Thefts, burglaries, dacoities etc have become the order of the day.  Even after being away from home for a while, when we come back and find the home and belongings intact, we heave a sigh of relief.  But compulsions are there and we have to be away from home from time to time.  The remedy lies in buying home insurance/property insurance to the extent that in case of loss, theft etc, you can recoup it, more or less, to the maximum extent possible. Before buying home insurance and property insurance, let's first understand their concepts.

CONCEPTS OF HOUSE INSURANCE AND PROPERTY INSURANCE

1.    HOME INSURANCE
Home insurance policies cover installations, thefts, burglaries and fire. They also cover insurance against man-made and natural disasters like earthquakes, floods, cyclones etc, based on certain conditions and limitations. Home Insurance policy also covers household contents, jewelry and other valuables. It also offers covers against personal property, rented property, plot of land, underpinned property, leased property etc.

2.    PROPERTY INSURANCE
By property insurance, we mean first-party insurance cover. It is a contractual obligation that first party is insured and the second party is the insurance provider. In case of loss to the first party, the first party gets reimbursement. Property policies offer insurance covers for homes as well as commercial buildings.  These can also be opted for boats and automobile covers. Thus, a property insurance policy is not confined only to home. It has a wide coverage. In a nutshell, property insurance secures our home against losses to the home itself and the belongings contained in it.

SIMILARITIES AND DISSEMILIARTIES IN HOME INSURANCE AND PROPERTY INSURANCE
From the above, it is discernible that in home insurance and property insurance we find certain similarities and certain dissimilarities.  So while going in to purchase insurance policy in respect of any of the two, i.e. ‘HOME INSURANCE' or ‘PROPERTY INSURANCE', or maybe in respect of both at times, one has to be very careful about the specifics and the terms and conditions of both, to arrive at an appropriate decision.

ONLINE INSURANCE POLICY
Going in for online insurance policies is always a good option.  You have to exert a bit and draw much mileage.  You have to ask for online quotes from various reputed insurance companies dealing with home insurance and property insurance, depending upon your requirements.  You will get free quotes.  Now choose a few quotes as per your needs, study them minutely from all angles - their premiums, longevity, cashless facilities, renewals, claim settlements and other rules and regulations.  Never feel shy of asking any number of questions from any company.  Over and above, you must go into threadbare details about premium because due to lack of knowledge on certain important things like that, the individuals run the risk of paying comparatively more premium.  The insurance sector is very competitive and hence you will have lot many options to select a befitting insurance policy for you.

SETTLEMENT OF CLAIMS
Every company takes some time to settle the claims after they are submitted. So, after finally making your mind on purchase of a policy, stick to only one company, which will be helpful for early settlement of your claims.

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