Home insurance is a form of property insurance that covers losses and damages to an individual’s residence, along with furnishings and other assets in the home. Homeowners insurance also provides liability coverage against accidents in the house or on the property. Home Insurance is vital if you own your own house because your house is one of the most important purchases you will ever make.
What is Home Insurance Coverage:
The home Content plan offers customers coverage of home contents against the following perils:
- Riot & Strike
- Malicious Act
- Burglary, House Breaking including Dacoity
- Impact of the tree falling
- Fire, Lightning or Explosion
- Aircraft & other Aerial devices
- Earthquake, Storm, Tempest
- Flood Bursting or overflowing of water tanks
- Impact by any Vehicle
- Accidental glass breakage
Home Insurance Pakistan is a form of property insurance that covers losses and damages to an individual’s house and assets in the home. The policy usually covers interior damage, exterior damage, loss or damage of personal assets, and injury that arises while on the property. Every home insurance policy has a liability limit, which determines the amount of coverage the insured has should an unfortunate incident occur.
How can I choose a Home Insurance Policy:
At the time of buying home insurance, it’s essential to keep in mind about the price and features of insurance, one should buy insurance according to the area where they live. Otherwise, the insurance policy will be useless, and its also essential factor to read the given details carefully and with complete attention. So you can know what’s not included in the insurance policy.
Types of Home Insurance:
- Individual Policy
- Homeowners Policy
- Renters Policy
Individual Policy:
Policies to cover against specific perils
- Standard Fire Policy – insures against losses caused by fire or lightning
- Extended coverage- broadens the range to include damage caused by perils such as wind, hail.
- Additional coverage can be purchased to cover other perils as well. To protect against floods in a flood-prone area or to protect against financial loss caused by an earthquake.
Homeowners Policy:
- Homeowners Policy is a very convenient package-type insurance policy designed to fit the needs of most homeowners wishing to insure their homes and property
Renters Policy:
A renters policy is a policy created for the renters of apartments, condominiums, and or rented homes.
- This policy covers household goods and personal belongings and protects against the same kinds of perils covered by homeowners policies.
- This policy might include personal liability coverage.
Exclusions:
- Loss or damage caused by wars and kindred perils
- Damage or Loss caused by nuclear activity
- Loss or damage to the stocks in cold storage caused by the change in temperature
- Loss and damage caused by any electronic or electric machine
Home insurance can help you to keep your expenses down and assist you in protecting your house.
