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What should householders' insurance include?

Know what all a householders' insurance include.

Apnainsurance.com Research Bureau

02 Jan 2008

If you intend to buy householders' insurance, you should purchase a policy that provides cover for your house as well as all the objects in it. However, do keep a few points in mind:

  • Make sure that you read and understand the policy - coverage, exceptions, and exclusions in the plan. Otherwise, you might be unpleasantly surprised to find out that your householders' insurance plan has exclusions you least expected; and more importantly, that you cannot claim in the event of a burglary or any other mishap. Your cover, therefore, should include your house, your belongings, your liability to others if some mishap occurs, and your living expenses if you are forced out of your house. Basically, if a disaster occurs, your policy should help you to rebuild your home and replace everything in it.

  • Take an inventory of your possessions. If you have to file a claim, two things need to be done - prove you own certain items and verify their value. Some insurance companies advise clients to go through their homes with a video camera, walk through each room, and ensure that you have everything you own on tape. Keep the tape in safe custody.

  • Always make sure that you update your policy value - to cover various assets that you might add to your house as well as the rate of inflation. Also, ensure the amount of cover taken is realistic; especially if you have refurnished your home.

See also:

Documents required for householders' insurance

How to assess the value of a house

How to assess the value of the belongings in a home

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