Property Insurance

How to Protect Your Home Financially

Mariya Panwala — Wed, 09 May 2018 12:52:01 GMT

How to Protect Your Home Financially

09-May-2018 09-May-2018'

No one likes to return to a home that has been robbed, broken into, or otherwise damaged. But unfortunate things do happen, and you may not always have control over them. While such events can be stressful to both the mind and the bank balance, we do have a solution that could step in to provide you financial support if at all such a calamity does strike your home while you’re away. We are, of course, talking about Home Insurance.

With home insurance by your side, you can be rest assured that your home (that is, the structure) and the contents of your home are financially protected. The following are circumstances that are covered under a good home insurance plan.

Natural Calamities

Homes affected by natural calamities such as floods, earthquake, cyclone, and so on can leave a family financially and emotionally shattered. A home insurance in this scenario offers financial armour, thereby helping the insured not only recover from the loss but also rebuild the home.

Also Read: Insure Your Home against Natural Calamities

Man-made Hazards

Other hazards like robbery and accidents that result in damage to the insured property are also covered under home insurance. The insurer will provide reimbursement for the expenses and losses incurred thereof.

Damage to Assets

Expenses incurred due to damage caused to the assets (contents of the insured home) like furniture, appliances, clothes, jewellery, and so on will be reimbursed by the insurance company if one has a valid home insurance in place.

Third-party Liability

Let’s say your neighbour’s home has been accidently damaged during the repair work or extension of your home. The losses or expenses arising thereof will also be covered under your home insurance plan.

Other Expenses

Suppose your home has been damaged to an extent that it is not in a liveable condition. Resultantly, you had to stay at a hotel until repairs are done and the home is restored to a liveable condition. The cost of such temporary stay will be covered under a comprehensive home insurance plan.

Also Read: Getting Your Home Insured Is Becoming Increasingly Important

Parting Advice – Home Insurance is important because a single natural calamity or unfortunate event like a robbery can create a great deal of financial crisis, affecting your day-to-day life. And it is wise to be prepared in advance than to cry over spilt milk. A home insurance policy is hence a precautionary step that ensures your financial safety in unforeseen and undesired circumstances.

Have more questions on home insurance? We would like to answer them! Drop us your questions in the Comments section below or email us at support@oneinsure.com. You can also reach us by calling 86-559-86-559.You can also reach us by dialing 86-559-86-559. Visit our website OneInsure to explore more on insurance.

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Insure Your Home Against Natural Calamities

Joan — Wed, 04 Apr 2018 10:11:38 GMT

Insure Your Home Against Natural Calamities

04-Apr-2018 04-Apr-2018'

Joan

Finding one’s dream home is not exactly an easy thing. Some spend years searching and won’t settle until they are able to get their hands on one that matches all their requirements. After this is done, people usually go on a shopping spree looking for home décor that match their personality (modern, contemporary, minimalist, bohemian…the choices are endless). Take a moment to just think about how much time, money and effort one spends here? Well, considerable!

If this much is invested in finding a home, wouldn’t it be unfortunate if something unpleasant happens? The frequency of natural calamities is most definitely a cause of concern. In the last two years, we witnessed events like forest fires in Uttarakhand, earthquake in Tripura and flooding in Mumbai, Bihar and West Bengal, among other major events. All of these events bring to light the need to secure your home and its contents, and this can be done with the help of home insurance.

What is home insurance?

Home insurance policy is an insurance coverage that you buy to financially secure your home and the contents inside. It covers damages to the structure of your home like the walls, roof and windows and permanent fixtures, like ceiling fans and in-built bookshelves, TV, AC, from insured events mentioned in the policy documents. Besides this, some home insurance policies can protect you from third-party liabilities. This means you'll be covered should any lawsuits be filed against you for property damage or injuries that you might cause others.

Home insurance to cover natural calamities

Usually people look to secure their homes through a basic fire insurance policy, which will cover damages caused by fire and other allied perils, such as lightening, floods, cyclones and storms. Cover for earthquake is generally opted as an add-on because the premiums for insuring against damages caused by this calamity will depend on the geographical zone of where the house is established in. There is also the option of going for householder’s package policy, which is a comprehensive cover that gives more options than a basic fire insurance cover. In addition to covering damages caused by natural disasters, it secures the home and the possessions inside against mechanical or electrical breakdowns and burglary.

Prior to buying a home insurance policy, it is essential to understand the terms and conditions associated with it, so that you are clear about what's included and what's not. For example, water seepage through roof or walls may not be covered; however, damage caused by flooding due to excessive rainfallis generally covered under a home insurance policy. Hence, make sure to ask for the list of exclusions and inclusions (it will vary from insurer to insurer) before availing a cover and after careful analysis decide which one to go ahead with.

Bottom line

Insuring your home against various kinds of natural disasters is always a good idea. You want to be as protected as you can when a calamity strikes. So with an insurance cover, you can be rest assured that in case a catastrophe arises, you will have your insurance company to bank on to cover your financial losses and help you get back on your feet.

Have any questions about insuring your home? Reach out to us by email on support@oneinsure.com or give us a ring at 86559 86559.

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Celebrate A Safe Diwali With Home Insurance

Joan — Tue, 17 Oct 2017 06:50:00 GMT

Celebrate A Safe Diwali With Home Insurance

17-Oct-2017 17-Oct-2017'

Joan

Diwali is here and O'boy it sure is an exciting time! Shopping for dresses, buying sweets, decorating our homes…..the things to do are endless. The festival of lights is celebrated with much zeal across the country, with people lighting diyas and bursting crackers all around. Now, a matter of concern for many during this time is the damage that fire crackers can cause. What if your property gets damaged due to stray firecrackers? There have been several cases where houses have caught fire because of such mini explosives. Given that the risk is most definitely there, what can you do to put such fears to rest? Well, this is where home insurance comes to your rescue.

What is Home Insurance?

Home insurance is a kind of property insurance that protects the structure and contents of your home against losses or damages suffered as a result of natural disasters (floods, earthquakes, storms, etc.), burglaries and riots, among other events.

How can I benefit from home insurance?

Repair or rebuild a damaged property - A home insurance cover will help you with repairing or rebuilding your house in case it is damaged by fire, floods, riots, lightning, storms, etc.

Repair or replace damaged appliances - When your policy insures contents too, your possessions will be covered against mechanical/electrical damage and burglary.

Temporary relocation - In the event that your home is severely damaged, the insurance company will take care of the relocation costs for a temporary home till the time reconstruction is complete.

How is my sum insured calculated?

The sum insured for the structure of your home can be calculated two ways - either on a market value basis (also referred to as depreciated cost basis) or reinstatement basis. Under market value, the sum insured will be determined based on the cost of constructing your home after subtracting depreciation. In case of reinstatement, the sum insured is based on the complete value of construction of your house. The sum insured for contents is calculated based on the full value of replacing your possessions should there be a total loss.

Exclusions in home insurance

Loss of cash
Damage caused by war
Loss or damage caused by wear and tear
Damage caused to any electronic equipment because of excessive pressure

Things to note before buying home insurance

Before buying home insurance you need to take into account the cover that you are getting, the amount of premium that you have to pay and the time taken by the insurance company to settle claims. Look for policies that give you the maximum protection at an affordable rate. Shortlist those home insurers that have a record of settling claims the fastest and whose settlement process is easy. When you know what the claim settlement process is like, you'll know what exactly to do when any damage to your property or mishap occurs.

Finally…

See to it that you disclose accurate information while purchasing home insurance. During the time of claim settlement, you may be asked to provide the proof of belongings or its valuation. It is recommended that you keep all the bills of your possessions so that you can prove its value during the claim settlement. You also need to maintain your home in the best condition and ensure regular and timely repairs are made. Poor maintenance can lead to rejection of the claim.

Don't delay in buying a home insurance cover, especially with Diwali coming up. You want to secure yourself as much as you possibly can so that you can enjoy this occasion without a care in the world.

For any query or quote related to home insurance call us at 86559 86559.

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Getting Your Home Insured Is Becoming Increasingly Important

Joan — Fri, 06 Oct 2017 12:52:00 GMT

Getting Your Home Insured Is Becoming Increasingly Important

06-Oct-2017 06-Oct-2017'

Joan

You've done everything you possibly could think of to protect your dwelling - installed locks, fire extinguishers, electronic alarms, etc. However, despite all the safety measures that you’ve taken to secure your home, there always lies the risk of theft as well as damage to the structure and contents of the home from fire and natural calamities. The recent incidents involving flooding in Mumbai and several parts of Assam, as well as hurricane destruction in Texas, Florida and the Caribbean Islands have only raised the importance of having insurance for your home in place. Although there is very little we can do against natural disasters, we can at least bring down some of the consequent hardships with home insurance.

What is home insurance?

A home insurance policy has two parts - one covers the contents of your home, like your furniture and valuables, and the other covers the structure. You can opt for both contents and structure, or just go for either one. The wise decision would obviously be to take a comprehensive cove, which covers both contents and structure.

Common perils generally covered under home insurance include:

Fire & allied perils
Burglary
Jewellery & valuables
Portable equipment
Rent for alternate accommodation

Insurance companies offer additional features like terrorism cover at a nominal cost. Including this in your plan is wise even if you have to pay a slightly higher premium since this will protect you from spending more in the future.

What about the sum insured?

In case of structural insurance, the sum insured should compensate you for the cost of rebuilding the property. If you have made any improvements or additions to your home, the same should be mentioned in your policy so that it gets covered under your insurance. The contents sum insured must be equal to the overall current cost of replacing all of your contents, and this should include the GST.

The process of calculating the sum insured is different for the building and its contents. In case of the structure, the insurance company will calculate the sum insured based on the reconstruction value, whereas for contents, the sum insured is calculated based on the market value, which is current market value of similar objects after applying depreciation.

Takeaway

When you are looking for a suitable cover for your home, begin by getting a house insurance estimate from different providers in the market. Note how much the premium rates will be for different coverage levels. Make sure you pick the plan that provides comprehensive coverage at an affordable rate.

Having a home insurance policy is not going to prevent damage to your home or valuables, but it will provide you the financial stability you need, should anything unexpected happen. With an insurance policy in place, you are going to be better equipped to weather a crisis — knowing that your cover will take care of the cost of damages and get you back on your feet again.

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