Tuesday, October 16, 2018

Home Insurance-Meaning, Importance and the Process of Buying

by Kriti (writer), , September 27, 2016

Many homeowners fail to realize the importance of home insurance policy. It not just covers the damages caused to the structure of home, but also covers the loss of possessions located within the home

Buying a home is a dream shared by countless people across India. Most people want to own a beautiful home where they can live comfortably. However, due to high demand, the prices of homes in India are quite high. So much so that in major cities like Delhi and Mumbai, many people simply can’t afford to buy a home.

A home is an expensive purchase. In fact, buying a home is the most expensive financial investment most people will ever make. Many people spend their savings of a lifetime on buying a home so that they can provide a comfortable living environment to their family. A home is a special place and it is important to ensure that it remains safe and protected. One of the best ways to protect your home from damage is purchasing a home insurance plan.

What is Home Insurance ?

A home insurance plan is an insurance plan that protects an individual’s home against any kind of damages to the home, or to the possessions in the home. A home insurance policy provides financial protection to the home owner in case of any damages to the home structure.

Why Home Insurance is Important ?

Home insurance is one of the most important types of insurance. However, in India, home insurance has low penetration. Due to the lack of knowledge and understanding, many homeowners consider home insurance as an unnecessary expense. Most people fail to realize the fact that a home is prone to damage due to several factors. And when it gets damaged, the cost of repairs can be very high. From natural calamities like earthquakes and floods to man-made disasters like acts of terrorism, there are several things that can cause damage to a home. For this reason, it is important for every home owner to buy home insurance plan.

Apart from covering the damages caused to the structure of the home, a home insurance policy also covers the loss of possessions located within the home. Considering the fact that the cost of possessions can be quite high, home insurance policy can prove to be very useful. The content cover includes furniture, electronic appliances, personal valuable etc.

How to Buy Home insurance ?

If you’re planning to buy home insurance plan, there are many important things that you need to take into consideration. Depending on your requirements, you can opt for a plan that provides risk coverage to the structure or a plan that provides coverage against the contents of your home, or both. Also, there are many riders that can be added to your home insurance plan.

You can easily find the best home insurance plan online. These days, most of the major insurance companies offer home insurance plans online. The entire process of buying a home insurance plan is simple and hassle-free. You can easily choose the right policy that matches your needs and requirements, and pay the premium online.

A home insurance policy will go a long way when it comes to protecting your home from natural disasters as well as other hazards such as burglary.

About the Writer

Kriti is a writer for BrooWaha. For more information, visit the writer's website.
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