Buy a home insurance policy that pays actual cost of repairs

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PostPosted: Tue Sep 05, 2017 10:36 am   Post subject: Buy a home insurance policy that pays actual cost of repairs  

If you buy a long-term policy, premium is charged for the entire period at a go. Once such premium is paid, risk cover is issued for the entire period. The insurer cannot ask for additional premium in future years. However, you must make sure that the insurance is issued on reinstatement basis and with an escalation clause for sum assured.



This insures that even if there is damage in the later years, your insurance cover is adequate and cannot be classified as under-insurance by the insurer. Also, you get paid actual costs of repair rather than a depreciated value. you need to disclose the heart surgery in the proposal form. Insurers specifically ask about any major hospitalizations and past treatment.



Your surgery qualifies. In case of any future hospitalization, your treatment history would be recorded by the treating doctor. The insurer would reject a claim if the treatment history does not match with the details disclosed in the proposal form. A policy is considered void if the insurer can establish that proper disclosures were not made at the time of policy issuance.







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