Home insurance, What and How?

Your home is your most valued possession and a householder's policy is designed realizing the need to make it as secure as possible. It is a single policy covering various risks and contingencies faced by a house owner. It provides protection for the property and interests of the insured and his family members. The policy takes care of the basic structure and its contents. It provides a cover against fire, burglary, public liability and theft.

Insurance companies (both public as well as private) that offer such a policy include: New India Assurance Company Ltd., Oriental Insurance, United India Insurance Company Ltd., National Insurance Company Ltd., Bajaj Allianz, IFFCO-TOKIO, Royal Sundaram and Tata AIG among others. A householder's insurance policy is a package of policies geared to cover various risks pertaining to a house. Risks like fire, damage to electronic goods, burglary and personal accident are covered under the policy, within the one year period. The main criterion for eligibility is that the house should be owned by the insured and that there should be an insurable interest in the property to be guaranteed.

Home insurance products include Home shield and Home shield Classic. Anyone who owns a home, both building and contents, can insure the home against perils. Under Homeshield a buyer seeking to insure the building must list the household items to be covered under the policy. Homeshield Classic is when a buyer chooses the variant that would cover the value of the home contents, unlike most of the other products in the market. Under the latter, insurance benefits are designed to cover contents including jewellery; household items like clothing, linen, furniture and fixtures, utensils and crockery; and household appliances like TVs, refrigerators, washing machines and DVD players. The policy-holder can also select an add-on cover for personal computers, ACs and air coolers. Insurance for the building can be included in the package, or can be arranged for as a separate cover.

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