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Only after we lose something do we realize the importance of it. With so many man-made and natural calamities striking us every now and then, our lives and many of our prime possessions run a major risk. One of our major possessions that always stand open to such risks is our home. Since we cover it literally from any such hazards we can always have a back-up plan to help with the repairing of it. Home insurance is one such tool. Not only does this policy cover the structure of your house, it also extends to cover the contents in it. A home insurance policy is basically a contract between the insured and the insurer that is active for a fixed period of time. This contract mainly covers the structure of the house and its contents up to a certain limit that is known as the sum assured. When the policy covers the structure of your home, it insurers it against hazards like fire, storm, tempest, flood, riot, strike, lightning, explosion & implosion, landslides and rock-slides, bursting or overflowing of water tanks, apparatus and pipes, earthquake and damages to the structure due to acts of terrorism. You can avail the policy money to cover the fees of the architecture, clearance of the debris and expenses incurred in the repairing. Home content insurance is a policy that covers all movable items in your home and personal possessions against any loss or damage. The perils it covers against include Earthquake and Floods along with Burglary, Housebreaking, and breakdown of mechanical / electrical appliance. Mostly, a content insurance policy comes along with the home insurance plan, but they can be bought separately as well. This plan is a must for tenant, landlord and property owners. When it comes to covering the contents of your house, the home insurance extends to cover valuables like electronic and electrical goods, furniture, clothing, jewellery and any other precious contents inside the home. The content is covered on the market value of the items. In case of a loss, the insurance claim is paid on the value of purchasing a similar new item exempting the depreciation value. The content covered by the home insurance policy is subject to the condition that these objects need to be in the building. However, jewellery is covered even against snatching whilst being worn. If you sell the property during the policy period then you will have to either endorse the plan by changing the insured premise address or cancelling the policy. In case you have rented your flat or have shifted, and your current policy covers the building and its content then you will have to inform the home insurance provider and get the contents removed from the list. Later you will be issued a new policy that will cover the contents and mention your new address as the “location of risk”. I am Anjana Shirskar, an experienced author with keen interest on Insurance Policy. I have a number of articles to my credit based on topics related to home insurance.
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