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Home Insurance Policy-Your Recipe For A Secured Home

By: Rinkel Kapoor1

‘Ye tera ghar, ye mera ghar…ye ghar bahot haseen hai.’ You must have crooned this song or plan to do it at least once in your life. The reason being simple, it is every man’s desire to live in that dream home you have been envisioning since God knows when. So if anything happens that degrades your love nest in the slightest, you will get heartbroken.
So to mend your precious heart, there is glue called Home Insurance Policy.

The policy is designed to provide you protection from any damage or loss made to your home and belongings owing to calamities whether natural or forced. Also known as the home owners’ insurance policy, it provides protection on for grounds. Damage done to:
a) Structure of the home through natural calamities or man made like burglaries
b) Personal belongings encompassing valuables like clothing, furniture, jewels, appliances and other household items.
c) Liability protection extended in case damage is done by the owner’s party only.
d) Incurrence of additional expenses while living in a temporarily abode.
Besides this, certain parts, indirectly related to the house such as barn area, storage shed or garage are also sometimes covered in the policy depending on the company policies.

Home insurance policies in India, however, are not given the due credit or significance, they deserve. They are often marred by the much popular auto and life insurance along with insurance cum investment policies, providing tax exemption. Lack of seriousness regarding them can be owed to the fact that unless it happens near your region, you won’t realize its full impact. As happened in the case of 2001 Gujarat earthquake. That year registered the sale of record breaking number of home insurance policies.

But the wheels are slowly turning in its favor. With the booming real estate sector and increasing demand for home loans, financial companies have made it compulsory to posses a home insurance with home loan. Since last year only, there’s been a 25% increase in the sale with the expectation of 100% in a matter of few years. Recent adversities in the country like earthquakes, tsunami, and Mumbai floods have further aided the cause. Besides these factors, a company’s marketing policy also plays a major hand. Several lucrative offers customized to your budget and needs are available in the market.

Known to be more hip amongst the large business houses and high profile executives, it’s spreading its arms towards the middle class bit by bit. Choosing the best insurance policies among them becomes quite a tedious task. A thorough research of policies offered by different companies based on their terms, budget, details, coverage, and suitability to your needs is recommended. Some of the leading names in the business are ICICI Lombard general insurance, New India Assurance, Bajaj Alliance General Insurance.

So as the line in the song goes ‘lage kisi ki na nazar’, protect your home by getting it insured.

Article Source: http://ezine-articles-planet.com

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