Home Insurance – Things to Look Out for

Having a home of your own is a great achievement in life. But just the way you take car insurance and personal insurance seriously, you also need to take on home insurance. After all, your home is one of your biggest investments and worth protecting too.

However, before going for home insurance, you will need to do a little research and find out the different clauses and liabilities covered by the insurance companies. Only when you are clear that you are getting the best possible deal should you sign on the dotted lines. Here’s a look at some of the things you should look out for:

• Before selecting an insurance company, compare their different policies on important aspects such as coverage, exclusions, inclusions, etc. Always go with a financially stable and reliable insurance company that has a good history of fulfilling claims without any undue hassles.
• Check if the insurance policy covers damages to the property and its attached structures against natural calamities common to your geographical location. It should reimburse you for rebuilding or repairing damages due to earthquakes, floods, lightning, fire, burglaries, vandalism, third party liabilities, etc.
• Aside from the structure of your home, the policy should also cover loss or damage to the contents of your home including appliances, furniture, etc. By paying an additional premium, some insurance companies also cover jewelry and other precious items. However, to make claims, you should have purchase receipts available.
• It is the practice of most home insurance companies to pay for alternative accommodation in the form of rent, while your own home is being repaired due to damages caused by some calamity included in the insurance policy. Ensure that your insurance company also provides this facility.
• Another important clause to have in your insurance policy is liability coverage for injuries or financial losses suffered by a third property while on your property. This could include falls or accidents and associated medical bills incurred.
• Most insurance companies don’t cover damages caused by depreciation or willful neglect of the property, losses due to warfare, contamination, and pollution.
• Standard insurance companies allow you to add on riders onto your standard insurance policy that can provide you with additional extended coverage. Riders come at an additional cost, so be judicious in your selected option.

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