Household insurance scheme

A person invests his hard earned money in buying a home. But when that house gets damaged by any reason then it’s a great loss for him. To protect your home from any such damage you can take insurance policy. Household Insurance protects your home and its belongings from any financial loss in case of any mishaps. If you have this insurance then it frees you from all the tensions and provide you with compensation amount. You do not have to worry about of getting homeless after any disaster. The disaster could be natural or due to any accident. If your house is insured then you need not to worry at all. This is true that no one can avoid natural disaster. Nothing is anyone's hands. Whatever has to happen will happen. No one can stop that. But atleast you can protect your property against these risks. So that you won't have to repent later on.
In household Insurance not only ones’ personal property is insured but his and his dependents life is also covered. The other components of your home like, doors, windows etc. also get covered under Household Insurance. If you are taking this policy then your spouse automatically gets covered in the policy even though his name not mentioned in the policy.
There are two types of Household policies. One is which provides the actual cost of the property and the other which offers only replacement cost of the insured property. But if it is not mentioned that it is for replacement then coverage is considered at the whole value of the property.

Steps to be taken while taking the policy
(1) Write down the serial number and price values of all the electronic items in your home which can be used for quick reference at the time when needed
(2) Make a list of all the items in your house. The list should be preserved and not easy to damage. The details like quantity, cost, dates etc. should be kept.
(3) While doing work on any new things like door, window, pool, furniture etc. name them also in the list. So that you can get the insured amount even if they get damaged while on the progress.
(4) Do not stick to a company. Verify the policy amount, benefits, quotations from different insurance companies. After seeing many insurance companies then do arrive at a conclusion. After all it’s a matter of your dream house. Why to compromise with it’s saftery?