Your home is a costly and prized possession. A once in a lifetime purchase. Have you given much thought as to how much it would cost to replace your dream home in case of a natural calamity?
This article explains what is home insurance and why it is necessary for you to have a home insurance policy.
What is home insurance?
If your home catches fire and is destroyed it might not be possible to replace. Have you given much thought to this?
Take a basic fire and allied perils insurance policy
This policy replaces the structure of your home if destroyed by:
- Storm and Cyclone
- Hit by an aircraft
- Damaged in an explosion
- Deliberately set on fire (arson and malicious intent).
You will have to pay an additional premium to cover damage due to an earthquake, landslide or a terrorist attack.
Householder’s package policy
A much better home insurance policy for you is a householder’s package policy. You have to pay a higher premium than a fire and allied perils policy. You are covered for damages suffered to the structure of your home by fire and allied perils.
You are also provided a cover for the contents of your home (Furniture ,electronic items, jewelry, art) destroyed by a fire and allied perils , theft or burglary and mechanical and electrical breakdowns.
Compensation to a third party affected by the damage your house causes (part of your neighbour’s wall is destroyed when your house collapses) or compensation for the injury/death of your domestic help is also provided by a householder’s package policy.
For More Information on Insurance for Dream Home Click Here
Or Give Us a Missed Call On 022 – 62116588
Or Download Our Moneymindz Financial Freedom App