Homeowners insurance is a form of property insurance that covers and protects against losses and damages to not only an individual’s residence, but also the furnishings and other assets in the home. Another benefit of a home insurance policy is that it also provides liability coverage against accidents in the home or on the property. The policy usually covers interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that occurs while on the property.
Benefits of Home Insurance
- Home Insurance can compensate for your losses : Home Insurance provides a compensation for your losses in case of damage due to uncertain factors such as natural disasters like earthquakes, storms, cyclones, floods etc. These events are uncertain and cannot be predicted. Having Home Insurance for the items inside the house that are damaged will provide compensation to recover your losses in such scenarios.The compensation received can be used for repairs and to replenish the items from the house.
- Protects not just your home : A Home Insurance policy not only protects and insures the house from physical damage, it also provides coverage for items inside the house like the furniture and interiors. A comprehensive Home Insurance policy also covers the loss due to theft and burglary.
- It is affordable :
Home Insurance is one of the most affordable types of insurance. Insurance policies covering losses up to Rs. 40 lakhs typically cost between Rs. 2000 and Rs. 5000, depending on the items covered. A little investment will keep your home safe.
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