Home insurance policies are invented to provide protection to your house from natural & manmade calamities. It offers coverage of the liabilities that arise out of damages to the house and/or the contents due to man-made reasons like burglary, theft, etc. as well as natural calamities like fire, floods, lightning etc.
Why is home insurance important?
Your house is undoubtedly the costliest asset, and the most treasured for you. Any catastrophic devastation caused due to earthquakes and other natural calamities can shake the entire structure of your house. The consequence of the same is likely to be that your house becomes completely unlivable. It is only to protect you and your house from such unforeseen circumstances that a house insurance becomes crucial, for house owners and tenants alike. In case your house gets damaged, the emotional and financial pain of rebuilding a house or reinstalling its contents is painful, difficult and tedious. A comprehensive home insurance policy spares you the horror of the same.
The primary reason for having a home insurance are:
Protection against liabilities
Provides coverage against man-made & natural calamities
Coverage of temporary living expenses
Coverage for the loss/damage to your valuable assets and precious personal belongings