I am pretty sure that in a country like India, hardly anyone even thinks about the importance of property insurance. Many are occupied in their journey to own a home, and by the time it becomes a reality most are left with hardly any amount to even think about insuring their home. In this article on the importance of property/home insurance, I’ll try and share with you a few factors that can help you go the extra mile and invest in a good property insurance package.
WHY DO WE NEED PROPERTY INSURANCE?
Property Insurance is mainly two-fold – Structural and contents insurance. The structural coverage deals with issues or damage to the structural side of your home and the contents part take care of damages that may arise to your household items like a refrigerator, television, washing machine, furniture set, etc. If you are a homeowner or even a tenant, both these policies can help you get a lot of peace of mind. For example, Natural Calamities cannot be predicted, any structural damage arising due to a natural disaster will be covered by your insurance policy; saving you a lot of money which would have otherwise come from your pocket.
Likewise, insuring the household items is again important as it gives your protection in case of a burglary and items being stolen. The disclaimer here is that you may not be eligible for coverage if the house has been unoccupied for over a period of 30 days or in the case of items that were stolen by the maid you have employed.
HOW MUCH CAN YOU EXPECT IN TERMS OF COVERAGE?
The simple answer to this question is that it depends on the property insurance service provider. The key here is to understand that the amount is calculated differently for structural insurance and contents insurance. Structural insurance policies are derived mainly by considering the cost of rebuilding the house and contents insurance is calculated based on the future depreciation value of the item under cover.
FACTORS TO CONSIDER WHILE LOOKING FOR PROPERTY INSURANCE:
Having mentioned the importance of property insurance, let’s now look at the factors you should consider before applying for one. Property insurance providers have diverse sets of rules and regulations. The important factor for homeowners to consider would be the time taken to settle the claim in terms of an emergency. Search for providers who are flexible in this regard. The value of the overall coverage will be determined by the service provider after you share all the relevant documents relating to the property in question. The simple logic here is to find a service provider that takes less of your money in terms of yearly premiums and gives you the maximum coverage. The ‘value for money’ concept applies here as well.
If you are a homeowner, then starting looking for a good property insurance provider now. Do not wait, as one small damage to the structure of your house can result in a huge amount being spent to repair it. Buying a home can definitely be a dream come true for many, insuring your property on the hand ensures that the dream doesn’t turn into an unforeseen nightmare.
If you are looking to buy a new house or property, do consider exclusive range of properties of Victoria Realtors:
While enough care is taken by the firm to ensure that information on the website is up to date, accurate and correct, viewers of this website confirms that the information including brochures and marketing materials are solely for informational purposes and the viewer should not rely on this information for making any booking/purchase in any of the projects of the firm. Nothing on this website constitutes advertising, marketing, selling or an offer for sale or invitation to purchase a unit in any projects by the firm. Viewers are requested to make their independent enquiry before relying upon the same. Any action you take upon the information on the website is strictly at your own risk, and the firm or its associated entities/companies will not be liable for any consequences of any action taken by the viewers relying on such material/information by viewing the website or its content.
The firm reserves the right to add, alter or delete any material from the website at any time and may, at any time, revise these terms, change design & specifications, without prior notice or as may be required under applicable laws including RERA, and all other approvals & permissions. Computer generated images, rendered images, floor plans, etc. represent artistic impressions only. Plans, specifications mentioned in the buyer-seller agreements are final and supersede the contents/information herein. Any viewer of any information or material from this website may avail the same entirely at their own risk as to costs and consequences thereof.
For More Information & Exclusive Offers, Chat With Our Property Advisor On WhatsApp