Home Loan - Home Insurance

Home Insurance Policies—The Basics

A basic home policy covers perils, which are specifically named risks such as lightning, theft, fire, smoke, wind and explosion. With this type of policy; any risk that is not mentioned specifically in your policy is not covered. From some insurance companies you are able to purchase special policies that cover the house for all perils except those explicitly excluded by the policy though, such as pet damage.
The chart below illustrates typical coverage under a leading insurers standard home policy.
COVERAGE
DESCRIPTION / EXPLANATION
EXCLUSIONS
Dwelling Other Structures
  • Residence, attached/built-in garage
  • Includes structures you own that are not attached to the house, such as storage sheds, fences and barns.
  • Motor vehicles such as your lawn mower or motorised wheelchair are covered, but your automobile must be covered by a separate auto insurance policy.
    Some excluded perils:
  • Earthquake, except by special endorsement
  • Floods
  • Pet Damage
  • Damage by birds, rodents, and insects
  • Pollution damage
  • Water damage resulting from flood or sewer backup, except sewer back up coverage by a special endorsement
  • Deliberate damage you do to your own or someone else's property
  • Normal wear and tear
  • War
  • Residence, attached/built-in garage
  • Includes structures you own that are not attached to the house, such as storage sheds, fences and barns.
  • Motor vehicles such as your lawn mower or motorised wheelchair are covered, but your automobile must be covered by a separate auto insurance policy.
Personal Property
  • Covers damage, theft (some items subject to special limits) or destruction of items such as televisions, stereos, furniture, etc.
  • • Generally excludes same perils as dwelling coverage.
Additional Living Expenses
  • Covers the additional costs of living in case you have to move out of your home and live in a hotel or rental while it is being repaired for a covered loss.
Basic Liability Insurance and Medical Payments to Others
  • Covers expenses in the event you are found to be legally responsible for damages or injuries to others, on or off your property.
  • Damage done intentionally
  • Business liability

Exclusions and Additional Coverage

Read your home policy carefully to find out what is excluded from coverage. In addition to excluded perils, your coverage may exclude:
  • Property and liability of tenants, roomers or boarders. Tenants may opt to purchase renters' insurance.
  • Business liability for damages resulting from home business activities and professional services. Talk to your insurance agent about separate business- related coverage.
  • Lightning damage to trees, plants, shrubs and lawns.
  • Debris removal (for example, removal of wind damaged trees that have fallen and are leaning on your house).
  • Fire department service charges
Contact :
Pinnacle Properties India (P) Ltd.,
#9, Pinnacle, First Floor, Alagesan Main Road,
Saibaba Colony, Coimbatore - 641011.
E-mail :  sales@thepinnacleproperties.com
Mob : +91 9843999900,   +91 9843999799,  +91 9843077756
Landline : 0422-2456996
Fax : 0422-4383553
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