Essay on What you should know before Opting for a Home Insurance Policy?

   You may have various questions in your mind while looking to buy a home insurance policy and it is quite natural to have those questions in mind because every one of you is not an insurance expert. So, in this article, we will try to provide some basic information regarding home insurance policy, which will certainly give answers to various questions, floating in your mind. Here are some important questions, which are mentioned below with their relevant answers:

·         What If Property is rented?

You may have a question, what would happen if I have rented my insured property to someone, and my home has got damages due to their negligence. The simple answer to this question is that your home and its belongings will be protected by a comprehensive home insurance plan; however, you must go through the overall policy of your insurance company in this regard. There are insurance companies, which may not provide cover for the loss or damage due to the negligence of the people, staying in your home on rent.  So, when you are choosing an insurance plan, always check with your insurer, whether you will be covered or not in this case.

·         What If, I live with Friends?

You may own a home, and living there with your friends. Then you may have a question to ask, whether I am eligible to take home insurance policy. The answer is “Yes”. You will be eligible to get home insurance, not only for your home but for your content as well. Even, if your friends also want insurance for their personal belongings, then they can also get an insurance policy; however, the belongings in your home can easily be segregated between you and your friends. In case of any confusion or ambiguity, the insurance company will not provide any cover.

·         What if, Natural calamity damages my home?

What if my home is damaged due to any fire incident or natural calamity, and my car also burnt or destroyed, which was parked in my home. Will I get an insurance claim for my car as well? You should understand that home insurance policy has nothing to do with your car or any other vehicle. For your car, you must have a separate auto insurance plan, which provides protection in case of such incidents.

·         How to report incident to insurance company?

One basic question that floats in mind of every individual, who opts for a home insurance policy and that question is, how I should convey my message to my insurance company when my home is damaged due to any incident. The answer is quite simple; the insurance companies do provide their contact numbers and policy to intimate them in case of an emergency, when your home is damaged or destroyed. Once they get a message from you, they send their experts to examine the situation at your location, and they may ask for various documentations. It is important to know if any natural disaster has hit your area, and your home was also damaged along with many others, then documentation and verification process may be a bit soft as compared to other days.