9 Major Risks for Which you Must Insure your House

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Dream house is what we cherishes for whole life. Person work hard throughout his life so as to have a good and long lasting house. There is no such place like home in the entire Universe.

Natural calamities like earthquake, cyclone, fire or even manmade accidents like fire or events like burglary, riot keep on happening and if you are unfortunate you may loose your house either fully or partly.

Also Read: Principles for Valuation of Cost of Construction
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By investing in a good home insurance policy, you can protect your home from such calmatives and accidents including situations like burglary, fire, earthquake or destruction of house due to riots etc.

Home insurance covers losses to the structure and content of your home due to natural and man-made calamities.

We have tried to list here 9 major risks for which you must insure your house.

A) Natural Calamities :

01. Earthquake:

This is very sensitive particularly in zones IV & V area of India where probability of high magnitude earthquake is more. Remember it is never possible to build “Earthquake Proof” house. What the best engineer can build is “earthquake resistant” and though building may not collapse, there would always be damages requiring repairs due to earthquake.

The companies generally offer coverage against loss or damage to any of the insured property. However, many policies do not cover flood or overflow of the sea, rivers and lakes due to earthquake i.e. Tsunami.

02. Cyclone, Wind: Make sure to insure building as well as its contents i.e. furniture etc.

03. Fire: Make sure to insure building as well as its contents i.e. furniture etc.

04. Storm, Flood: Make sure to insure building as well as its contents i.e. furniture etc.

05. Lightning

B) Manmade Calamities:

01. Burglary & Theft:

The contents of home are also covered against burglary or theft. The coverage will also be extended to silver articles, jewellery, precious stones and other valuable items, provided these are kept in a locked safe within your home premises.

02. Riot, Strike

03. Missile testing operations

04. Aircraft damage

One has to take a call against which you must insure, judging the probability of misfortune going to hit him.

Normally the home insurance policy does not cover the following risks:

  • Loss or damage caused by wear & tear & depreciation
  • Loss of cash
  • Loss or damage caused by war, invasion, act of foreign country
  • Loss or damage caused by nuclear war
  • Loss, destruction or damage caused to any electronic equipment due to over-running or excessive pressure
Also Read: Importance of Value & Valuation

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