10 Things You Need to Know About Home Insurance
1.
Home insurance protects your house from any damage or accident such as fire, theft, vandalism, accident, any sort of natural disaster like storm, tornado, hurricane, earthquakes, tsunami etc.
It can be covered against terrorism as well, but an additional premium needs to be paid.
2.
The home insurance policy is a written contract.
It mentions all the formalities that need to be complied with an event of damage occurring to the house.
It mentions all that is included and not included in the policy.
It is agreed upon both the parties and is binding upon both the insured and the insurance company.
3.
A few policy plans also cover the internal fittings, fixtures and art and artifacts such as baths, basins, windows, gates, fences, driveways, paintings, antique pieces etc in their policies.
4.
A normal home owner's policy will not cover natural calamities and disasters.
However, with an extra amount of premium, all the natural calamities can be covered.
You have to specify as to what natural risks you would like to cover.
5.
Home insurance policy is a term contract.
That means it has a validity period.
Generally, the contract is for one year.
The policy premium can be paid monthly, quarterly, bi annually or annually.
You get a discount in case you opt for annual premium.
The policy is valid only up to the contract period, after which, it is to be renewed.
The insurance company will settle a claim only if the policy matures with in the contract period.
6.
Your policy will be effective from the date of payment received by the insurance company.
In case you pay by cheque, then the policy will be effective from the date the cheque is cleared.
7.
It is better to read and understand all the formalities of the insurance company in the event of an accident.
8.
In case you own a condo ensure that the common areas are insured by the condo board or association.
Clarify what areas need to be insured by you.
9.
In case you are making major repairs or renovation in your house, you will have to inform the insurance company about the changes made.
10.
It is better to see the various options available in the market, before deciding upon a policy plan.
For a safe future, it is essential to protect your home from any untoward incident.
Insure and be sure!
Home insurance protects your house from any damage or accident such as fire, theft, vandalism, accident, any sort of natural disaster like storm, tornado, hurricane, earthquakes, tsunami etc.
It can be covered against terrorism as well, but an additional premium needs to be paid.
2.
The home insurance policy is a written contract.
It mentions all the formalities that need to be complied with an event of damage occurring to the house.
It mentions all that is included and not included in the policy.
It is agreed upon both the parties and is binding upon both the insured and the insurance company.
3.
A few policy plans also cover the internal fittings, fixtures and art and artifacts such as baths, basins, windows, gates, fences, driveways, paintings, antique pieces etc in their policies.
4.
A normal home owner's policy will not cover natural calamities and disasters.
However, with an extra amount of premium, all the natural calamities can be covered.
You have to specify as to what natural risks you would like to cover.
5.
Home insurance policy is a term contract.
That means it has a validity period.
Generally, the contract is for one year.
The policy premium can be paid monthly, quarterly, bi annually or annually.
You get a discount in case you opt for annual premium.
The policy is valid only up to the contract period, after which, it is to be renewed.
The insurance company will settle a claim only if the policy matures with in the contract period.
6.
Your policy will be effective from the date of payment received by the insurance company.
In case you pay by cheque, then the policy will be effective from the date the cheque is cleared.
7.
It is better to read and understand all the formalities of the insurance company in the event of an accident.
8.
In case you own a condo ensure that the common areas are insured by the condo board or association.
Clarify what areas need to be insured by you.
9.
In case you are making major repairs or renovation in your house, you will have to inform the insurance company about the changes made.
10.
It is better to see the various options available in the market, before deciding upon a policy plan.
For a safe future, it is essential to protect your home from any untoward incident.
Insure and be sure!
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