Home Insurance

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Home insurance, also commonly called hazard insurance or homeowner’s insurance (often abbreviated in the real estate industry as HOI), is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include loss occurring to one’s home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory. It requires that at least one of the named insured persons occupies the home. The dwelling policy (DP) is similar, but used for residences which don’t qualify for various reasons, such as vacancy/non-occupancy, seasonal/secondary residence, or age.

The home insurance policy is usually a term contract-a contract that is in effect for a fixed period of time. The payment the insured makes to the insurer is called the premium. The insured must pay the insurer the premium each term. Most insurers charge a lower premium if it appears less likely the home will be damaged or destroyed: for example, if the house is situated next to a fire station; if the house is equipped with fire sprinklers and fire alarms; or if the house exhibits wind mitigation measures, such as hurricane shutters. Perpetual insurance, which is a type of home insurance without a fixed term,term plan comparison can also be obtained in certain areas.

Home insurance is currently not very common amongst the common people, though there is growing awareness. Currently, a larger number of people in metros look at buying the householder’s policy that compensates for any loss of household goods incase of fire or theft. With frequent incidents of theft, people see a greater need of this policy, though insuring property or house is still less popular, even among the urban population.

For discussing and short listing the best insurance for your home, please get in touch with our team of experts.