Find out what’s covered by your home insurance policy

0


Keep in mind that no insurance company will cover an individual against war, revolution, act of a foreign enemy, invasion, rebellion, hostilities, civil war or military insurgency .

Natural disasters happen without warning. But during the monsoon, even if we are prepared for it, they hit us. In addition to the ongoing Covid-19, various Indian states have faced multiple natural disasters in recent months, starting with cyclones, floods and earthquakes. At present, many states in the country are underwater and plagued by monsoon rains.

Having said that, even though such calamities are not within our control, getting financial aid certainly helps to recover quickly. Therefore, having a home insurance policy secures your finances against such calamities. In the event that your home is damaged due to a natural disaster, you are provided with financial support to meet the costs of repair or damage.

A home insurance policy is offered for different types of homes such as homeowners, renters, and housing company insurance. So, depending on the type of your accommodation, you can opt for an insurance policy.

Home insurance policies generally cover natural disasters such as floods, earthquakes, storms and man-made events like riots etc. It covers the structure of the house and the contents which includes valuable goods against any type of damage included in the policy. Note that these insurance policies generally range from indemnity plans, new plans to old plans, recovery plans and agreed value plans.

These home insurance policies generally vary not only from company to company, but also depend on the type of policy you choose. For example, while an insurance policy provides comprehensive coverage for any damage caused to the policyholder’s home or its contents resulting from natural disasters, fire, man-made events, theft or burglary in insured property and valuables on insured premises if the owner is absent, some policies cover expensive jewelry and items, valuables such as silverware, expensive jewelry and electronic gadgets, etc. under the additional modules).

Keep in mind that no insurance company will cover an individual against war, revolution, act of a foreign enemy, invasion, rebellion, hostilities, civil war or military insurgency. . In addition, loss or damage caused by depreciation or wear and tear of a building, property or its contents will not be covered even if they are insured. Losses resulting from construction by a third party will also not be covered, as will the intentional destruction of property.

Some insurance policies also do not cover damage or loss due directly or indirectly to earthquakes, volcanic eruptions or other convulsions of nature. So check with your insurer beforehand.

Get live stock quotes for BSE, NSE, US market and latest net asset value, mutual fund portfolio, see the latest IPO news, top IPOs, calculate your tax with the help of the income tax calculator, know the best winners, the best losers and the best equity funds in the market. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay up to date with the latest news and updates from Biz.



Share.

About Author

Comments are closed.