What is home insurance?
An insurance policy which covers home and its contents against unforeseen natural as well as man-made disasters. The policy provides financial compensation in case of damages suffered by the home.
What is covered?
Coverage includes coverage for fire and related perils, earthquakes and natural calamities. Man made calamities like burglary and theft is also covered
What is not covered
There are exclusions in a home insurance policy as well. Common exclusions include loss of cash, consequential loss, wear and tear, war related losses, etc.
Why is home insurance important?
It covers the house and its contents therefore providing an all round coverage. The policy helps in compensating against the financial loss incurred in case of any unforeseen contingency either natural or man-made.