What Is Home Insurance?Purchasing a house is a dream-come-true for most of us. While purchasing and owning a house in not an inexpensive matter, we usually don’t mind the added expense since a house is likely to be a one-time investment for most of us. Besides the money that goes into it, one also invests a significant amount of time and emotions into the house. Considering just how much meaning and cherished memories a house holds for its occupants, it is absolutely important for individuals to purchase a Comprehensive Home Insurance Policy to keep their house and its content safe from any eventuality. A common misconception that many people have about home insurance policies is that they can only be bought by a home owner and not by tenants. In reality, a home insurance policy can be purchased by both homeowners and tenants since a home insurance policy does not only protect the physical structure or the building, but it also provides coverage for the contents inside the house, against both natural and manmade calamities.
Benefits Of Home Insurance
- A home insurance plan can provide protection to your house and the contents within the house for damages caused due to natural and manmade events.
Policies can be purchased by tenants and house owners.
- Most home insurance policies provide policy buyers their choice of coverage. Many insurers offer a structure-only cover, contents-only cover, or a structure and contents cover. In addition, certain insurers also offer a personal accident cover, a public liability cover, etc., which will be in-built into your plan. The vast number of options can help one find their desired coverage with ease.
- A home insurance policy will continue to be active even when the policyholder is away from their city of residence, provided that such a travel is for a short duration. Thus, if you are travelling for a few days or weeks, you can do so without any worry.
- Policy buyers can also opt for their choice of policy tenure. If coverage is needed for a longer tenure, one can opt for a long-term plan. Whereas, if the coverage is only required for a short duration, an annual policy can be opted for.
- Policy buyers are entitled to receive discounts from insurers, which will reflect as a lower premium.
- Policy buyers have the added option of choosing add-on covers and riders, which can help increase the level of coverage offered by the plan.