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
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.
The home insurance contract will get terminated the moment you sell your premises to another person.
Notable exclusions include:
- Intentional damage to the house
- Damages caused due to reckless behavior
- Nuclear blast / fallout