How to buy a home insurance policy?

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PostPosted: Tue Sep 05, 2017 10:34 am   Post subject: How to buy a home insurance policy?  

Home insurance continues to remain an ignored insurance product. A basic home insurance policy is a fire insurance cover that insures the structure of your house and its contents against fire and allied perils such as lightening, storms and floods.



A householder’s package policy (HPP), on the other hand, is a fire insurance policy that packs in more options. It also insures the contents of your house against burglary, damage and mechanical or electrical breakdowns. A home insurance policy is a must for all homeowners.The value of your house comprises three broad components, which are: cost of land, cost of construction, and locality costs (a house in a premium location would cost more).



The insurance covers only cost of construction. A civil contractor or a real estate broker will tell you the cost of construction and while it may vary depending upon the city, it doesn’t vary too much between one location and another. Now, there are two ways to arriving at the sum insured—first is on a market value basis or a depreciated cost basis, and the second is on a reinstatement basis.







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