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Home Insurance

Definition

Home insurance is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home.

FAQ's

What is a Home Insurance Policy?

Home insurance is an insurance policy that combines insurance on the home, its contents, loss of use (additional living expenses) and often, the other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home.

What is the duration of Home Insurance policy?

The home insurance policy is usually a term contract - a contract that is in effect for a fixed period of time. The payment the insured makes to the insurer is called the premium. The insured must pay the insurer the premium each term. Most insurers charge a lower premium if it appears less likely the home will be damaged or destroyed.

Is Home Insurance required when one is living in a rented house?

Yes. Even while living in a rented house, it is advisable to get all personal/household belongings covered which includes household appliances, jewelry, furniture and fixtures and other personal items against fire, earthquake, terrorism and burglary.

What is the cost of Home Insurance?

The cost of insurance (premium) in comparison with the value and cost of the structure and contents, domestic and electronic appliances, is less than one per cent.

What should be covered under Home Insurance?

Home Insurance policy covers a range of segments such as catastrophic risks, from damages arising from terrorist attacks to breakdowns of water tanks, burglary etc.

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