A Quick Checklist to Go through When Buying Home Insurance

Owning a home is a proud possession that one could ever have. This transaction becomes even more overwhelming if you are a first-time buyer. But as a homeowner, your responsibility does not end there. Having a home insurance policy is an important thing you must think about. If any misfortune occurs with your home, the home insurance plan you have can make or break your bank. Therefore it is very important to know the nuts and bolts of your home insurance and how it can be of use to you.

Even the mortgage lenders need to buy home insurance plan online to protect their investment. In the absence of a proper insurance coverage, you will suffer a huge monetary loss in case your house is destroyed due to some mishap. A standard home insurance policy will cover the costs related to:

1. Damage to the House

If your house is damaged due to fire, lightning, hurricanes, vandalism or other covered disasters, the insurance company will compensate you to repair or even rebuilt the house. However, the damages caused by earthquakes, floods and poor home maintenance are not covered under your insurance policy. For this, you need to have a separate rider.

2. Loss or Damage to Personal Possessions

Buying a comprehensive home insurance plan online also covers the damage for your personal belongings including clothing, furniture, appliances and others such contents. However, there is a fixed limit the company will reimburse you, unless you buy a separate "floater" policy that insures the article for its fully appraised value.

3. Personal Liability for Injuries or Damages Caused By You or Your Family

Under this clause, even your pets are included in the cover. Any damage or injury caused by any of your family member or pet will be reimbursed by the insurance venture. Further, if someone is injured on your premises then you will also be covered for the same.

4. Hotel or House Rental Until Your Home Is Repaired or Rebuilt

If your house is uninhabitable or completely destroyed, you may have to rent another house or live in a hotel till the time it gets repaired or rebuilt. Buying a home insurance plan will then cover the cost of rent, hotel and meals till the time you get back the possession of your home.

About IFFCO Tokio

With its unique insurance plans, IFFCO Tokio has managed to become the leading general insurance company in India. It brings confidence and complete peace of mind among its clients, thereby building customer satisfaction.