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Home insurance

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Basically, home insurance is a means of coverage of property and personal belongings in the face of an unexpected event. The insurance provides someone with the peace of mind that if something should happen to his hard earned property, there will be a way out of the misery as in having financial aid to rebuild from the scratches. For instance, if someone’s house gets burned down, of course getting the same thing back will be very difficult but at least there are ways to build upon and start over again. Policies (insurance contracts) vary from agency to agency and it is important to check out a few places before deciding on the right one.

Contracts are made based on what the person wants to be covered such as the land, house, personal belongings etc. The house can be covered for fire, theft, natural hazards which can happen in Mauritius (cyclones, floods, volcanic eruption etc), malicious damage, riots etc. In the eventuality that damage is done to the house, the agency may sort out alternative accommodation for the insured until the house gets back to normal. Personal belongings (furniture, electrical devices etc) are also covered for the same reasons and if they are accidentally damaged; belongings remain covered even if you are temporarily out of the house or if they are placed temporarily out of the named house. Glass as well as sanitary ware is also covered plus materials extending to the outside of the house as the garden. In addition, your personal liability is also considered in that the agency pays out if there is any accidental injury to someone in or around the house because of the insured. Some agencies even pay out in the case of death of the insured person due to thieves or fire.

Policies differ a lot from insurer to insurer but it is always made on what the policy holder (insured) wants; additional clauses can be added as per the wish of the insurer like pet coverage. It is important for the policy owner to always point out clearly as to what is being covered so that the right sum can be obtained if a claim is made. Exclusions to the contract should also be considered where the agency does not pay out for some particular reasons (those not specified in the contract).

Getting a home insurance can mean investing big money based on what is being covered but worth it if something unexpected should happen. Geographic location, nature of the property, area being covered are some of the factors considered when making a home policy. The less is the chance of material loss and damage, the less money is to be invested. To reduce the premium, one way is to get a good alarm system to reduce robbery risks. The premium can then be paid either monthly or yearly based on what the insured can afford over a time period that suits him/her.

Home insurance is the coverage of a house and property in the face of unplanned events such as natural hazards; coverage can be for personal belongings, furniture, glass, sanitary ware, pets etc; it can mean investing a lot but worth it should the worst happen.

gices Published 02 Dec 2011


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