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What are the coverage under Home Shield insurance

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Home shield insurance is a great choice for protecting your flat. Owning a flat or renting one, you need to have the right coverage for peace of mind against unforeseen mishaps. House insurance covers the structure of your property, but home shield insurance provides more protection for your home and your belongings. If you rent, you can protect your valuables with renters insurance, which doesn't cover the building itself. For flat owners, homeowners insurance covers both the property and its contents. Just imagine how you would feel if there was a fire, theft, or other natural disaster. Understanding the extent of home shield insurance—covering your flat's interior, appliances, or personal items—can significantly impact your life.

What is Home Shield insurance?

Your home is your most precious asset, so to protect your flat and home against all possible unforeseen events and ensure coverage in case of such incidents, Home Shield offers an all-inclusive package for protection. Since Home Shield covers more than what ordinary house insurance could provide in case of incidents and destructions, there will always be furniture, electronics, and personal things. Home Shield caters to people owning a flat or those who rent it out.

If you are a tenant, it ensures your possessions. In the case of flat owners, homeowners insurance provides additional security for both the building and its contents. It covers floods, earthquakes, theft, and accidents that may cause damage to the building. The home shield insurance will ensure peace of mind and financial protection at times when it is most needed.

What are the coverages under Home Shield insurance?

When you have so much in your home, whether you own or rent, it calls for the protection of the right insurance. Home Shield can help you with this. It encompasses all your property and the contents in a manner so much more inclusive than simple house insurance or renters coverage. Let's break that down so you know precisely what's covered.

1. Jewellery and valuables:

It protects your high-value items including jewellery, watches, and other precious valuables. These items not only have monetary value but also sentimental value. So, homeowners insurance and home shield insurance provide coverage for these items so that they are protected in case of theft or damage.

2. Building structure:

If you have a flat or house, then your greatest investment is the building itself. The Home Shield protects the building from all the risks, like fire, theft, floods, and even earthquakes. Whether it’s the walls, floors, or built-in fixtures, any damage or destruction would be protected so that rebuilding or repairing costs don't come on your account.

3. Contents:

Your home isn’t just bricks and mortar—it’s the things inside that make it truly yours. With home shield insurance, your furniture, electronics, appliances, and other personal belongings are also insured. From a new TV, your dining set, and even the kitchen appliances.

4. Art, curios, and paintings:

Does your house contain art pieces or collectables? Home Shield will cover these too. If it is a prized painting or an antique, you will have the peace of mind that they are covered.

5. Portable electronics:

Portable devices, from laptops to tablets and mobile phones, are crucial tools that you need every day in today’s world. The present policy covers your portable electronics, which would be covered against loss, theft, or physical damage, even when you are outside the home.

6. Some add-ons:

While the standard coverages are comprehensive, Home Shield also offers optional add-ons for unique needs:

• Public liability:

Think of a guest injured at your home. Public liability protects you from all possible legal and medical liabilities resulting from an accident.

• Emergency purchases:

If the insured items are stolen or damaged, this coverage covers the cost of emergency replacement purchases.

• Pedal cycles:

If you have a bicycle, this optional cover will protect it against theft or damage.

• Alternative accommodation:

In case your flat becomes uninhabitable due to fire, flooding, or other covered events, you’ll get financial support for temporary housing for up to 24 months.

• Loss of rent:

For a landlord, home shield insurance provides loss of rental income coverage if the property is rendered uninhabitable.

What are the exclusions under Home Shield insurance?

When you decide on Home Shield insurance, it's important to know what isn't covered so that you are not surprised during a claim. Exclusions are part of any policy to keep things clear and manageable. Here's what you should know:

1. War and Civil disturbance:

Any loss or damage because of war, invasion or civil commotion is not included. So, even though home shield insurance covers you from many risks, an occurrence that has something to do with military action or civil uproar is not included in the coverage.

2. Wear and tear:

Gradual wear, ageing, or damage that occurs because of poor maintenance is excluded from the policy. House insurance and homeowners' insurance are designed for abrupt, unexpected events, not inevitable wear.

3. Nuclear risks:

Any damage caused by Nuclear radiation or contamination is excluded. This is usually valid in most house insurance, rental insurance, and homeowners insurance policies.

4. Improper handling:

Any harm caused by improper handling, unapproved alterations, or poor workmanship is not covered.

5. Pre-existing condition:

Damage or loss that pre-dates the effective start date of your policy is excluded.

6. Theft after an insured event:

After the occurrence of an insured event, such as a fire or natural disaster, you won't be covered for theft under home shield insurance.

7. Pollution and contamination:

Any damage caused by pollution or contamination is not covered unless the damage is directly caused by an insured hazard, such as a fire or flood.

What is the claim process for Home Shield insurance?

Filing a claim under Home Shield insurance is a straightforward process, designed to provide you with financial relief during unexpected situations. Here’s how you can go about it:

1. Immediate notification:

In case of an unfortunate event, you should inform your insurer within seven days. You can do this by email, fax, or registered post. This is the only way to ensure that your home shield insurance claim process goes smoothly, whether it is a house insurance claim, renters insurance claim, or homeowners insurance claim.

2. Submit documentation:

You will be required to submit a completed claim form along with supporting documents within 15 days. This would include evidence of the incident, such as photos or police reports, and any legal documents that may apply.

3. Cooperate with the surveyor:

A surveyor will be appointed to gauge the loss by the insurer. Be cooperative and avail any additional information or documents they request. It goes a long way in showing that the claim is valid under the home shield insurance.

4. Legal procedure:

If the litigation process comes into the picture, pass on any notice or documents that arrive to the insurer.

5. Claim settlement:

After processing, the insurer will settle the claim as per the terms of the policy.

Conclusion

Home Shield insurance covers all that may happen to your flat-from the building structure down to your personal belongings. Whether you are looking for house insurance, renters insurance, or homeowners insurance, this policy will ensure you are fully covered in case of an unexpected event. With all the knowledge about the various coverages, exclusions, and how to make claims, you can make good use of your home shield insurance policy, which keeps you in peace and safety. Don't wait for a disaster—get the right protection in place for your home today.

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

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