Building Insurance

Buildings insurance covers the structure of the house i.e the actual walls including fixtures and fittings, garages and outbuildings. Things like bathroom, kitchen, room, door, windows and roof. You are paid by insurance company, to repair your house or rebuilt it, if it get destroyed because of any natural calamities like lightning, hurricane, earth-quake, flood, storm, tsunami and others listed in your policy. Man made calamities like domestic gas explosion, fire, burst pipes etc. If you are staying in a rented flat building insurance is paid by the landlord, not by renters(tenant).

Content insurance

Content insurance covers the hosehold belongings which can be removed or transfer from one place to another. This include, The content of your home owned by you and your family members like clothes, furniture, and are covered in the policy. Electrical goods such as a television or washing machine, jewellery and so on. It also includes carpets, even if they are fitted It covers the contents that can be taken outside the house such as camera or jewellery etc. baggage at time of travelling, pedal cycle, personal accident, medical expenses It covers damages or losses arising from mechanical or electrical breakdown. If the item is 7-10 years old then the item is not covered in homeowner insurance policy, includes accidental breakage of mirrors and glass in furniture and there is some cover for damage to rented property where the tenant is liable for this. It covers the damages arising from risk like fire; theft; escape of water from tanks or pipes; oil leaking from fixed heating systems; storm; flood; riot or malicious damage; explosion; lightning may impact by aircraft, vehicles or animals; falling trees; subsidence and earthquake.

Third party liability

If you or your family members cause any harm to someone or accidently damage others property, then you or your family will financially get support from insurance company against any lawfull activities.

Additional living expenses

In case your house get damage due to fire, storm or any other insured disaster then insurance company provides an additional cost of living which covers your daily meal, hotel bills, living expense. Its coverage differs in different companies, but basically the coverage is around 20% of the insurance on your house.

Medical payment

Regardless of fault, this coverage pays the reasonable expenses for others accidentally injured on your premises or the areas adjoining your property such as sidewalks or alleys. It doen't cover the medical expense of you or your family members.

Advantages

Benefits

What does the policy not cover?

Terrorist activities. HomeLoanToggleContentLoss of jewellery and other expensive items taken outside while travelling.Losses like water leakage and theft won't be covered if your home is unoccupied for more than 30 days.Loss of cash, gold plates, stocks, deeds bonds, bill of exchange document of any type painting, works of art and antiques.Willful destruction of property, Loss, damage or destruction caused by war perils, wear and tear (damage caused on daily basis)and atmospheric conditions etc.