Buying a home is a dream for almost everyone but imagine what it would be like if this beautiful dream turns out to be the biggest nightmare one day. We know, it gives you goosebumps, yet people seek flats available for sale in Mumbai or a home in another residential real estate sector in India without any safe investment plans.
Well, it is among the common property investment mistakes, but don’t worry, we have brought you different types of home insurance India via which you can insure your home. Not just this, but home insurance also offers compensation for your losses. Sounds great, right? Now check out a comprehensive guide on home insurance in India cost below, and you can follow the guidance to secure your home.
Home Insurance: Types of Benefits
Repairing or Rebuilding a Home After a Disaster
Repairing or Replacing Damaged Appliances
When you opt for comprehensive home insurance, the policy also covers theft, burglary, and electrical or mechanical damage to your house and its contents. You must report the value of all covered objects in your home at the time of application to be eligible for this benefit. All invoices and bills for the products insured must be kept on file in duplicate.
The sum insured will be determined after depreciation, depending on your premium and plan selection. The insurer may provide you with a lump sum payment for the cost of repairs or reimburse you for the cost of purchasing replacements for the damaged products.
Temporary Relocation
Your home could occasionally sustain significant damage, particularly during natural disasters. In such circumstances, you and your family must hunt for interim housing while your home is being fixed or rebuilt.
While your home is being prepared for re-occupation, the insurer will pay for your temporary housing expenses, such as rent.
Liability Protection
Liability protection is offered by home insurance India plans. This implies that you are responsible for compensating a guest who has an injury while on your premises. When you have home insurance, the insurer handles the payment of liabilities to third parties resulting from mishaps on your property.
Higher Chances of Home Loan Approval
If you have home insurance, your lender is more likely to approve your home loan application if you want to get one to build the house of your dreams. Home insurance serves as a safety net for the lender's finances, giving them stability in the event of an unplanned loss or damage to your property.
Loss of Rent
You can add this additional coverage to your ordinary home insurance policy. The insurance compensates you for your income loss because of the loss of rent if your property is rendered inhabitable as a result of repairs or damage. Until your home is rebuilt or repaired, the loss of rent is covered.
Wrapping it up, we can only say that we have jotted down the best guide on home insurance India following which you can surely secure your real estate investment. So, wait no more and insure your home today.
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