Home is the most valuable asset one buys after a long period of savings. With homebuyers on the rise, home insurance is still a fairly neglected product in terms of its legal counterparts. Home insurance is financial protection in case of any unforeseen event. A home is not only bought with a copious amount, but also with years of dreams, aspirations and expectations. It is not just a materialistic purchase but an emotional investment and no one wants a tragedy to strike their dream nest. Then why do we tend to ignore home insurance, a purchase as important as health insurance?
Let’s take a look at why insurance is paramount while buying a home and why it must be done as soon as possible:
Financial coverage against calamities:
A comprehensive policy will provide financial protection in cases of both natural and man-made calamities. The home insurance will cover losses and damages caused by floods, earthquakes, storms, cyclones, etc. It will also provide coverage against vandalism, riots, or any damage caused to the property due to activity with malicious intent.
Financial coverage against loss of your valuable assets:
Apart from covering your building structure, home insurance will provide coverage to all important and valuable contents kept in the house in case of theft or damage to them. These include jewellery, documents, furniture, appliances and much more depending on the terms and conditions of the opted policy.
Coverage from liabilities:
Depending on the nature of the opted policy, home insurance can protect you from property-related legal liabilities. The insurance will cover the cost of damage caused accidentally to any other property by you. Moreover, it will even cover the additional medical expenses in case of any harm or injury caused to a third person.
Provide expenses for temporary living:
In case your insured home is damaged under some insured cause then you will be eligible for rental coverages. If you rent a house temporarily while your house is under repair, your insurance will help you stay in a rental house till your house is habitable.
These are the basics, apart from these a lot more is covered by home insurance. Before opting for any home insurance a thorough research and understanding of each terms and conditions is vital. Whether you own a cozy apartment or a luxury bungalow, insuring your home will give you the peace of mind.