Add-on covers to boost your home insurance policy

Natural calamities are on the rise. Floods, hurricanes, earthquakes have become frequent events now. The devastation from such calamities causes loss of lives as well as damage to homes and belongings. Thus, home insurance is the right step towards protecting your most valuable asset against natural and man-made calamities. The basic policy covers the structure of your house as well as its contents. One can also enhance the base cover by opting for add-ons. These add-ons differ from one insurer to insurer.

Here are some of the popular add-on covers to widen the scope of your home insurance policy:

Loss of rent: If your rental property gets destroyed due to some insurable event such as an earthquake, flood, hurricane, and you stop receiving the rent because the tenant has vacated the property, then this add on cover reimburses you for the rent lost till the time the property is repaired and made fit for occupation.

Jewellery: Jewellery can be covered under a home insurance policy. But most insurers cover jewellery worth up to 20-25% only of the value of home contents. Hence, it is advisable to keep it safely in your locker.

Domestic help: Your domestic employees can be covered against accidental death or bodily injury under home insurance policy with the help of a rider.

Public liability cover: If a third party person gets injured on your property or their property gets damaged, then you could be liable for their damage. A public liability rider protects you from such damages and claims.

Pet insurance cover: Many insurance companies cover your pets too. If a dog dies due to an accident or due to diseases contracted during the period of insurance, the insurers pay you the predetermined amount for your loss.

ATM withdrawal cover: In case of any robbery after withdrawing money from the ATM, the add-on cover reimburses you the lost amount.

Fine art: One can also get fine arts to get insured under the home insurance policy. Insurance is offered by the insurer either on an agreed value basis or the ‘basis of valuation’ is agreed between the parties.

Lost wallet cover: If your wallet gets lost or stolen, the insurer pays you the replacement cost for it including the cost of application for lost papers and cards.

Key and lock replacement cover: If the keys of your house or vehicle get stolen, then a home insurance policy can cover that, too. The add-on cover reimburses the insurer for the expenses of replacing the keys.

Temporary resettlement cover: This add-on cover reimburses you for the transport and packing costs in case the house gets destroyed due to any insurable events such as fire, flood, earthquakes, among others. It helps you to move to an alternate accommodation in case the house becomes unfit to live in.