About to Buy Your Own House? Here is Why You Need Home Insurance…

Purchasing a home is a huge decision…financially and emotionally. Afterall, your home is the abode where you will rest safe at the end of a long day, create memories with your family, and spend some of the best moments of your life. So, picking out a single property from the many is no easy task.

Given the extreme effort that you put into finding a house, it only makes sense that you secure it upon purchase. And, there is no better way to secure your house than by buying home insurance.

Wondering what a home insurance policy can cover you against?

A home insurance policy can secure the construction and contents of your home from a number of unforeseen events. Let’s take a look at some of the mishaps that this coverage secures you against.

  • Burglary

Your home insurance policy covers you from incidents of burglary and incidents of housebreaking that can see you sustain losses and damage. You are also protected against damages sustained if an electric pole or a tree collapses on your property.

  • Fire and other perils

Home insurance covers you against losses due to fire, and natural calamities like earthquake, landslide, flood, and cyclone, among other things. You will be covered for repairs and debris removal. You may also receive compensation if you need to temporarily rent out another residence while your home is being repaired.

  • Personal accidents and liability

The policyholder also generally gets covered against death or injury within the scope of the policy’s defined limits. This benefit generally includes compensation for ambulance charges, dependent child’s education, and transportation of mortal remains.

Furthermore, a home insurance policy also protects you against third-party liabilities for injury or losses sustained by a third-party – such as a maid – within the premises of the insured property.

  • Appliance breakdown

The electrical or mechanical breakdown of household appliances are also generally covered in home insurance. This includes coverage for your washing machine, refrigerator, and air-conditioner, among other things. Do make sure to note the age limit up to which the policy will cover an appliance as this can vary between insurers.

Your home insurance policy will generally cover almost all the contents of your home, within the policy’s limits specified in the fine print. The contents generally covered include appliances, electronics, glass fittings, and jewellery up to policy limits. Insurers usually also cover valuables such as expensive watches, music equipment, and fine art.

Make sure to go through the fine print of your home insurance policy and discuss the extent of coverage in detail. Usually, you have to select the items and categories of coverage that you are interested in.

Quick tip: Even as a tenant, it is advisable to purchase home insurance to stay protected against any liabilities towards your landlord.

So, without further ado, call up an insurance provider or agent and get started on securing your home with proper coverage. Hope this article has proved helpful for you.

Good luck!

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