Comparisons between premiums and deductibles for different types of insurance
24 MAY 2023
WHAT IS HOME INSURANCE?
Do you know there is insurance to protect your house? Yes, you heard it right! Home insurance is a type of property insurance policy that helps you to cover and protect your house, mansion, or even rented apartment in case of unexpected, unfortunate situations like theft, fire, burglaries, floods, or any other man-made or natural disasters. In short, home insurance means you need not worry about your belongings when you are away. Opting for home insurance promises additional security for your house in this uncertain world.
There are two major parts in which the covers are provided. 1. Cover for damage and 2. Cover for liabilities.
Cover for damage
Home insurance provides cover against a variety of damages that occur in and out of the insured house. It typically means the insurance not only covers the house but also protects the content of the house.
Cover for the structure and additional structure, as it implies, covers the building and its appliances like fridge, washing machine, cot etc. Covers for personal possessions cover your personal valuable possessions from the TV set to the jewellery possessed but some insurance companies have limited the accepted items whereas the cover for additional accommodation protects the insurer from the financial losses when there is a need for temporary accommodation till the insurer looks for alternative living resources.
Cover for liabilities
Liability cover is one of the inevitable traits in any insurance. Be it motor insurance or home insurance. This cover protects you from any legal liabilities in case of harm caused to any third-party property or person, on your premises or by you. The cover also protects the insurer from the medical expenses imposed on a third party in case the injury or any other unforeseen accident happened on your premises. This kind mostly covers the cost of minor injuries. This cover can be added with the home insurance cover.