But, Just Building A Home Is Not Enough

Category: Finance, Insurance.

Building a home can sometimes take a lifetime. In the end, it is certainly worth all the effort.

It involves not only tremendous planning and careful investment of resources, but can also dig a deep hole in your years of saving. There is no other feeling than standing under the roof of a building that you can call your home . It is necessary to preserve and protect it against all kinds of mishaps. But, just building a home is not enough. It is exactly for this purpose that home insurance policy is an absolute necessity. It brings together various insurance personal insurance protections which include losses that can occur to one s home. Home insurance, which is also called homeowners insurance, is a policy that is used to cover private dwellings.

Losses can be of various kinds, like loss of the structure/ building of the home, loss of the contents in the home, and even losses or liabilities occurring due to accidents at home. It is generally a lengthy contract and includes all the details about what will be paid and what will not be paid to the insured in case of various events. A home insurance policy usually costs equal to the amount that would be required to replace the house, and any other contents in the house that is covered under the policy. Natural calamities, floods, like earthquakes, war and nuclear explosions are excluded from the home insurance contract, though they may be included in special cases or under specific policies. This means that it is valid for a fixed period of time. The home insurance policy is a fixed term contract. The payment made by the insured to the insurer is termed as a premium and is determined on the basis of the complete cost of the policy.

Premium charged will be less if the house is less prone to mishaps or damage. The insured must pay the insurer for each term.

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