Introduction
In your lifetime, there are a few things you should keep insured. This includes your health, motor vehicles, travel, and lastly, your home. At the end of a hectic day or even when you have nothing to do, your home is where you unwind. It is essential for humans to have a roof above their heads and it becomes difficult if we lose our home to damages due to natural and manmade calamities. This is where home insurance comes into play.
When you have a home insurance policy, you will be eligible to avail of financial support from the insurance company you are associated with, in case your house incurs damages. Home insurance policies usually cover physical loss, destruction, or any kind of damage caused to the property insured. The causes can be fire, explosion, earthquake, storms and cyclones, and any unforeseen events that fall within the scope of the policy.
Your home is a very valuable asset and it is essential for you to ensure its security. You can do this by buying a home insurance policy. There are several benefits of home insurance policies and before we discuss them, let us take a look at the different types of home insurance plans available for you –
- Standard fire and special perils policy: This policy provides you with coverage against damages or destruction caused by fire and other risks.
- Liability insurance: Provides protection against any kind of liability, including destruction and damages to the property, along with protection for any third party who suffers damages or injury.
- Building/home structure policy: Protects the entire building or structure of the house from damages or destruction.
- Burglary and theft insurance: Provides cover against loss due to burglary or theft that happens in the property insured.
Chola MS Bharat griha raksha policy is one of the best policies available.
These are a few home insurance policies you can choose from. This blog will further discuss the benefits of home insurance. Read on!
Top 5 Benefits Of Home Insurance
There are several benefits of home insurance, right from providing financial assistance to cover damages incurred to living cost coverage. Accidents and damages are almost always unforeseen and it is important for us to be prepared to manage the disaster that may strike our home. Therefore, investing in a home insurance policy will have you covered financially.
The following are a few benefits of home insurance policies:
1. Wide scope of coverage
With a home insurance policy, you can insure not just the structure of your home, but also any other part of the insured property. This can include a shed, your garage, and your home’s compound walls as well. Today, you also have the option of picking up add-ons that provide you with coverage for furniture and other electronic and home appliances as well. This is one of the benefits of home insurance policies.
2. Coverage against natural disasters
This is one of the most notable benefits of home insurance. Your insurance company will provide you with financial coverage for any kind of damage your home incurs on the account of any natural disasters. These natural disasters may include earthquakes, cyclones, storms, and more.
3. Coverage against theft or burglary
This is one of the many benefits of home insurance policies. If there is a break-in in your home and valuables are stolen, your home insurance policy can help you. The insurance company you are associated with will compensate for the loss incurred due to theft and burglary. Please note, the compensation depends on the benefits and the scope of the home insurance policy you choose.
4. Living cost coverage
When your home incurs damage and is inhabitable, you will have to spend to temporarily move to another accommodation – a hotel, lodge, serviced or rental apartment, etc. With a home insurance policy, you can get financial assistance for the rental and accommodation expenses you will incur when you renovate your home. This is one of the most important benefits of home insurance. You do not have to worry about denting your savings when you have a home insurance policy.
5. Specific requirements catered to
This is one of the benefits of home insurance that stands out. Apart from catering just to house owners, there are insurance policies that cater to landlords and tenants specifically. Damages caused by tenants can be claimed by the house owner via the landlord’s insurance policy, while the tenant can get their belongings in a rented apartment insured too.
These are a few of the several benefits of home insurance policies. If you are looking to get your home insured, look no further than the Cholamandalam insurance for housing. We are leaders in the field of general insurance and offer a wide range of insurance policies that include housing insurance. The Cholamandalam insurance policy opens up access to plenty of benefits, including affordable premiums, low waiting periods on claims, excellent customer services, and hassle-free insurance renewal and claim processes.
For more details on the Cholamandalam insurance for housing, visit the Chola MS website and get in touch with us!