The Buyt Desk
We live in unpredictable times rain, earthquake or a burglary can derail our lives. Hence, it is advisable to have a protection plan for your life and your home. Insurance that covers your home helps you financially when you face a difficult situation like fire accidents, floods, or theft. Let’s discover how many kinds of home insurance policies are available for you-
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Home Content Insurance
The policyholder gets compensation in case of damage or loss of things placed in their home. The amount provided is based on the market value of things like electronics and jewelry.
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Comprehensive Policy
This policy covers the protection of the content, structure, and occupants of the building. Liabilities happening due to natural calamities, burglary, theft, or other reasons at the holder’s premises are also covered. Structural damage with a collapsible framework, damage caused by the building at policy purchase time, damage done intentionally, and any manufacturing defects are not included in this policy.
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Tenant Insurance
This plan protects the personal belongings of the tenants. For example, electronic gadgets, furniture, clothes, and ornaments that are stored in a rented building. Other liability insurance plans like public liability cover, theft insurance, fire insurance, and burglary insurance are also available based on the applicant’s needs and work.
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Structure Insurance
This policy protects the house against losses from ceiling or roof damage, structural damage, terrorist attacks, and thefts. It also provides riders to protect extra structures including garages and backyards.
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Fire Insurance
As the name depicts, this home insurance policy protects your house from any short circuits that cause huge damage and accidental fires.
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Landlord’s Insurance
Well, this insurance policy is not recommended if you own any home on a rent basis. The reason is that this plan is beneficial only for homeowners. It entitles just the landlords to be insured against rent loss in particular. The policyholder will also get cover for public liability in case of any destruction to a third party due to unfortunate incidents.
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Burglary and Theft Insurance
In this policy, the holder gets compensation in the form of a number of valuable things stolen from their house.
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Public Liability Insurance
This type of home insurance plan reimburses the cost of expenses that happen due to unforeseen incidents. For example, loss happens to some guest or third parties, or tree falls.
So, as you can see there are so many home insurance policies designed for every resident no matter whether they are living in their own house or in a rented one. Before selecting and purchasing any plan, compare all policies based on their discounts on premiums provided, features, and terms and conditions.
Buy an insurance plan with a high sum insured as it assists you when keeping into account the reinstatement value, which is the total construction cost and built-up area. It will help in ensuring that you are always completely protected in unexpected incidents like home rebuilding expenses.
