No one can deny the adage, home is where the heart is, and undoubtedly, all love their home. It is the ultimate place to go back at the end of a good or a bad day. Since it is so close to the heart, it is of utmost importance to protect it. Moreover, a house requires heavy investment in form of capital and is often the single largest investment for many. Thus, apart from emotional connect, it also holds financial importance. For these reasons, safeguarding it from the various perils becomes important. These unexpected perils come unannounced and hence it is essential to have a coverage against them. A home insurance policy is the perfect safeguard for protection of the various damages that may occur. But when selecting a policy, there are various features that you need keep in mind. This article enlists the essential checklist helping you choose the right home insurance plan.

Checklist for a home insurance plan

Since the damages to your house’s structure will result in major repairs, a home insurance policy in its base coverage provides protection against damages to the structure of the house. However, there are various other areas that need coverage and must be considered when buying. Continue reading to know more.

Coverage for additional structure: Apart from the structure on which your home is built, inclusion of any attached garage, backyard shed, or a fence, swimming pool, or driveway and the like are essential. Any natural calamity or man-made event damaging these additional structures will result in substantial financial loss. Thus, you need to check for coverage for such additional structure too.*

Protection for property or personal possessions: Home insurance not only must safeguard the structure of your home, but also offer coverage for personal possessions.* Homes have various personal possessions which include artifacts, jewellery, paintings and even home appliances. Damages to these belongings can mean financial losses and so you must ensure coverage for these possessions too. Not just the structure, but these personal possessions are critical in transforming a brick structure to your beloved home.

Facility for alternate accommodation: Home insurance plans that offer the facility for an alternate accommodation have an upper edge as compared to its counterparts.* This way, any damages to your home that make it unsafe to stay can help you stay till the time your home is repaired.

Cover for liabilities: Human induced events like a fire or other mishap at your place can not only destroy your home, but also those units adjoining to yours. This results in legal liabilities for which compensation is required to be paid. With a policy that offers cover for such legal liabilities, it helps avoid a financial loss.

Facility of add-ons: Add-ons are optional policy features that enhance your home insurance policy’s scope. When buying one, checking the coverage of such add-ons help. Since they are optional features, opting for one result in an increase in the home insurance quotes but increase the policy scope substantially.

* Standard T&C Apply

These are some considerations that should be remembered when selecting a home insurance policy. To balance the premium and its features, you can make use of a home insurance calculator. Also, keep in mind that insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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