Specialist Home Insurance – Some General Information

Specialist Home Insurance – Some General Information

Constructing a house is always an expensive affair, and a lot of emotions are put into it, which in turn transforms a house into a home. So, when someone spends a lot of time, money, and emotions in getting a home for his/her family members, it becomes essential that he/she should protect it in every possible way. This is the reason why we purchase home insurance policies. Having a home insurance policy is absolutely essential in today’s times, mainly because the cost of construction and repair has multiplied over the last few years.

Home insurance policies provide a wide range of coverage, such as natural calamities, fire related damage, burglary, and many more. Some regions are more vulnerable to certain types of natural disasters. For example, cyclones and tsunami is more common for people living in the coastal regions. People living in the hilly areas are more vulnerable to earthquake and landslide related incidents. Likewise, if you are living close to the forest then your house might be more vulnerable to forest fire. So, in such cases, it is better to opt for specialist home insurance policies.

What is a specialist home insurance?

This is a kind of home insurance policy which encompasses scenarios that the standard home insurance policies don’t. It can be natural disasters, unoccupied property, home owners with too many insurance claim records, etc. So, this kind of home insurance is customized according to the nature of the property and its owner. In India, the demand of specialist home insurance is rising with the passage of time.

A lot of insurance companies do not sell their policies to customers if their property is located in a high-risk zone. By high-risk zone we mean areas that record high cases of natural disasters, burglary, vandalism, and other incidents that cause damage to the properties. In addition to them, there are many more options available when it comes to buying specialist home insurance. Some of them are listed below.

  • Unusual construction

A lot of people still own houses made up of unusual construction materials, such as frames of timber and steel. So, if you own such a property, and you want to get it insured then you have to go for a specialist home insurance plan. These houses are placed under the special or unusual constructions, and therefore you need to opt for a specialist home insurance policy for them.

  • Unoccupied home insurance

There could be a number of reasons behind the occupied condition of properties; such as- renovations, long vacation, awaiting sale, health care reason, and many more. No matter what the reason behind is, it is still important to get the property insured. An unoccupied property is more vulnerable to damage and vandalism. So, if your property has been left unoccupied for over a month then you should definitely opt for a specialist home insurance policy. In such cases, standard home insurance plans will not cover your property.

  • Listed building insurance

If your house has a historical or an architectural importance then it won’t be covered by a regular home insurance policy. In such a case, you will have to buy a specialist home insurance plan. The coverage amount will be decided after evaluating the price of your property. In these cases, the premium associated with the policy is usually high.

  • Subsidence home insurance

This is another type of specialist home insurance, and it has been designed for the high-risk properties. Due to soil erosion and shrinking of clay, buildings start sinking into the ground. The foundation of such buildings need frequent repair. In such cases, having a specialist home insurance policy can provide a lot of relief to the property’s owner.

  • Flat roofs

Properties with more than 50 percent flat roof space usually need specialist home insurance policy. The reason behind is that flat roofs are more susceptible to leaks, which in turn lowers their lifespan. Inspection and repair is needed after every 8 to 10 years. Cost of roof repair can be high; hence, it is better to get your house insured by an effective insurance policy.

  • Adverse claims

Some house owners end up making a lot of claims in a short period of time. So, if you have multiple claims in the past then it is highly possible that most of the insurance companies will not offer you a regular home insurance policy. In such a case, you need to go for a specialist home insurance policy.

So, those were some of the situations or cases where having a specialist home insurance policy become vital. Next time, if the insurance companies do not show interest in selling a regular home insurance policy to you, there is no need to worry about it. Specialist home insurance policy is still available for you.

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