Buying a home holds a sense of pride for many. Being one of the most expensive investments for most individuals,it is invaluable and priceless. Your next best thing to comfort food is a home to enjoy your comfort meals at. Since it holds so much importance in your life, there should be no excuse to not ensure its safety. Home insurance is the perfect companion to ensure protection for your invaluable investment for years to come.
A natural disaster, fire or other man-made calamities have devastating effects and repairs for your house can wipe all your life’s worth savings. A home insurance plan ensures protection for your house without you having to worry about paying for these expensive costs of repairs. Different homeowners residing in different areas seek different policy features. Here are some of the features to tick of your checklist when buying an ideal home insurance policy.
Coverage for any extra structure to your home
When shortlisting a home insurance plan, you must pay attention whether the policy coverage includes non-attached structures like garage, backyard sheds, fencing around your home, driveway, swimming pools, etc in its policy scope. This is essential as in the event of damage, repairs are required to these structures that form part of your home.
Inclusion of contents and personal belongings in the policy coverage
An ideal checklist for home insurance must include the coverage of your policy being extended to not only the structure, but also its contents. A home is complete with various electronic home appliances like air conditioners, refrigerators and other furnishings like beds, sofas and more. Further, some may even have expensive artifacts like paintings or vintage products that need to be insured. Having a home insurance policy that extends to these other components that make up your home is necessary for your mental peace. However, remember that the home insurance quotes increase based on the items included in the policy coverage. The more appliances are added, the higher will be your premium.
Arrangements for alternate accommodation
A good home insurance policy must also include alternate accommodation as part of its terms. This way, any cost of temporary relocation required due to the damage can be recovered from the insurance company.
Liability cover
Next thing to check is inclusion of liabilities as part of its cover. Without any intention, liabilities might arise due to damage to your neighbours, either by way of property damage or injury to a person. Having third-party coverage can ensure these expenses are covered by your insurance company.
Option for add-ons
Home insurance plans with the option to select add-on can help customise the policy coverage based on your exact needs. This way, every policy can be fine-tuned as per the policyholder’s requirements. Add-ons are available at an additional cost and you must check using a home insurance calculator to fit it within your budget.
For your home to tackle unexpected contingencies, a home insurance policy is its best friend. Not only it helps mitigate financial losses, but also have a mental peace knowing you have a Plan B to fall back on. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
