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Importance Of Home Insurance
For many people, their home is their greatest asset. Home is their hard earned property. It is a thing of pride and provides them with immense joy. It is very important for them to protect it. companies have come out with unique home policies to protect it from various natural and man made disasters. Home protects a house against burglaries, theft, fire, earthquake, explosion etc.
In recent times we have seen what havoc an earthquake or any other natural calamity such as floods, landslides and torrential rains can wreck. Hence home insurance is very important.
Before one looks out for cheap home and a home agent in India, it is good to understand the basics of home insurance. The amount of home cover needed is calculated keeping a number of factors in mind. Area of house, location of property, approximate rate of construction are generally the factors considered by home companies. Keeping the above factors in mind, you have to pay the premium every month/quarter/six months according to the sum insured. Home brokers in India come out with different home policies to suit the unique needs of their customers.
Unfortunately in case of some burglary,
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theft, or fire, the claims of individuals are settled fast by companies. Some leading companies have 24 hours helplines and call centers to fasten the claim process and provide better service to customers. A few such names include ICICI Lombard, HSBC, The New India Assurance Co., and Bajaj Allianz.
Although a homeowner may be completely devastated when either a sudden or unexpected loss occurs to their home, by working closely with an agent they can be prepared for any unexpected events. They must understand that lack of any sort of home policy will only make a disaster even more devastating on the homeowner and their family.
So it is vital to have a home policy, as it will ultimately provide you with a sense of security for both you and your family.
However, do remember that a home does not cover the market value of the home. The price of the home includes the cost of the land and the cost of constructing the building structure on this land and the land cannot be insured. The cover is only for the cost of constructing the building. The sum insured is calculated by multiplying your home area by the construction rate per sq. feet.
Author’s Bio:
Aditya Jaiswal, advisor of home loans for NRIs, is an associated editor with the site: http://www.guide2homeloan.com. The site is an online portal to provide home loan advice on home loans in India including types of home loans in India, home loan interest rates in India provided by home loan providers in India.
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