A lot of hard work and sweat goes into buying a home, it not only costs a lot of money but it takes time to save up for it too. Sometimes it takes years and years to finally move from a rented apartment into a home that you own. A home makes us feel financially secure and safe and in the light of protecting our home, home insurance is a must.
Recently in these years, there have been quite a few earthquakes and other natural calamities that have damaged a lot of properties. While the magnitude of the calamities has mostly not been life-threatening, property damage is inevitable.
Home insurance covers the contents and structures of your home which makes it comprehensive protection that works on the principle of indemnity.

What's covered in Home Insurance?

Fire
Flood
Earthquake and other calamities as Home insurance riders
And any other unforeseen damage

Pro Tip- Always compare home insurance policies to choose the best one that suits you.
What is not covered in Home Insurance?

War
Terrorist
If your home is unoccupied for more than a month, you need to tell your insurer
Depreciation
If any commercial activity is taken place in your home as commercial property insurance is different
What should you include in your home insurance?

Burglary
Earthquake
Accidental death
Fire
PS- A surveyor is sent by your insurer to your home to inspect the damage and create a report, You have the full right to see the surveyor’s report, and you can also raise an objection if you raise a concern.
Pro tip-
If you are taking home insurance and you live in a society, group insurance will be more economical and you might just save 50% of your cost!
And, If your society or your home has some safety measures like - security guards, fire extinguishers, CCTV cameras, pipe gas, etc. this can help you reduce the premium.
FAQs Related to Home Insurance

If I have individual home Insurance as well as society group insurance, How will the claim be paid?
Answer- General insurance is always based on indemnity rule, if your loss is worth 1 core, you can either take it from your home individual insurance or group insurance, in the end, you will only be compensated for the loss incurred.
2. Can gold ornaments be covered in house Insurance?
Answer- Yes, gold can be covered in home insurance.
3. How to calculate the value of insurance/coverage
Answer- The Market value of the home should be considered and the contents at book value along with depreciation should be considered too.
4. The home would be valued at Market value or construction cost?
Answer- Construction cost will also be taken at today’s cost, even if the construction has been done years earlier
5. An office operating in a residential flat. Should we go for commercial or residential Insurance?
Answer- You would have to purchase commercial property insurance.
Our experts at Insurance Samadhan are here to help you with any property insurance-related issues you are facing. Whether it's an insurance claim offer that doesn't satisfy you or your property claim has been rejected, Register at Insurance Samadhan and we will be happy to assist you through it all!

Author's Bio: 

At Insurance Samadhan, we find solutions to any insurance-related issue that include lapsed insurance policy, assistance in case settlement, claim recovery in case of insurance fraud, assistance to NRI's in servicing their policies, and much more.