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Why should you take a home insurance? Inclusions, other features explained here

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Home insurance policy not only protects policyholders’ home, but also the contents kept in the home from unforeseen damages owing to natural or man made calamities like a fire, flood or earthquake.

Why should you take a home insurance? Inclusions, other features explained here
Home insurance policy not only protects policyholders’ home, but also the contents kept in the home from unforeseen damages owing to natural or man made calamities like a fire, flood or earthquake. It also safeguards policyholders against other unanticipated events like water pipe burst, riots, theft and burglary.
Home Insurance Inclusions
Here are the inclusions of home insurance policy, as explained by Parag Ved, executive vice president & head- consumer lines, Tata AIG General Insurance:
  • Burglary and theft cover which covers damage or loss caused to the household contents and home in the event of burglary and theft.
  • Liability which covers for any third-party liability expenses which policyholders incur and also any medical liabilities arising out of injury to domestic help or any other third party.
  • Electrical or mechanical breakdown cover for domestic electronic and electrical appliance which will pay for any repair and service which policyholders incur in case of breakdown of these appliances.
  • All risk cover for jewellery which protects it not only if a loss happens at home but also outside home when the insured is wearing them.
  • Almost all home policies cover loss or damage to the building and contents due to fire, lighting, explosion/implosion, riot strike, flood, impact damage, earthquake etc.
  • In addition to these basic covers, they also offer optional coverage like additional expenses of rent for alternate accommodation, loss of rent, removal of debris etc with a minimal additional cost.
  • Home Insurance Exclusions
    Here are the exclusions of home insurance policy, as explained by Ved:
    • Loss or damage due to wear and tear, natural ageing or any other gradually operating cause.
    • Loss or damage due to moth, vermin, insects or mildew, process of cleaning, dyeing or bleaching, restoring, repairing, retouching or renovation.
    • Loss or damage due to inherent defects, structural or design faults and defects because of poor workmanship.
    • Loss caused due to negligence.
    • Existing damage which is already there prior to taking the policy.
    • Loss caused due to any illegal or intentional acts by you.
    • Loss caused due war or invasion, nuclear peril.
    • Loss due to any government order or confiscation.
    • How To Choose The Right Home Insurance Policy?
      The policy coverage should be selected as per the need of the consumer. For example, a customer staying in a rented property should only insure the contents in the home.
      How To Put Home Insurance Claim?
      In case of damage to the property, the policyholder/homeowner must first inform the insurance company at the earliest about the damages caused to their home. The insurer will have an agent survey the losses incurred thoroughly.
      Hence, the policyholder will need to ensure that they have made the right declaration and also have satisfactory proof in place to verify the claim, according to Ved.
      "Insurance companies generally settle these claims within a stipulated time. This timeline varies from seven to 14 days, depending on the insurer. Policyholders can notify the insurer about the claim via helpline, toll-free number, e-mail or through other digital services including mobile apps, chatbots and WhatsApp," explains Rakesh Jain, executive director and CEO, Reliance General Insurance.
      Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
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