Property Insurance And Home Insurance Explained

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Property Insurance
Property insurance means first-party insurance coverage. It is an agreement between the first party and the second party. First party is the insured and the second party the insurer. In the event of loss to the first party, the second party is obliged to give reimbursement to the first party. Property insurance policies offer insurance plans for homes and commercial buildings. They also offer covers for boats and automobiles. Thus, a property insurance offers a wide range of coverage. It secures losses to our home so also the contents in the home, like antiques, showpieces and other belongings.

Home Insurance Premium
There are certain similarities in HOME INSURANCE and PROPERTY INSURANCE, and one has to be a bit careful while buying any of the two or maybe both at times.

Home Insurance policy is quite affordable. Being a bit calculative and articulate, home and its belongings can be insured in a cost-effective manner. Home insurance policy cover is made available against fire, damage, theft, burglary, structures etc. It offers insurance vis-a-vis man-made and natural calamities like cyclones, earthquakes, floods, cyclones. Home Insurance policy also insures household contents like antiques, jewelry and other valuables etc. So much so that it also insures against personal property, leased property, rented property, underpinned property, etc. Moreover, Home Loan insurance cover of Rs. One crore starting at Rs.23/- a day can be available.

Other salient features with regard to home loan insurance premium are as follows:

Hassle free settlement of claims with 24x7 hrs personal assistance
Generally the insurance companies offer 50% off on premium on long-term basis, for about 10 years.
Choosing a good premium is an art. By good alternatives and deductibles, you can lay hand on best adequate coverage.
Choosing a good company can further fetch you better bargains in the forms of much better facilities in quality and costs. Depending upon the amount of insurance cover you want from the company, you can save as much as tens of thousands of rupees.

Online Home Insurance Premium Calculator
Premium calculator is a very simple exercise. Simply send online the following particulars to some insurers who will call you back. You can bargain for specifications also.

Form of coverage- my Building, only Content, only Building & Content
Value of Building
How to Calculate
Value of Content excl. jewellery
Value of Jewellery

NOTE: Seek the help of your insurance agent while calculating your premium
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