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Home insurance and Types of home insurance

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A lot of sweat and blood is involved in building a house. But if the house gets damaged due to an accident, it is a huge financial loss. Theft, natural disasters, electric short circuit, cyclones, floods, hailstorms, earth quakes, snow storm, riots, terrorist activities are some of the causes of damage to the property. This damage can be limited with home insurance.

Types of home insurance:

· Policy exclusively for the house building.
· Policy for appliances, valuables in the house along with the building as a single one that is called umbrella policy.
· Tenants can take a policy only for the appliances and valuables called Housholder’s policy.

Building alone…
Insurance companies for any repairs or reconstruction caused by an accident.

Home appliances:
Insurance company pays for home appliances, electronics, vehicles, silver, gold or other valuable things and any damage caused to the neighbors from this accident.

Incidents coverage by the policy…

· Fire accidents.
· Thefts and robberies.
· Lightening.
· In case flight collapses on house.
· Explosions.
· Cyclones, floods, snow storm, hailstorm, severe storms.
· Riots, agitations, terrorist activities.
· Avalanche.
· Damage caused by collapse of big tanks or broken pipelines.
· Earthquakes.

Generally damages caused by the above are covered by insurance. But always check if all your requirements are covered by the policy you are taking.

Some policies even pay for temporary habitat in case of such accidents for 6 months or 1 lakh.

Instances not covered under home insurance…

· If the building is damaged by self.
· Natural deterioration.
· Damages caused by pollution.
· Damages by climatic changes.
· During times of war.
· Damage caused after staying at another place with no prior information to the company.

If your company has removed any aspect especially, that is also not applicable.

Total insurance amount…

Expenses of reconstruction and the appliances deduction some depreciation is the amount to be taken. These have to be renewed like motor insurance policies.

How to claim:

· Company has to be informed immediately after the accident.
· The company will send an investigating officer who has to be submitted with details of damage, the related documents, photos and videos.

· FIR registered in a local police station may be needed.
· In case of fire accident, report from fire department may be needed.

If there are any issues during claim, the insurance company should be contacted. If the palpable is not resolved, approach either IRDA ombudsman or consumer forum.