Owning a home may involve thinking ahead for everything, but what about the things you don’t think about? You can budget for the EMI. You can set aside money for the usual miscellaneous expenses. But what happens if a fire breaks out, or there is a bad storm, water logging or burglary? Home insurance helps you cover those costs associated with such mishaps and protects the owner against loss or damage to the property plus its contents.

As a homeowner or a prospective owner of a flat in Chakan, it is important to go through your available home insurance options and the extent to which you need it. Read on as we list a few pointers to help you understand the scope and limitations of home insurance.

What Does Home Insurance Cover?

Depending on the policy, home insurance can provide cover for either the structure of the home, its contents, or both.

Structural insurance offers protection against specific perils like fire, natural calamities and other causes listed in the policy. Contents insurance, on the other hand, covers movable and personal property like furniture, electrical appliances and other household items.

While some policies cover losses due to burglary, the coverage details vary for different insurers, so you must read the fine print to find out what your policy does and does not cover.

Does Your Apartment Already Have Insurance?

It’s a good idea to check this before you take out a new policy to insure your apartment. The housing society or the apartment association may have insurance that covers the building and/or its contents.

If you are looking at flats for Sale in Chakan, enquire with the developer or the apartment association about the type of insurance available and the coverage details. This way you can understand if you need to take out a separate policy to cover your apartment and its contents.

How Much Cover Should You Choose?

When it comes to home insurance, there are no standard guidelines regarding the value or worth of belongings, nor is there a standard sum insured. Here are a few pointers to help you choose an appropriate cover:

For structural cover, the sum insured should be based on the approximate value of rebuilding the dwelling unit. It usually excludes the value of the land on which the building stands.

As for contents insurance, make a realistic inventory of your belongings. You can use estimates to calculate the replacement value of your furniture, appliances, and valuables. It is a good idea to keep your receipts and other relevant documents with you to support a claim.

Check the Exclusions before you buy

While the cheapest plan may seem the most attractive, it might not give you the coverage that you need. Go through the exclusions, the deductibles, limits of coverage and the claims procedure. Make sure you are comfortable with the language used and that there are no hidden clauses. The policy should explicitly mention the coverage it offers against natural calamities such as flood, water damage, burglary and accidental damage.

If you own luxury items like jewellery, paintings, electronics and other valuables, make sure that your policy covers them or check the limits applicable to such items.

Home Insurance Is Part of your Ownership Cost

Buying a home in Chakan is a big step and there’s a lot to consider beyond finding the best price or the best property. Insurance is yet another thing to factor in while considering ownership. So the next time you look at a flat in Chakan Pune for your family, or search for flats for Sale in Chakan, invest a few minutes to check what insurance options are available, and the cover that you may need to consider. That way, when disaster strikes, you can focus on the problem instead of the costs.