Are fire and floods covered if I take a standard home insurance?
All home insurance policies offer protection against losses due to fire. However to get protection against other natural disasters like floods and earthquakes you will need to opt for an
additional add-on covering for natural disasters.
Home Insurance typically offers coverage for the property and the content inside for losses incurred due to natural calamities such as earthquakes, lightning, cyclone, floods, etc. Valuable content is also covered if lost due to theft.
Understanding the terms and conditions of a policy before buying it is necessary to know what’s included and what’s not. For example, water seepage through walls and roof is not covered in the flood plan.
Rain can cause various types of damage to your home. A deluge caused due to excessive rain can be tackled by a well-protected policy. One can also get a cover for the personal belongings under the flood plan. However, flood victims are required to pay a minimal amount on account of the deductibles. The details of deductibles are decided right at the time of purchase.
Home Insurance policies purchased at the time of taking a Home Loan covers the building structure only. They do not cover content such as household articles and electrical appliances, which can possibly get damaged during a natural calamity. Such policies mostly cover fire and flood. In such scenarios, the best way to buy Home Insurance is to have an adequate sum insured including a cover for the content inside.
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