1. If asset creation is important, protecting those assets is just as important, of which our own home is most often our most valuable asset and safe haven.
2. It is, therefore, essential to insure our home and household assets from any eventuality, be it independent or a flat, depending on our essential needs.
3. A home insurance policy not only covers our residence, but also a vast variety of valuable personal property, against natural calamities, theft or malfunctioning too.
4. Cover the house structure for what it would cost to repair/ rebuild the damaged house, i.e. construction cost, and not its repurchase market value.
5. Typically, the average construction cost should be taken as Rs.1500-2500 per square foot for calculating the cover amount for this section (housing websites can guide you too).
6. The cost of construction keeps rising due to increase in prices of cement, steel and labour, which will require you to review your home insurance cover periodically. (housing websites can come handy for significant changes).
7. To cover valuables inside the house against theft, loss, fire damage and breakdowns, mix-and-match the sub-sections to suit your individual needs.
8. For an apartment complex, check whether the housing society/ builder has already got the building insured and factored it in the monthly charges.
9. Some insurers offer huge discounts if you go for multi-year policies, as well as group discounts if neighbours of your apartment complex also join.
10. You can even have a public liability cover for death or injury to a person in your house, e.g. servant or visitor, but not family members.
11. Insure your expensive equipment at their replacement cost, as the insurer will bear only part of the declared cost, to enable you to cover your repair costs.
12. However, if your gadget becomes useless (irreparable), you will only get the salvage value, not the replacement value, as compensation.
13. Get any addition to household goods included in your policy.
14. If you are under-insured, you will get back too little to make a difference.
15. If you are over-insured, you are paying more than you will get back if you ever make a claim.
2. It is, therefore, essential to insure our home and household assets from any eventuality, be it independent or a flat, depending on our essential needs.
3. A home insurance policy not only covers our residence, but also a vast variety of valuable personal property, against natural calamities, theft or malfunctioning too.
4. Cover the house structure for what it would cost to repair/ rebuild the damaged house, i.e. construction cost, and not its repurchase market value.
5. Typically, the average construction cost should be taken as Rs.1500-2500 per square foot for calculating the cover amount for this section (housing websites can guide you too).
6. The cost of construction keeps rising due to increase in prices of cement, steel and labour, which will require you to review your home insurance cover periodically. (housing websites can come handy for significant changes).
7. To cover valuables inside the house against theft, loss, fire damage and breakdowns, mix-and-match the sub-sections to suit your individual needs.
8. For an apartment complex, check whether the housing society/ builder has already got the building insured and factored it in the monthly charges.
9. Some insurers offer huge discounts if you go for multi-year policies, as well as group discounts if neighbours of your apartment complex also join.
10. You can even have a public liability cover for death or injury to a person in your house, e.g. servant or visitor, but not family members.
11. Insure your expensive equipment at their replacement cost, as the insurer will bear only part of the declared cost, to enable you to cover your repair costs.
12. However, if your gadget becomes useless (irreparable), you will only get the salvage value, not the replacement value, as compensation.
13. Get any addition to household goods included in your policy.
14. If you are under-insured, you will get back too little to make a difference.
15. If you are over-insured, you are paying more than you will get back if you ever make a claim.