Why should you buy a house insurance policy?

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HOME INSURANCE
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Why should you buy a house insurance policy?
It takes ages to build your dream home that will
help you create beautiful memories with your near
and dear ones. But, imagine there is a natural
calamity like earthquake, cyclone, or flood and
your house falls down like a pack of card, else a
fire might erupt that will burn down to ashes?
For a moment you will be hurt emotionally but
the biggest impact would be your financial
losses. To protect your haven from any such loss
in todays time the best way is to obtain a
suitable home insurance policy.
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Natural Disasters Experts say India loses around
10 billion every year due to various disasters.
Although, we cannot control it but a home
insurance policy can protect your house against
natural disasters such as cyclone, earthquake,
flood, etc. Man-Made Incidences In spite of
latest security alarm, gadgets, and safety
equipment man-made threats like theft, burglary,
riots, terrorism, are still prevalent. An
insurance policy will help you get sufficient
financial cover during such man-made incidences.
Valuable Items When you built the house of your
choice there are many things that you invest into
costly furniture, interior designs, chandeliers,
domestic appliances, audio/visual appliances,
etc. A natural incidence will definitely make a
huge loss or damage for such valuable property.
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Relocation Many times complete house damage such
as a disaster earthquake or storm forces you to
relocate yourself to different city or state and
make a new beginning. Definitely, there will be a
critical financial crunch to start a new life.
At this point of time, you will not have
sufficient finance to rebuild your dream home. It
will be your insurance policy that will help you
bridge up the finance for your house and its
content.   While considering the value of your
house insurance cover, you should remember that
its not determined by the market value but gets
decided on the basis of how much it would cost
you to reconstruct the house if its damaged. The
sum insured is calculated by multiplying the
build-up area of your home with the construction
rate per SQ.
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feet. The value can be revised appropriately if
expensive material like marble, granite flooring
has been used in the construction part. In case
your house has lawn surrounded by a perimeter
wall, the construction rate will be revised
include the cost of construction of the wall in
the home structure sum insured. In case you
need to make claims, first, you should inform the
home insurance company about this. Either you
submit a written claim documents or fill up an
online application form to the insurance company
within the stipulated time. Claim document should
contain a detailed account of the loss/damage of
valuable, reports of natural disasters like
survey reports, FIRs, etc. Once the claim
department examines the issues and finds it
appropriate for the claim a letter will be sent
to the insured stating the approved amount of
settlement along with the discharge voucher.
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You can talk to customer service department if
youre anywhere stuck with the claim procedure.
Do enter the appropriate details for easy
evaluation of claim with correct contact details.
Take your time, and calmly fill the claim form.
Ensure that you avoid silly error as it will lead
to the delay in your house insurance claim
process.
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