House Insurance

House Insurance

House insurance, also commonly called homeowner’s insurance (often abbreviated in the US real estate industry as HOI), is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of 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 or at the hands of the homeowner within the policy territory.

Additionally, homeowner’s insurance provides financial protection against disasters. A standard home insurance policy insures the home itself along with the things kept inside.

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Advantages

An extensive home insurance policy does not only protect your building. It covers all the components in your compound like your garage, shed, deck and even your fence.
Additionally, you can also opt for add-ons in your policy and protect the contents of your house like your furniture, electronics and valuable home appliances.
It protects you from lawsuits
Above all, it provides peace of mind
It is always important to maintain proof of all your insured items in order to claim them.
A home insurance policy is valid only for the building and its components. It does not cover the land.
Tenants can insure the contents of the house they are living in.
Though a home insurance policy might seem like an unwanted expense, the benefits provided by the scheme are much more than money can buy. For an insured amount of about Rs 40 lakh of the building, you can get a home insurance policy worth just Rs 2,000 per year.