Time to renew home policy: Keep these points in mind
Money9 gives a brief description of the top six points which should be taken into account while renewing home insurance.
Home insurance is gradually getting popular. All medium and high value homes are insured now a days. Almost all owners cover new homes with insurance. Home insurance policies are just like normal life or health insurance and they need to be renewed every year. But before renewal, one should keep some important things in mind to take full advantage of the policy. Money9 gives a brief description of the top six points which should be taken into account while renewing home insurance.
Add-on cover
Opting for add-ons along with what is covered under a home insurance policy helps policyholders to a great deal, depending on their requirements. Add-on covers help policyholders in additional areas where the home insurance policy might not work.
Certain things that are not covered with a basic policy, can be covered with add-ons. Key add-ons like burglary and theft cover, electrical or mechanical breakdown cover and others are popular and very common.
Liability cover
Liability covers take care of any third-party liability expenses in case of any event which the policyholder has incurred. This also includes any medical liabilities arising out of injury to domestic help along with any other third party.
Electrical or mechanical cover
Domestic electronic and electrical appliances are covered under this add-on. This cover takes care of any repair and service which the policyholder has incurred in case of a breakdown of these appliances.
Burglary and theft cover
This add-on protects the policyholder from damage or loss to the household contents and home in the case of burglary and theft. So obviously go for it.
Jewellery cover
This add-on covers all risks for the policyholder’s jewellery. This add-on not only covers the jewellery in case of a loss at the policyholder’s home but also outside the home when the policyholder was wearing them.
Furniture and others cover
To many everything inside the home is as valuable and as dear as the home itself. This might include a TV set, sofa, bed, table, chair etc. Make sure to verify from the insurer that your home insurance policy covers all the contents within the home or property as well. Otherwise, it’ll be an added expense on you. So before renewing the home policy you should check whether all these are covered or not.