What is covered by Homeowners Insurance?
What does homeowner insurance plan protect you from?
Home Owner Insurance covers numerous perils under its plans that would protect one’s home. Some of the common peril coverage offered by many companies is listed below:
- Damage from an aircraft collision
- Flood and Inundation
- Riot, strike and other malicious damage
- Subsidence and Landslide/Rockslide
- Other perils covered under this plan include missile testing operations, leakage from automatic sprinkler installations, bush fire and terrorism.
Why is the homeowner insurance plan required?
What are the benefits of homeowner insurance plan?
Homeowner Insurance plan has a bunch of features and benefits which is why it is a no brainer that one should opt for it. Some of them are listed below:
It ensures that one’s house and all the assets and liabilities are protected from almost all the types of catastrophes that will result in damage to property.
Each coverage in a homeowner insurance policy is governed by a limit i.e. the maximum amount your policy would pay to cover a loss. However, one can adjust the maximum coverage limits based on their inventory and the items that they would want to cover to avail the best benefit.
Temporary living expenses:
If the catastrophe is devastating enough to make a house uninhabitable then some of the policy offering companies may allow some monetary benefits that would help one obtain a permanent place wherein one can relocate until the damaged property is repaired/rebuilt.
Flexibility in cover options:
Some insurance companies allow individuals to choose the perils of their cover policy from the available option to make the policy as suitable as possible.
The homeowner insurance plan requires comparatively less and simple documentation owing to the seamless online process.
Easy application process:
The process of applying for this plan is quite easy and can be applied through the online mode as well.
Coverage for home structure or additional structure
Homeowner insurance plan offers cover not only to the house, household belongings but also to some additional structure that would fall within the surroundings of your house. The additional structure includes:
- A fence or a boundary outlining the household territory
- A detached Garage
- A small outhouse
- A swimming pool
There may be some more depending upon the policy that is being chosen and the insurance company.
Coverage for Personal Property
Does the homeowner insurance plan offer coverage for an additional living expense?
Coverage for personal liability and medical payments
Can one opt for partial cover for contents?
What is not covered under the homeowner insurance plan? (Exclusions)
There are certain exclusions or features that are not covered under this plan. They are listed below:
- Loss of cash
- Damage due to a nuclear attack
- Loss or damage that might be due to wear or tear
- Damage or loss due to war
- Wilful destruction of the property
- Loss or damage to paintings, antiques or other works of art
- Loss or damage to electronic equipment due to over usage or excessive pressure
Homeowner insurance claim process
Given below is a list of the most popular companies in India that offer Home Owners Insurance.
- HDFC Ergo Home Insurance
- ICICI Home Insurance
- Oriental Home Insurance
- IFFCO Home Insurance
- New India Assurance Home Insurance
- Bharti AXA Home Insurance
- Future Generali Home Insurance
- SBI Home Insurance
There are various components that would help in deciding the sum insured one must opt for while buying the homeowner insurance plan. Due to any unforeseen situation such as fire, windstorm or any kind of natural/manmade perils, your home insurance plan must be capable enough to cover all the losses. So before thinking about the insured amount you must consider factors such as the structure of the house, materials used to build the house, garage, deck or front porch attached to your house etc. Ensure that your coverage should be equal to the replacement cost of your house. Also, it is wise to have enough coverage for your personal property in order to get your belongings replaced in case of damage or loss.
There are various insurance companies that offer a homeowner insurance plan. However, comparing the various plans on an insurance broker or web aggregator’s website will help you find the best plan at the best price.
Yes, one can buy two homeowner policies but these policies must be purchased from different insurers.