Read This Before You Buy a Home Insurance
Purchasing
a home involves financial liabilities, putting some safety caution in place
such as insuring your home against various natural and other calamities, would
help in securing your home. La Prisma offers the top flats in Zirakpur and
encourages homebuyers to buy a home insurance policy as it acts as an essential
backup in case things go wrong. Here are some things that you need to know
before you decide to buy a home insurance policy.
Types
of Home Insurance
There
are a lot of insurances out there in the market such as umbrella policies (a
combination of covers under one document, may also contain personal lines or
liability covers), fire insurance policy, burglar insurance policy, etc.
According to IRDAI, the fire insurance policy covers not only the risk of fire
but also covers lightning, explosion, riot, strike, aircraft damage, storm,
cyclone, typhoon, hurricane, landslide, overflowing of water tanks, apparatus,
and pipes, etc. Most homebuyers go for the fire insurance policy. However, this
policy doesn’t cover loss caused by war or warlike operations, pollution or
contamination, electrical/mechanical breakdown, burglary or housebreaking,
according to IRDAI.
A
burglary insurance policy covers cash, valuables, and securities contained in
the premises.
The
Right Fit
Before
choosing an insurance policy, it is crucial to understand what suits you the
best. For instance, if your home is in a flood-prone area, going for a fire
insurance policy or the insurance that covers damages caused in case of a flood
would be the best option for you. Besides, also check what kind of tax benefits
policy can provide you.
Background
Check
It is
crucial to research before buying a home insurance policy. Go through online
forums that would help you understand the claim settlement ratio of various
companies. Compare different companies and their offerings and do not buy a
policy solely based on offers and discounts a company is offering.
The
Fine Print
Make
sure to read policy papers carefully. A company’s agent might try to sell a
policy explaining mostly the advantages. However, any errors, even minor ones,
must be brought to the notice of the agent immediately and rectify the clauses
of a policy.
La Prisma offers the top 3BHK luxury flats in Zirakpur and suggests all the homeowners ask questions and doubts related to the home insurance policy before buying. The more questions you ask, the better you will understand the policy matters.
Info Source: businesstoday.in
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