Home Insurance - FAQ

  1. Why do I need a homeowner insurance policy?
    By and large, a homeowner insurance policy provides you with coverage for specific hazards, such as loss, damage, theft and liability. What is important, only policyholders can apply for a mortgage loan.
  2. What does a homeowner insurance policy cover?
    Your homeowner insurance policy covers the expenses of rebuilding or repairing your home after it has been damaged in the event of fire, wind, lightning and hail. If someone files a suit against you for damage you caused, your homeowner insurance policy usually offers liability coverage and pays legal fees.
  3. What information should I provide while applying for Home Insurance?

    In order to get an adequate insurance quote, you should provide the following information:

    • technical details, such as square footage, type of construction, etc.,
    • the amount of liability coverage you think you'll need,
    • date of construction,
    • previous Home Insurance claims,
    • date of last electricity, plumbing and heating conservation.
  4. What factors affect my Home Insurance price?

    Insurers usually take into consideration the following factors:

    • construction type,
    • date of construction,
    • the homeowner's credit score,
    • deductible amount.
  5. Is there a difference between a Home Insurance policy and a home warranty cover?
    Yes, there is a substantial difference. A Home Insurance policy typically applies when damage or loss to your home and/or your belongings is caused by a covered peril. Whereas a home warranty covers the cost of repairs and replacements for your covered home appliances and systems which break due to everyday usage.

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