Identifying the Differences between Home Structure and Content Insurance

Posted on: Jan 12, 2022 | | Written by:

Identifying the Differences between Home Structure and Content Insurance

Published on February 18, 2022. EST READ TIME: 3 minutes

Difference between home structure and content insurance

Insurance firms and prominent banks in India provide a variety of Home Structure Insurance and Home Content Insurance products to meet the demands of their customers. These numerous forms of house insurance plans assist clients in understanding the need for insurance and selecting the appropriate coverage for their needs. However, when picking one, you may have a few queries, such as: do these insurance provide equivalent coverage? Are they dissimilar to one another, and so on?

With this in mind, we'll clear up any confusion you may have between Home Structure Insurance and Home Content Insurance. If you have any questions about these two policies, you may clear them up by reading this article. When buying home insurance, most individuals choose a package that includes both building and contents coverage. It is not required, and you may choose any of them based on your preferences. So, if you're thinking about buying one of them, knowing how they work individually can help you make an informed selection.

What is the definition of a Home Structure Insurance Policy?

House Structure Insurance Policy covers the structure of your home against all types of risks, as the name implies. In addition, the insurance covers any permanent fixtures in the house, such as kitchen and bathroom fixtures, as well as the ceiling and roof of the covered property.

Life is unpredictable, but that doesn't mean you can't be prepared and have a backup plan in case of an emergency or catastrophe. You poured your heart and soul into building your ideal home, so preserving it from harm is not just your responsibility, but also your obligation. So, these are the types of damages covered by a Home Structure Insurance Policy:

● Flames, explosions, thunder strikes, short circuits resulting in severe fire, storms, floods, or earthquakes may all cause damage.

● Vehicle-caused damage

● Forcible entrance, burglary

Nothing seems impossible after 2020. The pandemic has taught us that life is unpredictable, and we must be prepared for the worst-case scenario. Thousands of homes were destroyed by the various floods and storms in the past. Home Structure Insurance might help you in this situation. You are now aware of the coverage provided by the Home Structure Insurance Policy. There are, however, several exceptions to this policy, which are as follows:

● Monetary loss

● War, invasion, or an act of a foreign nation inflicts loss or destruction.

● Any harm that has already occurred

● Nuclear-weapons-related losses or damage

● Damage caused by a volcanic eruption is not covered.

Decoding Home Content Insurance Policy

Home Contents Insurance is a policy that protects the contents of a house against loss or damage caused by theft, fire, explosion, or lighting, as well as burglary, flood, water leakage, and storm. This coverage insures your personal belongings as well as those of your family members who reside with you. Clothes, jewelry, furniture, and electrical equipment are among the contents.

What Kind of Home Content Insurance Do You Require?

According to insurance experts, most consumers do not get the correct value for their material when filing a claim. It's vital to remember that the maximum amount your insurance policy will compensate you for a claim settlement does not exceed the total covered. As a result, you should maintain a record of all your goods and their values in order to receive the correct insured amount for your contents. You also have the option of extending your insurance to get more coverage. However, it comes at an additional premium fee.

Conclusion

Purchasing a house is one of the most valuable investments you can make with your hard-earned money. As a result, it becomes a top priority to safeguard the dream home and its contents and both come at a cost. There's no better way to protect your house than by purchasing home insurance with the right coverage. Just make certain you receive the coverage that meets your needs. You may even acquire the best bargain by calling the insurer directly or via an aggregator website from the comfort of your own home.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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