What are some of the most important factors that decide home insurance premium rates?
The most important factors that decide the premium rates of home insurance are:
- Location of the home
- Size of the home
- Risk profile
- Credit history of the policyholder
Are personal belongings also covered under home insurance?
Yes, personal belongings are generally covered under home insurance. That being said, some policies do not provided coverage to personal belongings. Generally, the policyholder will have to opt for an additional rider that provides coverage to personal belongings of the policyholder.
What if I sell my home to another person? What happens to the home insurance?
The home insurance contract will get terminated the moment you sell your premises to another person.
What are some of the notable exclusions of home insurance?
Notable exclusions include:
- Intentional damage to the house
- Damages caused due to reckless behavior
- Nuclear blast / fallout
- War
- Rioting