A substantial section of the community is profoundly unaware of the privileges and the facilities home insurance provides. Read to know about some of them.
The person who is paying and purchasing the insurance policy is the liable policyholder.
The sum that the policyholder is paying to the insurance company to keep the insurance intact is the premium amount.
Premium Paying Duration
The time frame, within which the policyholder decides or has to pay to keep the policy live.
Premium Paying Mode
Most Home Insurance companies provide flexible options to a policyholder in terms of paying the premium amount, yearly, quarterly or half-yearly.
The Sum Assured
Sum assured is the amount that is paid to the policyholder in case something unexpected happens to the person concerned i.e. death.
Nominee for policy
In case the person concerned passes away, the next person to which the Home Insurance carries onto is the Nominee i.e., a second policyholder.
Policy term is the total duration for which the policy is valid.
Claim in policy
Any monitory compensation/ reimbursement in the tenure is termed, as a claim.
The sum of money, that the homeowner or policyholder has to pay before the policy comes into play/live.
The decline in the estimate of the property due to several factors like natural calamities, ageing etc. is known as depreciation.
Any new add-ons or enclosure provided with the clause of the policy is referred to as an endorsement.
The process adopted by the insurer, which includes the eligibility criteria and the premiums for the policy is underwriting.
Having an insurance policy is a great way to build a safe future for yourself and your family members.
Read Also: Which Important Home Insurance Terms Should You Know?
Alisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health. She has in depth knowledge and has written more than 1200 blogs on topics related home and car insurance. She also provide you with knowledge about home improvement and cooking.