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Home Insurance Coverage

The importance of home insurance coverage cannot be undermined. This is because home insurance coverage will offer protection to your home as well as the contents of your house if there is theft that causes you to lose your valuables. It will also offer financial protection if the building of your house gets damaged due to external forces.
 
How do you get hold of home insurance coverage?
A Home insurance policy is sold by home insurance carriers or the insurance companies. First of all you have to shop around for a reliable home insurance company that offers adequate protection.
 
Once you zero in on the company, you have to check all its plans and home insurance coverage offered. The cost of plan offered by different companies usually varies. And depending on the one that gives you optimum protection, you can buy the same. The insurance company offers you the financial compensation against a premium that they charge from you.
 
Premium for home insurance coverage
Depending on the home insurance coverage you are opting for, you pay a premium. The mode of payment may differ. And it can be made once a year, every month or every 3 months.
 
Home insurance agent
In order to find the right company or choose the home insurance coverage, you can seek help of a professional who has expertise in the home insurance sector.
 
Home insurance riders
Riders are add-on or additional coverage that is optional. Depending on your need, type of property you own, you can select riders for the same.
 
What are the damages home insurance coverage includes?
Home insurance coverage usually covers damages caused due to natural factors as well as the ones that are caused by human. They include the following –
 
  • Strike
  • Riot
  • Damage due to terrorism
  • Landslide
  • Fire
  • Earthquake
  • Explosion
  • Lightening
  • Aircraft caused damage
  • Bush fire
  • Theft
  • Housebreaking etc
 
Home insurance coverage, in addition to extending to the exterior of the building, insures the contents of the building too. Some of the equipments that are insured under the home insurance coverage include the following –
 
  • Jewelry
  • Ornaments
  • Domestic appliances
  • Music system
  • Furniture
  • Fixtures
  • Television
  • VCP
  • VCR
  • Personal baggage etc
 
Home insurance coverage exclusions
Not all damages caused are included in the home insurance coverage. Check out the exclusions.
 
  • Damage to property that has been acquired illegally
  • Damage or theft that involves the domestic staff
  • Your home insurance coverage will not cover loss/damage of the following –
-ATM debit cards or credit cards
-deeds
-promissory notes
-business books
-stamp
-livestock
-precious stones loosely preserved
-pedal cycle
-motor vehicles
-bonds
-documents
-bills of exchange
-securities etc
 
Finding out the value of valuables
You can find out the value of valuables depending on the market value. The value is usually found out after deducting the depreciation cost.
 
It is very important to buy home insurance policy so that you can prepare yourself for any untoward incident that can cause your hard earned money to get drained away.