plan is enormous.

• In addition, many insurance companies also offer passengers such as Temporary Compensation Restriction, Rental Cover Loss, Dog Insurance Cover, etc.

• This is not; The Home Insurance Claims process is free of charge and is quick in most cases.

Best Tips for Choosing Home Insurance

There are various insurance providers offering different strategies as per needs. To simplify your choice, we have listed the key points to consider when choosing one home insurance company over another:

Check out Premium and Coverage

First, assess the risks your home may or may face in the future. For example, if you live in a flood prone area you must make sure that your home insurance policy also addresses these risks. Also, while looking at coverage, it's wise to look at whether the premium fits within your budget or not. You can request premium quotes for individual insurance providers or use a comparison chart to compare premium quotes.

Check Claim Settlement Rate

The good company was judged by the variable time frame for processing the requests. The purpose of the insurance will be defeated if you do not receive a claim when needed. Therefore, it is important to look at the record of resolution of corporate claims before filing on a single insurance policy.

Look at the Company's Dignity

The first and first characteristics of a good company are that it has a friendly customer service. Does your insurance company have skilled customer service representatives able to resolve your questions quickly? It is always important to choose a well-equipped company to assist you at any given time.

What is covered in Home insurance or Property Insurance 

Home insurance covers the loss of property and content in your home as a result of natural and man-made disasters.

Fire and Stone Cover

• Damage to the aircraft

• Fire

• Lightning

• Riot, strike

• Typhoon, hurricane, flood

• Missions Exam Operations

An earthquake Cover

This policy provides cover for loss or damage to any insurance asset. However, many policies do not cover flooding or flooding of oceans, rivers and lakes due to earthquakes.

Burglary and Theft Cover

Home content is also covered by burglary or theft. The cover will be transferred to silver books, jewellery, gemstones and other valuables, as long as these items are kept securely locked inside your home area.

What is not covered in Home Insurance or property insurance

• Loss or damage caused by cracks and cuts and cuts

• Loss of money

• Loss or damage caused by war, invasion, foreign action

• Loss or damage caused by nuclear war

• Loss, destruction or damage resulting from any electronic equipment due to excessive speed or excessive pressure

• Earthquake: Damage occurred due to volcanic activity or erosion in most of the excluded cases.

• Any existing damage such as wear and tear of any other feature.

Who Should Buy Home Insurance?

Home insurance is for all persons who have a home. There is a myth that only homeowners should buy a home insurance plan. Let us tell you the story of Mr Vijay Rao and how getting a home insurance policy saved him during a disaster.

Two months after Mr Rao relocated to a rented apartment in Mumbai, a deadly fire engulfed furniture and other equipment worth Rs 8 lakh. Thankfully, he had a home insurance policy and was unable to get back to normal and easily and without financial pressure.

It is a misconception that only homeowners should buy home insurance. However, the house may be the property of the landowner but it has its own contents. Whether you are an employer or an owner, buying home insurance should be your top priority.

Also, there are various insurance companies that offer fun discounts to people who buy insurance for more than 3 homes. However, don't let the discounts make you buy those jewelry and that you don't need. For example, if you are a landlord, avoid buying an in-house compilation policy. Leave that to the employer. Companies also offer discounts when you buy them over time. You can ensure that the house can protect you for up to 10 years, which not only gives you peace of mind but you also get the opportunity to get profitable discounts.

How To Claim a Home Insurance Claim ?

Almost all insurance companies have a deadline when you have to report your loss. This can vary between 7-15 days so be sure to do it as soon as possible. Some companies even let you do it via email or SMS. Before you can file a claim, you will need to file an FIR and a copy where you need to file with the insurance company. In addition to the WA report, other documents you need to send are:

• Fire fighting report

Death or Disability Certificate (Medical Officer)

• Report of police investigation

• Providers of the original replacement invoice

• Receipt of articles, if any

• Adjusting the rating

• Court cases

Note: This is a list listing and you may be asked to submit further documents at the time of application billing.

How to minimise your  Home Insurance premium ?

Tips that can help lower your home insurance premiums-

• Reduce your debt by agreeing to share the debt. It will help lower your premium.

• There are many things like that in our house that are valuable to us but there is no basis to support them when they are very old. For example, your 10-year-old black and white TV may work fine, but there is no point replacing it with a reduced price. Be careful when making a list of insurance products.

• Take two or more insurance cover to qualify for the discounts.

• As with all insurance plans, if the insurers are convinced that you have installed all the security services in your home you will be able to get a reduced premium. If you have security guards who send fire alarms and home fires, then you will receive discounts on the premium.