alexa Missed Call Number

What is your Credit Score? Get FREE Credit Score in 1 Minute!

Get Start Now!
Home Articles What is Home Insurance?

What is Home Insurance? Research Team | Updated On Monday, September 24,2018, 04:37 PM

5.0 / 5 based on 1 User Reviews

What is Home Insurance?



What is home insurance policy?

Home insurance is a contract between an insurance company and the owner of the home to cover certain types of damage to the property and its contents, theft of personal possessions, and liability in case of lawsuits based on incidents or events that occur on the property. Home insurance provides compensation for damage or destruction of a home from disasters. In some geographical areas, the standard insurances exclude certain types of disasters, like flood and earthquakes that require additional coverage. Maintenance-related problems are the homeowners' accountability. The policy might include inventory, or this can be bought as a separate policy, particularly for people who rent housing. In some countries, insurers offer a package which may include liability and legal responsibility for property damage caused by members of the household, including pets.

To take an insurance policy, which is based on the value of the home and what is covered in the policy, the customer has to pay a premium set by the insurance company. If he/she has a mortgage loan, their lender will require them to have enough homeowners insurance to cover the amount they owe on the loan.

Home insurance policies differ substantially from contract to contract and from insurer to insurer as well as from region to region. Almost all policies have exclusions, which are causes of loss that are not covered. All the coverage and omissions of a particular policy are spelled out in the terms and conditions.


Related Articles


Did you find this article useful? You can Rate us
5.0 / 5 based on 1 User Reviews
Article Author Research Team

The research team at comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

What is your Credit Score? Get FREE Credit Score in 1 Minute!

Get Start Now!
Get It now!

This is to inform that Suvision Holdings Pvt Ltd ("") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.