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Health InsuranceHow to save your dream from getting broken?

Building insurance: A building cover is important part of home insurance. Most housing loan companies have made it mandatory for any project to have building insurance before they sanction any loan.

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Health InsuranceHow to save your dream from getting broken?

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  1. How to save your dream from getting broken? Your house is like a heaven on earth. In life, people work hard day-in and day-out to finally build a castle of their happiness. A house owned is the most important dream of your life. However, natural calamities, or stealing and burglary are some of the incidences that don’t knock your door to damage your house or inside property. They come unexpected and can shatter your dreams in minutes forever. This will not only be a huge financial loss but also a mental setback and physical pain of rebuilding your dream once again. One of the best modern day tools to cope with the financial losses would be purchasing home insurance policy.

  2. There are mainly two types of insurance in India: Building insurance: A building cover is important part of home insurance. Most housing loan companies have made it mandatory for any project to have building insurance before they sanction any loan. This cover protects only the structure of the property. It insures the amount that you would need to reconstruct the house, in case damage is done to your property. Content insurance: This policy covers things inside the house. Many people keep expensive ornaments, gold and silver etc. in house. At this time this insurance becomes very valuable if there is any crime of stealing or burglary.

  3. Things to remember before you buy While covers and premium rates vary slightly from insurers to insurers, shopping home insurance is not very difficult. However, there are a few things you should keep in mind. Adequacy: The sum insured will be the basis of compensation therefore it should reflect the correct property value. Most people mistakenly choose the insurance amount compared to market value. However, you need to bear in mind that company pays on a reinstatement basis, which keeps fluctuating with construction costs.

  4. Service Level: Home insurance is very tricky concept. Although all policies might look identical it’s the service that makes them stand out differently. It will be wise to check the claim settlement procedure, simplified process and prior records of the insurer. A person invests his or her life savings in buying a house therefore it is important to get it insured to protect your interest as an Individual/family, to protect yourself/in case you have taken housing loan and last but not the least to protect yourself from third party liability. [Source: http://www.articles.mastercraftindia.com/Article-Site/how-save-your-dream-getting-broken]

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