• Insurance companies and major banks in India offer various Home Structure Insurance and Home Content Insurance products to cater to the needs of their clients. These different types of home insurance plans help clients comprehend the necessity for insurance and select the right coverage for their requirements.

However, when choosing one, you might have a few questions, such as: do these insurances offer similar coverage? Are they different from each other, and so forth?

• With this context, we will clarify any misunderstandings you may have about Home Structure Insurance and Home Content Insurance. If you have inquiries regarding these two policies, you can resolve them by going through this article. When purchasing home insurance, many individuals opt for a package that includes both building and contents coverage. This is not mandatory, and you can select either of them according to your preferences. Thus, if you are considering acquiring one of them, understanding how they function separately can assist you in making an informed choice.

What does a Home Structure Insurance Policy entail?

• As the name suggests, Home Structure Insurance Policy insures the structure of your home against various types of risks. Furthermore, the insurance protects any permanent fixtures within the house, such as kitchen and bathroom installations, as well as the ceiling and roof of the insured property.
• Life is uncertain, but that doesn’t mean you cannot be prepared and have a contingency plan for emergencies or disasters. You invested your heart and effort into creating your dream home, so safeguarding it from damage is not only your duty but also your responsibility.

Therefore, these are the types of damages that a Home Structure Insurance Policy covers:
● Damage caused by fire, explosions, lightning strikes, short circuits leading to severe fires, storms, floods, or earthquakes.
● Damage caused by vehicles.
● Damage from forced entry or burglary.

• Nothing seems unattainable after 2020. The pandemic has shown us that life is uncertain, and we need to be ready for the worst-case scenarios. Numerous homes were lost due to the various floods and storms that occurred in the past. Home Structure Insurance could be beneficial in this circumstance. You are now informed about the coverage provided by the Home Structure Insurance Policy.

However, there are some exclusions to this policy, which include:
● Financial loss.
● Damage or loss caused by war, invasion, or actions of a foreign nation.
● Any damage that has already taken place.
● Loss or damage associated with nuclear weapons.
● Damage caused by a volcanic eruption is excluded.

Understanding Home Content Insurance Policy

• Home Contents Insurance is a policy that safeguards the contents of a home against loss or damage resulting from theft, fire, explosions, or lightning, as well as burglary, flooding, water leaks, and storms. This coverage protects your personal possessions as well as those belonging to family members living with you. Clothes, jewelry, furniture, and electrical appliances are included among the contents.

What type of Home Content Insurance do you need?

• According to insurance professionals, the majority of consumers do not receive the accurate worth of their belongings when they submit a claim. It is essential to keep in mind that the highest amount your insurance policy will reimburse you for a claim settlement does not surpass the total amount covered. Consequently, you should keep a record of all your items and their values to obtain the correct insured amount for your possessions. You also have the option to enhance your insurance to gain additional coverage. However, this will incur an extra premium cost.

Conclusion

• Acquiring a home is one of the most significant investments you can make with your hard-earned money. Therefore, it becomes a priority to protect the dream home and its possessions, both of which come at a price. There is no better way to safeguard your home than by obtaining home insurance with adequate coverage. Just ensure that you receive the coverage that fulfills your requirements. You might even find the best deal by contacting the insurer directly or through an aggregator website from the convenience of your own home.

Disclaimer:

• The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.