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Home insurance is a type of property insurance that covers a private residence, such as a condominium or renters' insurance or home or multiple unit buildings. It is essential that every home owner purchase a home insurance policy and protect one of their most valuable assets from natural and mad-made disasters. Investing in a home is a dream come true for most families. There can be nothing better than living in our own home with your loved ones. It is in our homes we write our dreams, live them and cherish them in our hearts. But, untoward incidents are also our constant companions, namely burglary or theft becoming a frequent incident, you can always avail compensation of your precious articles with a home insurance policy. With the increasing occurrences of natural disasters it has become highly imperative for us to safeguard our home and our precious valuables. Rains and floods can create havoc for you, as they can damage your home in the form of water leaks, power cuts, swelling of woods, water logging etc. No celebration in India is complete without fireworks and crackers, which means a number of households are exposed to the risk of fire accidents and other related risks that can damage appliances, furniture and other household items. Why do we need home insurance?
Important Investment
Home or property is one of the most essential investments you make in your lifetime. Therefore, it is necessary to protect such a valuable investment. You can scout for home insurance plans that cater to your requirements and are pocket-friendly.
Damage protection
A home insurance plan is intended to protect the homeowners against accidental damage to the house. The damages that are covered under this policy are a variety of disasters such as storm, fire, theft, terrorism, vandalism and related hazards.
Mandatory for availing house loan from bank
Home insurance is a critical requirement by the mortgage lenders or banks. As soon as the borrower gets this insurance plan only then he or she can acquire the mortgage for the home. This is one of the very crucial reasons to opt for home insurance.
Read and re-check the plan
You need to understand and be specific about your necessities at the time of buying. Many insurance companies offer coverage on flood or earth quake, specifically important for the homeowners residing in areas vulnerable to earth quake or flood. Some insurance companies provide seemingly unbelievable rates for their policies. Check around for the company's reputation. Have a look at the policy and see what they cover, and what they don't. Seek quality coverage - remember, ""Cheap insurance can be very expensive." ___________________________________________________________________________________________________________
Pranav Sharma is an insurance agent based in Mumbai; Pranav assists individuals and corporates in purchasing the right Home Insurance policy in India & often shares his insights about the general insurance industry on internet.
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