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One often hears about fires in buildings, a house collapse, or cities being hit by earthquakes. Though we listen with shock and awe at such news, we never really think our homes too could ever become victim to such disasters. But it is a real lurking danger for anyone anywhere. The smart thing to do is to take steps to ensure that if and when such a disaster takes place, at least on the financial side the impact is less. General Insurance companies offer home insurance which covers your home if any of the following disasters occur: Damage caused by lightning, fire, explosion and aircraft damage. Damage caused by nature such as storms, cyclones, floods, earthquakes, landslides and bush fires. The insurance also covers any damage that is caused by riot. In cases where the home needs to be totally rebuilt, only the cost of construction will be considered, not the cost of the land on which the home is built. To calculate the cost of construction the yardstick used will be the total square feet built up area and constructions rates prevailing in the neighborhood. Besides taking insurance covering the home, you would be smart to also buy insurance for the valuable furniture, jewelry, valuables, etc. you have inside your home. Robberies can also take place at any time anywhere in spite of safety precautions taken. If you buy a home insurance policy you will be covered even if you are out of the house and attending a function where your house could be robbed. On the household front big electrical appliances such as the fridge, TV, air conditioner etc. are on the costly side and due to fire or burglary if such items are destroyed or burgled, by investing in an insurance policy for your home possessions you will at least be able to claim compensation. To sum up, the benefits of buying insurance for your home and possessions, the following do’s and don’ts apply: You would get coverage against fire and similar perils for fixtures and fittings, building and renovation. For a burglary you would be covered for valuable jewelry, appliances and other expensive contents; also items that have been newly purchased up to 10% of the insured sum. Exclusions from such an insurance policy would be: If the damage or loss is caused by war; if damage or loss is caused by negligence on the part of the insured; or if the insured household items are too fragile or brittle and are easily susceptible to damage. Taking an insurance policy for your home not only offers monetary compensation it also imbues a sense of safety and security especially if you need to be away for any length of time. Kirti Saxena is a web enthusiast and a writer. She is an independent writer writing for different areas including travel and tourism, entertainments, insurance and banking and numerous other sectors. For more information visit: Home Insurance and Property Insurance.
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