Source: Times Property ( )

There are plenty of reasons why a home insurance policy is an indispensable addition to one’s financial portfolio. The most significant reason is that it acts as armour to protect your home against potential risks and damage caused by unfortunate events, theft, or natural calamities like floods, tremors, etc., to the structure and its contents.

Here’s all you need to know about making home insurance a part of your financial plan:

Comprehensive home insurance: This umbrella policy protects the building’s structure, contents, and occupants.

Structure insurance: This covers the house against losses from structural damages caused due to natural or artificial disasters. It also considers theft, terrorist strikes, damage to ceiling/roof, kitchen and bathroom fittings, etc. The policy also offers riders that protect auxiliary structures like backyards and garages.

Content insurance: It shields against loss or damage to inside-the-house possessions such as jewellery, electronics, gadgets, televisions, refrigerators, etc., by reimbursing the amount based on the market value.

Landlord’s insurance: Intended for landlords to protect the house structure and contents, even if the proprietor is not living in them. With this, you can insure yourself against loss of rent or public liability.

Tenant insurance: Since tenants do not own the structure of the building, this protects their contents, such as furniture and appliances, such as washers and dryers, and other perils.

To conclude, adding a home insurance policy to the financial portfolio is crucial for anyone who wants to protect their homes from various damages and losses.