Home Insurace Agency is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people.
Unlike driving a car, you can legally own a home without Home Insurace Agency. But, if you have bought your home and financed the purchase with a mortgage, your lender will most likely require you to get Home Insurace Agency.
Home insurance breaks down into two distinct types: buildings insurance and contents insurance. You can buy a single policy that covers you for both, but it’s best to treat them as two separate policies: the cheapest insurer on the house might not be the cheapest for the contents.
Home insurance can cover losses to the structure and contents of your home from any natural or man-made calamity. The disasters that can be insured against are fire, earthquakes, storms, cyclones, tempests, tornadoes, hurricanes, floods or inundation, lightning strike, explosion, landslides, impact by vehicles or aircraft, and bursting or overflowing of water tanks and pipes.
Loss due to burglary or an attempted robbery of valuables such as jewellery and silverware can also be covered. In case the family is forced to shift to an alternative accommodation because of an insured peril, the cost of the additional rent will be taken care of.
Home insurance covers the breakdown of ACs, and refrigerators. If there is accidental electrical or mechanical failure of domestic appliances, losses that can be repaired will be settled by repaying repair cost without applying any depreciation by the insurance company. But items that are over 10 years old will not be insured. |
