• When you buy your house, your initial instinct should be to secure your home. Your house is one of the most significant investments you will ever make in your life. Consequently, you need to ensure that you protect it under any circumstances.
• Many individuals obtain home insurance to safeguard their house and its belongings. It is important to understand that since it is not compulsory in India, a lot of people hesitate to buy it. Nevertheless, that is a substantial mistake you will be making. Your home is your refuge; you must defend it at all costs.

What is Home Insurance?

• A home insurance policy offers protection to individuals against significant risks such as fire, property crime, and certain damages. One of the primary advantages of this kind of insurance is that even when you are away from the property and traveling, the contents will still be covered.
• You will need to pay extra fees if you desire additional coverage for all your possessions alongside the home structure. For instance, the premium will increase, and deductibles will also be factored in. Deductibles are likely to be applied when you are traveling and your luggage is lost, so you can file a claim for it. The house insurance will provide protection against human-made and natural disasters. However, certain fees will be associated with it.
• House insurance typically encompasses two elements: the structure of the house or the contents of the house. Based on your preferences, you can select either one aspect or both. Generally, homeowners choose both types of coverage, while renters typically select only the contents coverage of the house.

Features of Home Shield Insurance

Choosing Home Shield Insurance can be one of the best choices to make, given its distinctive features. It slightly differs from conventional home insurance policies, providing additional benefits and unique perks.
New homeowners tend to prefer Home Shield Insurance because of all its features, including the following:
1. It is For Everyone
The Home Shield Insurance policy is available for everyone—tenants and homeowners alike. Therefore, it is not necessary for you to own the property to apply for insurance. Whether you are the owner wishing to protect the home structure, or you are the tenant wanting to secure your belongings—both can opt for this policy for renters insurance. However, be aware that the coverage and premiums will vary depending on the type you select.
2. Covers Man-made and Natural Disasters
Certain homeowners insurance policies provide coverage solely for natural disasters. This coverage will also be restricted to specific types of disasters. However, it is vital to note that Home Shield Insurance provides coverage for both human-made and natural disasters. Thus, if any calamity occurs that is covered, you can file a claim and have the property repaired for the damages incurred.
3. Structure and Content Coverage
Home Shield Insurance effectively ensures structure and content coverage. Compensation will also be given in the event of damages and losses. It’s important to remember that these coverage benefits will also apply when you are traveling. However, the coverage you will receive for this will be somewhat less if personal property is lost off-premises while you are traveling.

4. Optional Coverage
Unlike other home insurance providers, Home Shield Insurance offers an extensive list of optional coverages. You must specify all the items on the list if you want any optional coverage. Once the plans are provided, coverage will be applied accordingly.

5. Insurance According to Market Value
The insurance coverage offered by Home Shield Insurance will be based on the market value. You can select insurance and protect it according to your premium. You may discuss with the insurance provider the type of coverage you will receive based on the property’s current market value.

Benefits of Home Shield Insurance

Home Shield Insurance can serve as your gateway to securing your property and finances. Choosing Home Shield Insurance over others can provide numerous benefits. Some of the most common advantages of the insurance policy are as follows:

1. More Than Average Coverage

Home Shield Insurance differs from standard homeowners insurance, which offers only limited coverage. Instead, Home Shield Insurance provides broader coverage, particularly for the structure and contents of your home. The insurance will present a safer alternative for coverage in case anything goes awry. This can grant you peace of mind and safeguard the contents of your home against any losses. If any loss or damage occurs to the property, the insurer will be available to help compensate for the losses.

2. Peace of Mind
Your home is not just your largest investment but also your most cherished asset. Therefore, isn’t it crucial that you choose property insurance for peace of mind? Having shield coverage for your property offers comprehensive protection. Thus, you will enjoy the benefits of a comfortable environment. Even if damages may not occur, it is wise to remain protected against potential issues. This safeguards the house from major expenses and plays a significant role in avoiding hefty costs. Therefore, you will also be financially secure.

3. Everyone Can Purchase
Both homeowners and tenants are eligible to purchase Home Shield Insurance. Investing in property insurance to safeguard the contents and home can be very advantageous. It is recommended that you clarify the purpose for which you are acquiring the insurance, such as homeowners or renters insurance. This can be an excellent addition, ensuring great convenience and protection for all your possessions.

4. Protection Against Mishaps
A property insurance policy can be crucial in protecting against mishaps. Your insurance will cover a variety of situations that can provide peace of mind. Mishaps are unpredictable and can occur at any time. Thus, you must remain prepared for them and protect yourself against these risks with an insurance policy.

5. Rebuilding
If you need to reconstruct the property after any turmoil, the home insurance policy can be crucial. If you are required to reconstruct the property due to any turmoil, it will cost you a significant amount. However, with insurance, the cost will be included in it. The insurer will reimburse the amount necessary for the reconstruction based on the expenses.

What Are Excluded in Home Shield Insurance?

Though there is a broad range of inclusions in Home Shield Insurance, there are also specific exclusions. Some of the typical exclusions are listed below:
1. War damage and losses: If your property was harmed due to any insurrection or war, the coverages will not be provided.
2. Extra amount: There is a defined coverage for the insurance; however, if there are additional costs, you will have to bear them. Hence, coverage will not be extended for that. Regardless of the claim amount, if there are any additional expenses, those will be your responsibility.
3. Hazardous explosions: If any hazardous explosions inflict damage to the property, it will not be included in the insurance. For instance, radioactivity and nuclear explosions would not be included.
4. Collapse or damage: If the property collapses or sustains damage from termites or hidden defects, coverage will not be available for you. A primary reason is that these issues can be prevented if addressed promptly, but if not, no coverage can be offered.

Conclusion

The Home Shield Insurance can be an excellent addition to your property. It will safeguard your house and your possessions against unexpected damages. You can review the coverages it provides and decide if you require anything extra. Moreover, be ready to pay a higher premium if you seek additional coverage. Nevertheless, it is important to note that the investments you will make will be completely worthwhile, as your home will be protected.

Disclaimer: The above information is for illustrative purposes only. For more details, please consult the policy wordings and prospectus before finalizing the sales.