Home Insurance is the best way to protect & secure your abode

Types of Weather Related Claims Home Insurance Companies Can Deny

With an active spring season set to hit large regions of the country over the coming week, damage to property is likely to occur. Although, home insurance plan can help compensate some of the costs associated with repairing a weather-damaged home, but it’s important to understand what policies cover and what they don't before making a claim.

Owning a home insurance policy that includes coverage for storm damage or flood damage doesn’t necessarily mean every claim will be accepted. To prepare for the unplanned weather strikes, homeowners should to be cognizant of these 6 home insurance loopholes following severe weather conditions.

#1 Flood Damage

Generally, many homes in flood prone area are ineligible for flood insurance and living outside of a flood area also doesn't necessarily ensure coverage. Thus, buyers have to understand that houses may be considered to be at flood risk despite not being near water. Each insurance company determines which areas are at risk. Categories like 'flood plain, fringe flooding areas and susceptible zones will affect insurability, rates, and policy requirements. Therefore, it is recommended to find a local, knowledgeable advisor to help select the right flood policy and criterion.

#3 Empty Homes

Some insurance policies don’t accept the weather related claims if the damage to the property is being made while the homeowner is away, even if the insurer is informed about the damage beforehand. However, many general insurance companies say a house vacant for maximum four days can still be covered. The best method, a home owner can apply is to talk to the broker while heading for a lengthy vacation. In some situations, additional requirements can be purchased to help extend coverage. Turning off the water and having a regular check by someone while you’re away could make the difference in being covered or paying out of pocket.

#4 Renovations

If you plan to renovate your home, it is wise to update to your insurance policy, because your insurer may deny your claim because of recent home remodels that were not mentioned before in the policy. Many people renovate their home with a new kitchen, roof or a bathroom etc. and forget to inform the insurance company with the new modifications they have done to their home, as a result of which they might not get covered when the weather strikes.

#5 Snow Damage

Homes in areas prone to heavy snowfall may not be covered for snow damage, so it is recommended to check a policy carefully for snow coverage prior to purchasing a home insurance. Areas where frozen rain is common may have different stipulations, or require a separate policy to get covered for losses.

#6 Water Damage

Any water damage to the home from the immediate effects of a storm is probably covered by many insurers but any damage from a longer-term leak in the roof will not. Therefore, it is advisable to go for a regular roof and window maintenance to insure coverage in future.

To sum up:

As whether strikes and unexpected and abrupt, it is better to check the Home insurance loopholes beforehand. To assure 100% coverage from weather catastrophes, review your policy with a professional insurance broker. Also, make sure your policy is up-to-date and any areas of concern are addressed prior to making a claim.

[Source: http://generalinsurancefacts.blogspot.in/2015/06/Types-of-Weather-Related-Claims-Home-Insurance-Companies-Can-Deny.html]

Cover your house with suitable protection plan…

Although renting for residential accommodation is on the rise in India but still buying a home is like a owning your dream someday. Most people try to buy property rather than renting one. Usually the rent one pays is equivalent to the EMI one would pay for their own house, especially for the ones in metropolitan cities. Therefore, buying your own dream is better the renting one. Once, you decide to buy your own house you have two choices either it’s from your own savings or to take loan from a bank. But whatever you choose, it is extremely important to get a house insurance to protect your assets should you be faced with any unforeseen calamity.

Uncertainties never come knocking at your doorstep. You may choose the best loan option, live a happy life with family in your new house but natural calamities like earthquakes, floods, fire, explosion, cyclones, lightening etc. can strike anytime. If you not at home there might be stealing, burglary or riots which can cause serious damage to your valued house. At, times it may be extremely difficult for you to construct or buy a new property once again on your own. Infact, it might break your back leading to serious finance crisis. Therefore, owning a well balance house insurance plan would be the ideal way to cover up your expenses and save yourself from financial crisis.

A home cover will not only cover the structure of the house but also its contents which are equally valuable. Different home insurers will assess the value of the damage done differently.

In India, home assessment is based upon multiplying the area of the structure by the cost of construction. The value of the contents is ascertained by its current market price Depending on the type of home insurance policy you take, you get coverage for different kind of hazards. The good news is that home insurance come at very cheap rates and will not strain your pockets. This vital cover comes at affordable rate and the cost of insuring the structure against damage is as low as Rs 50 per Rs 1 lakh.

To secure your home of any threat, Home Insurance Policy will provide security to the structure and/or contents of your home against unforeseen calamities. Home insurance protects both your house and property at a minuscule cost. The benefits outweigh the cost involved towards the insurance premium payments. 

The best way to find the right house insurance policy for your needs is to first evaluate your home taking into account the value of your property, any risks such as being in a flood or seismic area and the value of your possessions. Once you have this information, it is a good idea to start looking online for the best deals. Online sites are a great place to start as they help you easily to compare the cost of home insurance and also provide you variety of options to choose as per your requirements.  Always be sure to read small print and ensure you are adequately covered before committing to house insurance, as the wrong type of coverage could lead to problems further down the line. A standard fire and other perils policy covers damage due to fire, lightning, storm, flood, landslide, earthquake, vehicle impact, rioting, arson and bursting of pipes and tanks. Although it is possible to buy this as a standalone cover, but most insurance companies encourage buyers to go for a comprehensive plan that covers a wide range of risks.

Also, keep in mind that as you bring in more and more factors under insurance cover like natural disasters, the premium will slightly push up. A house insurance cover is one unique product which stands apart as it protects both the home structure and the household contents.