Grounds for not Receiving PMAY Subsidy on Housing Loan
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For most people, investing in a home is one of the biggest investments they will ever make. No one can debate the fact that the process of purchasing a home involves a lot of saving, planning and a ton of research. Potential home buyers might even overlook the need to purchase a home insurance prior to buying a house as it is not a necessity. However, this just might be the worst mistake a soon to be home owner might make.
Home insurance includes structure cover and content cover. Structure cover includes compensations given during the destruction of your home due to natural calamities or man-made calamities. Contents cover includes compensation for the possessions of your home. The insurance covers the loss occurring due to the theft or damaging of the possessions of your home.
Listed below are few of the benefits of taking up a Home Insurance:
Despite what it sounds like, a home insurance isn’t merely for the house. One can consider it more of a property insurance to say the least. Almost all house insurance schemes cover every component of the property like the garage and even the fence. The good thing here is you can also provide add-ons in the scheme where even your furniture and appliances can be covered by the home insurance.
A lot of the home insurance schemes nowadays have the provision for the insurance seeker to have the property and the other things that got damaged replaced instead of having to claim an amount equivalent to the loss that one might have sustained.
Contrary to popular belief, if one thinks that opting for a home insurance policy is an expensive business, it actually is not if you truly understand the purpose of it. The benefits that any home insurance scheme will provide the policy holder will be far greater than what they might have paid in the long run.
What a home owners fears above all are definitely the occurrence of natural disasters, without a doubt. Post the occurrence of a natural disaster, the energy and money that goes into putting back the house together is something no home owner wants to face. This is where a lot of detailed home insurance policies help. A lot of them offer cover during many natural calamities like floods, earthquakes, landslides and the likes.
In cases where one might accidentally end up damaging another property, the home insurance you opt for will cover that as well. This essentially works in case of fire or even mechanical damage. Apart from that, your home insurance will also cover the medical expense if someone gets injured in such cases. Opting for a home insurance could be the best thing you do for yourself and your family, without a doubt, so do not think twice.