Importance of Having a Property Insurance in India

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property insurance
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Importance of Having a Property Insurance in
India   Home is indeed a very precious asset and
thus takes your major life savings. It is not
only your abode but also safeguards your
valuables and jewelry. Despite a remarkable
increase in the number of home buyers in the
country in the past few years, home insurance
still remains under purchased.
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The value of home insurance shines through when
misfortune strikes. Taking into consideration the
recent environmental changes and vandalism, it is
always better to go in for home insurance and
breathe a sigh of relief during critical times. A
home insurance policy provides financial
protection in case your house gets damaged
because of natural or man-made calamities like
earthquakes, floods, fires or vandalism.
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A basic home insurance policy covers Structure
of the House This coverage is for the structure
of your house. You can choose from the following
options for to determine this value, based on
which your premium is fixed. This factor also
determines the amount you get during a
claim Reinstatement Value In this way, only the
construction cost of the house is included. The
land on which the house is built is excluded.
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Agreed Value This includes the cost of the land
as well as the construction.   Indemnity
Value This is the current market value of your
house. It takes into consideration the age of
your home and a depreciation value is put. It
also includes the construction cost of your
home. Contents of Your Home There is a rampant
increase in crimes in India and thus getting the
contents of your home like furniture, jewelry,
expensive paintings, works of art and other
portable equipment covered is advisable.
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Add on Covers Some add on covers are Loss of
Rent If your property becomes uninhabitable as a
result of events like fire or flood, loss of rent
insurance will cover the income youve lost as a
result of your tenants no longer paying
rent. Temporary Resettlement Cover Incase your
property is damaged due to unforeseen conditions,
this property insurance cover will take care of
your cost of moving to some other location like
transportation and packaging.
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Keys Locks Replacement Cover This will cover
the cost if your house keys are lost, stolen or
broken.  Lost Wallet Cover This will cover the
replacement cost of the stolen wallet including
the cards and papers present in it. Application
fee for these cards and papers can also be
reimbursed. Dog Insurance Cover This will cover
your beloved pet dogs against death due to
accident or diseases. It is said that
Prevention is better than Cure. Prevent
yourself from a financial setback. Source
https//www.demystifyinsurance.com/importance-of-
having-a-home-insurance-policy-in-india/
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