Owning a home, mainly in India, is pretty a massive achievement which comes with an important set of duties. One of the most critical ones is protecting your funding with homeowners insurance. This sort of coverage safeguards your home and even yourself from surprising activities. Today, in this article, we’ll dive deep into the sector of homeowners coverage, understanding its coverage, and the claims technique. What is homeowners insurance? Why is it important? As the term suggests, it is a type of property insurance specifically designed for safeguarding your residence, belongings, and even yourself in case of unexpected events. This insurance, which is often considered an extra expense, acts as a financial shield, covering various situations that could leave you with a hefty bill. Investment protection One of the most valuable assets in your life is your home. This type of insurance tends to safeguard your property from damage caused by certain events. It is a well-known fact that repairing a damaged home can be incredibly expensive, and insurance helps you shoulder that burden at all times. Peace of Mind When you're nicely aware which you have financial safety in case of unexpected circumstances, it brings entire peace of mind. Owning an area comes with its percentage of troubles; coverage can help alleviate some of the ones by way of presenting a protection net. Safeguard and protect your belongings Your valuable furniture, appliances, electronics, and other possessions within your space are also covered by this home appliance insurance. Furthermore, it also protects valuable contents such as Jewelry, Gold, Paintings, etc. The plan offered by us offers coverage of up to Rs 5,00,000/- when the individual pays a premium of Rs 608/- for a period of 12 months. You can easily avail it via our official website. Inclusions Fire-related incidents, such as fermentation, natural heating, or spontaneous combustion, are covered under the policy, with a specified sum insured. Explosions or implosions are included in the coverage, with a designated sum insured amount. Lightning strikes are covered, with a defined sum insured value provided. Natural calamities like earthquakes, volcanic eruptions, or similar convulsions of nature are part of the policy, with a specified sum insured. Various other events, including storms, cyclones, floods, subsidence, impact damage, and theft within seven days of an insured event, are covered under the policy, each with their respective sum insured amounts. (Tip: A homeowners insurance protects your appliances as mentioned above.) Why Stashfin? We at Stashfin offer every kind of insurance for those who wish to play safe at all steps of life. From home insurance to cash loan insurance, you name it, we have it. Just explore the ‘Insurance’ section on our website and you’ll come across a wide range of options to choose from as per your suitability. Final thoughts While owning a home brings immense joy, it also comes with responsibilities. By availing such an insurance, this shield will tend to protect your property, possessions, and even yourself from unforeseen events. By understanding the overall coverage options and navigating the claims process, you can ensure financial security and peace of mind. So, what are you waiting for? Don’t wait for disaster to strike - secure your space today with a home insurance policy!
When you build your home, a space of your own, you realize that everything matters. A lot of hard work, dedication, and persistence goes into filling every corner of your home, and it is a well-known fact that you tend to spend a lot of money. The expenditure is basically done on things that you love and that provide you with more comfort. This is also crucial in the case of home appliances. Our spaces are loaded with various appliances that make our lives immensely easier and much more comfortable every day. From refrigerators and televisions to washing machines and dishwashers, these are significant investments that save you a lot of time. But wait! What if they break down or stop responding? This is where Stashfin’s best home insurance in India comes into the game, protecting your appliances and your finances as well! Today, in this blog, we’ll understand everything you need to know about such insurance. What is home appliance insurance? Why do you need it for your space? As the term implies, it is a type of insurance that is basically a policy particularly designed for your household appliances. It typically extends coverage beyond the manufacturer’s warranty, which usually lasts for a year or two, depending on the device. Many people consider insurance an unnecessary expense in our country, but they don’t realize how much money it can save in the long run. Peace of mind The most significant advantage of home insurance is the peace of mind it brings. Knowing you’re financially protected from unforeseen events allows you to stress less and enjoy your home more. Financial Protection When you purchase home insurance from Stashfin, we offer a shield that protects you from the financial burden of repairing or rebuilding your space if it is damaged by a covered peril. These perils typically include hail, fire, lightning, theft, riots, etc. Safeguards your precious belongings This type of insurance, i.e. house appliance insurance, goes beyond your home. It also covers your belongings inside the house in case of any theft or damage caused by a covered peril. Top things you must know before you buy insurance Understanding your requirements Before opting for one, look around your space and identify your needs and, most importantly, vulnerabilities. What exactly are you trying to protect and why? Analyze your risk tolerance, and then go for it! How to avail? You should know how to avail yourself of this home appliance protection insurance. We at Stashfin offer this facility completely digitally, from your comfort zone. There is no need to go anywhere; download our app on your smartphone, and you are good to go. Coverage Read the entire policy and get to know what’s covered and what’s excluded. Look for details on coverage limits, deductibles and claim procedures. Once you get in touch with us, our executives will provide all the details. Summing up When you build your own space or are currently living in one, you need to understand the importance of every single thing that has been made with your hard-earned money. Therefore, it is highly advisable to protect them at all costs with the help of a home insurance India by Stashfin. You can download our application, which is easily available on both the Play Store (Android) and the App Store (iOS). Further, for more details, please explore our website.
Insurance serves as a legal agreement between the insured individual and the insurance company, offering financial protection against potential losses. With the wide array of insurance options available today, it's crucial to grasp the different types to make informed decisions. Here, we delve into various insurance policies and their benefits. Types of Insurance Policies General Insurance: Also known as non-life insurance, it covers losses or damages to property. Includes motor insurance, health insurance, marine insurance, and fire insurance. Life Insurance: Provides coverage for life, ensuring financial security for loved ones in the event of the insured's demise. Encompasses term insurance, whole life, endowment, money-back, and unit-linked insurance plans. General Insurance Policies Health Insurance: Offers coverage for medical emergencies and hospital expenses. Types include individual, family floater, critical illness, senior citizen, and group health insurance. Motor Insurance: Provides financial assistance for vehicle accidents, damages, theft, and third-party liabilities. Includes car, bike, and commercial vehicle insurance. Home Insurance: Protects against risks like fire, theft, earthquakes, and floods, safeguarding both property and assets. Varieties include standard fire policy, home structure insurance, burglary & theft insurance, and landlord insurance. Fire Insurance: Covers damages caused by fires to property and belongings, with options like standard fire, comprehensive fire, valued, replacement cost, floating, and consequential policies. Travel Insurance: Secures trips against unforeseen events such as accidents, lost baggage, flight delays, and medical emergencies. Offers domestic, international, individual, family, senior citizen, and student travel insurance plans. Life Insurance Policies Term Insurance Policy: Provides monetary compensation to beneficiaries if the insured passes away during the policy term. Offers significant coverage at affordable premiums, making it popular for financial protection. Whole Life Insurance Policy: Ensures life coverage until the insured's demise, with benefits like death, maturity, survival, and bonuses. Policy terms and benefits vary among insurers, offering flexibility in coverage options. Endowment Policies: Combines life cover with savings during the policy term, with guaranteed maturity proceeds and bonuses. Ideal for future financial goals like education or marriage planning. Money Back Policy: Provides periodic returns during the policy term along with death and maturity benefits. Offers fixed payouts at specified intervals, suitable for risk-averse individuals seeking guaranteed returns. Unit Linked Insurance Plans (ULIPs): Investment products with built-in life insurance, offering investment, life insurance, and tax-saving benefits. Charges have reduced over time, making them attractive for long-term investment and protection. Children Plans: Tailored to secure children's future needs, combining savings and insurance benefits for education or marriage expenses. Offers lump sum payouts at key milestones and financial support in case of parental demise. Understanding these insurance types empowers individuals to make informed decisions based on their financial goals and protection needs. Whether safeguarding assets, securing loved ones' futures, or planning for specific life events, choosing the right insurance policy is essential for financial well-being.
Home insurance is an insurance policy that covers the costs and damage to your home or any insured property. It is a form of property insurance and one of the several types of general insurance products. Home Insurance – Coverage & Exclusions Home insurance is also called homeowner’s insurance. It safeguards your bungalow/apartment/rented flat/owned house/built home against potential risks. It covers the costs of damages due to any unfortunate event. Home insurance can be claimed for damage due to the following causes: - Natural calamities such as windstorms, hails, fire or lightning - Man-made problems like riots, theft, vandalism, or property destruction due to any civil commotion - Damage due to rail or road constructions - Collision of airplanes or any vehicle (not your own) - Explosion or smoke - Coverage offered under Home Insurance Policy - The home insurance policy covers various kinds of damage. For example, damaged electric lines/wires, water pipelines, or structure damage. It also provides coverage for broken windows/doors/floors/walls. Not only the house but also covers for the loss and damage to the contents of the house. It can be broadly divided into four kinds of costs on the insured property as below: - Interior damage costs - Exterior damage expenses - Loss/damage of personal assets/belongings from a house - Coverage for physical injuries that may occur while on the damaged property Home insurance policies may differ in what coverage they provide depending on certain factors. It varies according to the residence type (rented/owned) and size of the residence. Other characteristics like age, place of residence, replacement value, and location as well as the cost of belongings also matter. Your claim history or crime rate in the area can also matter. Finally, it depends on you what kind of coverage you choose. It is your choice about the amount of premium and deductible you are ready to pay. The deductible is the amount you have to pay before making the claim if the premium amount falls short of. When the deductible is high, the premium is less and vice-versa. Exclusions Although home insurance covers both natural and man-made causes, there are few accidents that go uncovered. For instance, there is no coverage for intentional damages, damages due to neglect, war situations, or ‘Acts of God’. These count as exclusions. Listing a few of them below: ‘Acts of God’ include calamities like floods and earthquakes are excluded in a home insurance policy. Some providers may come with additional coverages for these disasters in specific cases or customized policies Damage occurring due to low or zero maintenance and neglect of the property No cover for damage due to termites, rodents, birds, rot, molds Although there can be cover for fire and smoke in some circumstances, it doesn’t cover up smoke arising from industrial or agricultural operations If any damage is done by a home member intentionally or accidentally. For example, a collision with one’s own vehicle will not be covered under a home insurance policy Any destruction to the property under Ordinance of Law or court’s order Damage due to nuclear hazards or war in the country Why should you have a Home Insurance Policy – Benefits You should have a home insurance policy because it covers the financial loss. You may also have to bear the damage to property and its belongings under conditions not controlled by you. The benefits of a home insurance policy are: You can get monetary aid for repair and damage control due to unfortunate events If a third party causes damage, you can claim insurance without getting into a legal rift It is easier to get a mortgage (home loan) for repair/reconstruction/expansion if there is property insurance The costs of loss of home’s belongings and content can also be covered up. Home belongings like appliances, furnishings, furniture, gadgets, or jewelry Coverage is there not only for damages due to accidents or calamities but also due to theft, robbery, or burglary. There are types of home insurance policies that are designed to cater to specific requirements. These policies include Landlord’s Insurance or Tenant insurance. The landlord can claim the landlord’s insurance when the tenant (public liability) does damage. Also, when there is a loss of tenant’s payment (rent) due to other reasons. Similarly, the tenant can get insurance for his/her own belongings in a rented flat How to Claim Home Insurance? In order to claim home insurance money, you may need documents and evidence for the damage. Documents like police FIR/investigation report and statements from fire brigades/authorized organizations/residential society. Also, medical officer’s certificate of death or disability if required. Apart from that, you may need court summons, repair estimates, invoice/proof of owned contents, etc. You have to pay the deductible for making a home insurance claim. The insurance amount you get will depend on the type of policy you have. It depends if your coverage provision will be based on the actual cash value or the replacement value. It is explained further below: Actual cash value gives the present value of a house/house item. It deducts the depreciation from the cost of the item when it was new. Depreciation is the loss of value of an item/property due to the age and condition of the item. Depreciation calculation may depend on the insured item and the insurance provider. Suppose a television set is insured and is damaged/stolen due to robbery. The insurance amount will be the coverage of the cost of the TV based on its reduced value at the time of the claim Replacement value coverage means it will cover the actual cost of the damaged property or an item. It will provide the insurance amount to replace it. Let’s assume the damaged/lost television set is 3 years old and coverage is as per its replacement value. Then, one can claim the insurance amount as the cost of the TV set at the time of its purchase. The insurer shall cover the cost of buying/replacing with a new TV set of similar…