Home Insurance and Its Benefits

Home insurance is a type of property insurance which is required for private homes. This insurance is highly useful in the cases of any calamity or mishappening which can be artificial as well as manmade. For example, in the cases of natural disasters like earthquakes, there is a lot of loss in the property; hence in these cases home insurance is a must so that all the losses incurred can be recovered with the help of insurance.

Let us now discuss home insurance in detail. Another term used for homo insurance is homemaker's insurance or hazard insurance .There are many benefits of having a home insurance , like in the case of loss of personal possessions of the homemaker, liability in the case of accidents etc. Home insurance is multipurpose, as it ensures property as well as its liability. The major disadvantage of home insurance is that the process of claiming takes a long time, but new schemes are coming up in the market which overcomes these disadvantages.

The history of home insurance lies behind in 1950's. It was first introduced in United States of America in September 1950. This concept has now spread all over the world including India. In India, the concept of home insurance is spreading at a vast rate. There are many insurance companies coming up like ICICI home insurance, HDFC Insurance etc.

There is much coverage under the home insurance policy as listed below:

COVERAGE A is DWELLING which covers the value of the dwelling excluding the charges of land.
COVERAGE B is OTHER STRUCTURES which include areas like garage.
COVERAGE C is PERSONAL PROPERTY WHICH includes personal items as in the case of theft but it is optional.
COVERAGE D is LOSS OF ADDITIONAL LIVING EXPENSES like in the case of rent.

The other coverages are the additional coverages which include removal of debris, loss of trees etc.

The above mentioned classification of coverage is based upon the standards of INSURANCE SERVICE OFFICE (I.S.O.).

The home insurance is valid only for a specific period of time. It has to be renewed after a fixed interval of time, or when it gets expired. Basically the time period is fixed by the company who is selling the insurance. There are many schemes coming up and the customer buys these insurances according to his needs and demands. So buying a home insurance is a necessity today.
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