While renovating your house, you might have added sophisticated locks, installed luxury sanitary ware or laid expensive wooden flooring and false ceilings plus more. Although you’ve done your best to give your house a new look, there is always a risk of calamities, thefts or damage of property. Compared to the measures taken by you to safeguard your home, a home insurance plan proves a more concrete step towards coverage against such risks.
Moreover, the steady rise of elite individuals residing in expensive homes, such unforeseen risks are far more significant. Furthermore, nowadays, home renovation is a costly affair, so it’s essential to invest in a home protection scheme during a makeover. Now let’s take a look at how this insurance policy would benefit you –
A. Protecting the structure
The sum accrued from a home insurance protection plan financially covers your house from perils such as accidental damage, destruction of property from natural calamities and also to its contents.
However, bear in mind that, insurance policies cover your house for its makeover cost and not for its market value. The insured sum is calculated based on your house’s built-up area by the insurance company. Additionally, the location of your residence also determines the reinstatement value. For instance, if your home is located in a seismic-prone area or a cyclone-prone zone, you would have to pay a higher premium to have your property insured.
You can avail a home insurance policy from Bajaj Finserv to safeguard your house from accidental and natural calamities or malicious intents.
B. Insuring the valuables
If your residence is covered under a home insurance scheme, it would not only protect the home structures but also the valuables inside it. The valuables could range from jewellery to electronic equipment or furniture, etc. The insured sum on these assets is calculated upon their market value. So, if there’s a theft or loss of an asset, your claim shall be paid on the cost of buying a similar new item.
However, several items are excluded from this segment, like cash, antique items, valuable documents, etc. It is vital that you cover your house against burglaries or thefts, especially when you are away on vacation.
Bajaj Finserv also offers Pocket Insurance products like home protection cover. It protects your valuable belongings against theft, loss, or damage in events of burglary when you are travelling. Moreover, if you buy this home protection insurance, you get coverage against financial losses from damage or disappearance of items like
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Furniture
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Electronic items
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Money
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Clothes
This valuable add-on over your existing insurance scheme will give you peace of mind while you’re on vacation.
C. Upgrade the coverage
If you buy home insurance scheme, it ensures that your house and its contents are protected. However, do not forget to include the expensive materials like wooden work, marble flooring and false ceiling into the insured sum as this would prove beneficial once you renovate them. You can also extend the coverage if a wall surrounds your house or you own a garage within your compound. Include the cost of construction of such structures into the insured sum for maximum protection.
The best way to procure a home protection plan is to compare the coverage terms and conditions offered by various insurers.
Additionally, a home makeover also has positive effects on a home insurance plan. Insurance companies recognise that a substantial sum goes into the process and provides competitive costs upon negotiations. Thus, it’s time to give your home the facelift it deserves and protect it with the best insurance schemes.
The post Planning a Home Makeover? Consider a Home Insurance Policy appeared first on 24GreenBuildings.