Home Insurance plans provide you with an insurance cover for both the structure of your house and its contents against fire and allied perils on account of:
• Natural calamities – such as fire, lightning, earthquake, landslide, rockslide, flood, inundation, storm, tempest, typhoon, hurricane, tornado, or cyclone
• Man-made calamities – such as domestic gas explosions, overflow and bursting of water tank or pipes, damage caused by aircrafts, riots, strikes, malicious or terrorist acts
Additionally, the contents of your house can also be insured against burglary and theft and in some cases mechanical failure or breakdown.
A few other risks can be covered as part of your home insurance depending on the availability of such features in the product you purchase and at an extra cost or premium. These risks could include:
• Terrorism cover
• Debris removal cost
• Costs incurred to comply with building regulations following damage
• Professional fees towards architects, surveyors, etc. for superintending a building during rebuilding
• Cost related to movement of contents of your home to a temporary residence
• Loss of rent (for landlord)
• Personal Accident Cover
If you are the owner of your house, you could purchase a home insurance policy to cover both the structure of the building as well as its contents. On the other hand, if you do not own the house you live in, you could still insure the contents and your belongings against risks of fire and allied peril, theft and mechanical breakdown as applicable and available.