A House made of brick & mortar becomes a home with people living it in together shaping their dreams and making them realize. Probably, the most important place where one can feel at peace and assured. To continue to enjoy this luxury, it is essential that House or Home is insured against the various risk that it faces such as Earthquake / Riots / Fire / Burglary / Natural Calamities etc.
Typically, there are two kinds of Home Insurance.
One, that covers the real estate value of the house and another which covers for various contents in the house such as electronics, jewellery etc. One can also buy a comprehensive cover, which will take care of both.
We will highlight here that Apartment Owners can get their house insured with respect to its market value as against constriction value which normally is the case in any home insurance. Unlike someone who owns a Bungalow, the apartment owner only has undivided share of land and in case of damage on account of earthquake / natural calamity, there might be situation that reconstruction the apartment may not be immediate solution available owing to multiple apartment owners and rebuilding the entire complex taking a very long period of time.
The home insurance plans can be for chosen period of time, generally for more than a year. These plans are relatively cheaper compared to any other insurance, as risk involved is relatively lower.