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Accidents can happen any time. Although it is not mandatory, getting your home insured is the best way to get a good night’s sleep whether you buy or rent a villa or an apartment.
Most home insurance companies offer combined building and content insurance. This type of insurance allows tenants to get cover for their personal belongings. You can also select an individual coverage that is right for your specific needs.
A home insurance ensures that your home will be insured in case of fire, lightning, storm, malicious damage, earthquake, flood, water leaks or theft. Cover for loss of money and credit cards is also available depending on the demand of the customer.
It also covers fees incurred for requesting a new passport, driving license and residence or work permit if any is accidentally lost or damaged. You can also get alternative accommodation in the event of unexpected and natural calamities, cover while you are away on a holiday, or a new for old cover which means you will get compensation to get the exact same new version or the latest equivalent of the damaged content.
Other benefits that you can expect when insuring your home are cover for theft of keys, visitor’s personal effects and legal liabilities; accidental damage; personal belongings like jewelry, watches, musical instruments or gadgets; and domestic helpers plan that covers medical bills in case of accidental injury.
If injury or loss happens to another person due to an incident in your home, the legal liability covers the claims made against you by the third party. An extension of building and content cover is usually needed to include loss due to accidents. Note that home insurance policies do not include cover for any loss or damage due to wear and tear, damage caused by pets, terrorism and war.
Choose an insurance company that offers the most flexible insurance plan that best suits your needs and which has agents and claims representatives who are transparent in their dealings. They should clearly explain the procedures that you have to follow while filing a claim.
* Home insurance covers theft, natural calamities, accidents and legal liabilities
* Choose a plan that includes and covers specific needs like domestic helpers
* Select a company with flexible insurance plans/covers, honest claim agents
Source: Asha Das, Special to Properties
The writer is a freelancer