Home Insurance is basically to insure your biggest asset 'YOUR SWEET HOME'. The amount of home insurance cover needed is calculated keeping a number of factors in mind. Area of house (in sq.ft.) , location of property, approximate rate of construction (in Rs./sq.ft.) are generally considered by insurance companies. A property more than 50 years old is not insured. Another point considered while insuring a home is that insurance companies only consider Permanent or concrete construction. Home insurance can be taken for only the building (structure) of your home, or only the contents (belongings) or both. The policies covers the losses to the structure and contents of your home due to any natural and man made calamities.
The calamities covered are by most of the insurance companies are:
- Fire - Riot, strike & malicious damage - Earthquake - Explosion & implosion - Lightning - Storm, cyclone, tempest, tornado, hurricane, flood & inundation - Aircraft damage - Bursting and/or overflowing of water tanks, apparatus and pipes - Damage due to impact by vehicles - Missile testing operation - Subsidence, landslides and rockslides - Leakage from automatic Sprinkler installations
All the insurance companies have some policy exclusions, please read the policy document carefully.
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