Home Insurance Plans are somewhat trickier since there are many points you should consider, before buying the right Home Insurance Plan. So first you should understand the concept, and what all the Plans available, and then go for the right Policy.
The objective of taking Home Insurance Policy is to get back the losses arising out of damages, perils and events occurring to your Home, due to natural and man-made calamities. These perils are explained in more detail by Companies offering India Home Insurance online.
For your information, there are Policies that cover Special perils and standard fire policy; Building Insurance; Public liability; Landlord and tenant’s insurance; Burglary Insurance; Personal Accident and so on.
As the Home owner, it is only logical that you want your loss made good in entirety, when something untoward occurs at your premises. In this you should note that your home is not a building alone, and it includes everything like costly furniture, equipment and apparatuses like fridge, washing machine etc.
So you must check whether the Home Insurance Policy covers all of them, or only the superstructure of the building. Normally if the Home is bought on Mortgage or from Housing Societies, the structure would have been insured, and the premium is paid by collecting the same from you, along with the EMI.
In such a situation, you should take coverage for the valuables inside your house. This coverage should be for claiming the exact replacement cost of the items, and not their depreciated value.
In case of theft and burglary also, the same rule applies to choose the right Policy that provides for replacement value of the items lost. Similarly, you can cover Public Liability risk which means the damages imparted by a third party or guests, to the assets inside your home will be recouped.
If you have rented your own house, you can take a Policy to cover Public Liability and rent loss, due to the damages occurring to your home and its assets. The tenant can also take a Policy to make good the losses occurred to the home owner or apartment owner.
So when you take a Home Insurance Policy, you should think clearly as if you buy life insurance online, and ensure when a loss occurs you come out of it, without burning your fingers. It would be ideal to consult the professionals in the Insurance Company online, regarding the advantages and disadvantages of your intended Home Insurance Policy coverage.