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Homeowners insurance is a form of property insurance that covers and protects against losses and damages to not only an individualu2019s residence, but also the furnishings and other assets in the home. Another benefit of a home insurance policy is that it also provides liability coverage against accidents in the home or on the property. The policy usually covers interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that occurs while on the property.
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The risks Firstly, it’s crucial to understand the scope of the policy’s coverage. While most policies typically cover damage to the physical structure and any personal property inside it, there may be some exclusions or limitations. For instance, the policy may not cover natural calamities like earthquakes, floods, and landslides. It is crucial to consider the risks of such events to your property. Also, Rahul M. Mishra, co-founder and director of Policy Ensure, said, “Home insurance policies typically have limited liability for personal injury or damage caused to a third party on the premises of the property.”
Coverage level You must consider factors such as the home’s value, the cost of rebuilding, and the value of other personal property, etc. Mishra said, “It’s essential to consider a worst-case scenarios and ensure adequate coverage for rebuilding your home and replacing valuables, if required. For instance, the Bharat Grih Raksha Policy provides additional benefits such as coverage for buildings, furniture, fixtures, fittings, and contents at home, etc, besides renovation.”
The claims process You must know how to file a claim, the type of documentation required, and the typical time taken for claim settlement. You should also be aware of any limitations or exclusions to the coverage and any applicable deductibles. Also, you must check the claim settlement ratio from the website of Irdai while choosing the insurance company. Additionally, Sudhish Ramteke, associate director–head of Property Practice at Anand Rathi Insurance Brokers, said, “ You must ensure the correctness of particulars. For instance, property description, content description, location address etc., should be complete. Any mismatch in these areas can cause problems in the event of claims.”
