Understanding Home Insurance
Is there any real need for home insurance?
• It depends on how calculative you are.
• When you insure, you lose nothing, instead you share
the responsibility of restoring your home with a company which is capable of meeting your needs.
What all it covers? ď‚— Dwelling (wiring, air conditioning, plumbing, other
structures within your compound)
ď‚— Personal belongings, electronic devices, furniture ď‚— Liability (i.e. when you are accountable for the
damages caused to your neighbours or their property)
What all it covers? ď‚— Loss of use coverage (i.e. when your dwelling is under
repair, you will be provided with an alternative accommodation facility)
ď‚— Add on covers
Contents that can be insured ď‚— Anything and everything in your house can be
included in the cover. Even the carpets and curtains!
ď‚— While you insure your home, it is worth taking note of
your items in order not to be underinsured, which happens in most of the cases.
Set ‘excess’ wisely It is true that insurance excess can help you save some
money in terms of the premium, but if ever you make a claim, you will have to clear a huge bill yourself. Beware!
Perils covered Fire Windstorms Hail Lightning Vandalism or Theft (Earthquake and flood are excluded)
Let the insurer know about the risks ď‚— Before you insure, you need to tell your insurer about
the condition of your building, like whether your building has some repair works or not. On the contrary, you would be insuring higher risks at lesser price, which may eventually lead to disputes.
ď‚— You are not late, you still have time revise your policy.
Include extension too! ď‚— Any extensions or changes made to the physical
structure of the building have to be informed to your Insurance provider and you should seek a revision of your policy based on the new risks.
Tenant! Better have Contents Insurance ď‚— As a tenant you cannot insure the building but have
the right to protect your belongings. Contents Insurance offer protection for all your personal things in the building you stay.
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