Home Insurance Explained

Home, the most cherished asset of our life, serves the purpose of shelter and protection. Do you know how important is it to secure your home with an insurance policy? Read on to know everything about home insurance.
| Monday, June 21, 2010
Homes sometimes fall prey to unexpected calamities like fire, floods, hurricanes, earthquakes, theft etc. Hence it becomes essential to guard it with a sound and secure insurance policy. Home owners insurance or home insurance is a kind of property insurance, that safeguards ones home from unpredictable damages.

Home Insurance Quotes

Choosing the most suitable policy is entirely in the owner’s hand. Loads of information is available through various sources which provide options on quotes. It is the owner who has to first of all define his needs that will make it easy for him to choose the right policy. It is not necessary that insurances with low premiums will satisfy all the needs. So when one does a price comparison, it is essential to compare the features of the insurance scheme. The more the survey, better will be the final insurance scheme.

Home Mortgage Insurance

Home mortgage insurance is a facility alongside a home loan, in which an individual is given a loan against a guaranteed security, which is insurance in this case. The providers of the loan and the insurance are a single body. The borrower pays two installments; one is of the loan and the other of the insurance. The installments continue till the maturity period of the insurance. The policy is bound by certain terms and conditions which, both, the borrower and the provider have to abide by.

Home Fire Insurance

An accidental breakout of fire care cause heavy property losses and hence home fire insurance has its own importance. This policy is a security to the property that gets damaged during a fire break out but is bound by certain rules and regulations. This policy may be clubbed along with the one that covers damage causes due to natural or man-made calamities or losses due to burglary. Some policies also cover the medical aid that is required if the individual is injured during a fire outbreak. One needs to make a list of all valuable and precious items that are required to be covered under the policy.

Home Insurance Against Theft

Theft insurance or burglary insurance cover the losses caused due to robbery. Certain policies also cover damage caused to the individual during the incidence. The rules laid down in the policy are that there has to be a proper evidence of the forceful entry of the burglars in closed premises.

The home safety insurance covers all sorts of calamities and is preferable to opt for rather than purchasing a number of individual policies. Basically it is possible to customize policy features as per the individual’s requirement and pay the premium accordingly.

It is advisable to be proactive rather than reactive. Calamities are sudden and give no warning of their occurrence. Once a disaster has happened it is difficult to make a list of things that have been lost or damaged because the mind is already in a traumatic condition. Every individual also needs to be sensible enough the read the policy documents carefully and clarify every doubt. This is something that we tend to ignore and then regret on not selecting the right policy. People also need to select policies from genuine and reputed insurance companies to not to fall prey to any frauds. Other than sources like internet newspapers, television promotional campaigns, one should gather information on experiences of friends and relatives on their respective insurance scheme.

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