How to shelter your dreams from getting broken?

Your home is place that provides peace and satisfaction. Just like birds fly to their home after day long activities people look forward at the end of the day’s hard work to reach their destination of happiness. However, just imagine you reach home one day and you suddenly find it not in place due to natural calamity or man-made disaster or there is a burglary and valuable things are stolen at your place. For a moment you’ll go baffled and almost in tears because it was made of your hard earned money. These things can leave you disturbed mentally, physically and financially. Well even if you cannot control mentally and physically pain you can surely have a financial back-up in the form of home insurance policy. House insurance is modern means to secure your house of any threat caused to the structure and/or contents of your home against unforeseen calamities.

Various types of calamities are covered under home insurance like earthquakes, floods, fire, explosion, cyclones, lightening etc. Apart from natural calamities house insurance covers things like theft and burglary. It covers the structure of the house and also its contents which are equally valuable.  In India, there are various general insurance firms that cater house policies for people. Different home insurers will assess the value of the damage done differently. 

Insurance Calculation

Assessing the value of home insurance is based upon multiplying the area of the structure by the cost of construction. The value of the contents is decided by its current market price Depending on the type of house policy you take, you get coverage for different kind of hazards. You can choose to buy cover for only the structure of your home, or only the belongings or both. The policy covers the losses to the structure and/or contents of your home due to any natural and man-made calamities.

Ideally there are two main types of home insurance in India: Building and Content Insurance. Building/Structure insurance: One of the most important cover, most of housing loan companies have made it mandatory for any project to have building insurance before the projects are sanctioned. These insurance cover only the structure of the property. It covers the amount you need to reconstruct the house, in case of damage done to your property. Content Insurance: It covers all valuable things inside the house. The value is assessed as per either how much it will cost to replace it or according to its current market value.  It protects your valuable against natural calamities or burglary and stealing, damaged caused to electric appliances due to electrical or mechanical breakdown.

Different companies in the market offer policies with different features and accordingly the premium rates are decided upon. So, it’s important to understand the features of the policy before you decide on one. It is advisable before you decide to buy insurance you should shop around. Online sites are great place to compare best of the deals and offers, features & benefits for buying cheap home insurance plans. Market for home insurance is slowly and steadily rising as the educated section of the society have started understanding its importance. Buyers are realizing the worth of getting insurance for their building and the valuable they possess. Natural calamities, stealing or man-made riot incidences don’t come knocking at the door. Therefore it is advisable to stay prepared with suitable home cover against these unexpected guests.

[Source: https://homeinsuranceindia.quora.com/How-to-shelter-your-dreams-from-getting-broken]