ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Home insurance is also called homeowner’s insurance. It safeguards your bungalow/apartment/rented flat/owned house/built home against potential risks. It covers the costs of damages due to any unfortunate event.

Detailed explanation-2: -Contents Insurance This type of home insurance policy protects the goods inside your house from damages and loss owing to theft, fire, flood and other such mishaps.

Detailed explanation-3: -Home insurance also known as property insurance or homeowner insurance covers the structure as well as the content. A home insurance policy provides coverage for your own house, rented house, apartment or luxury mansion as well.

Detailed explanation-4: -1. Home structure insurance covers the permanent structure of the house, including kitchen, bathroom fittings and roof, from any kinds of dangers and risks. 2. Contents insurance covers the contents inside the house, such as documents, electronics, and jewellery, from damages and loss owing to theft, fire, flood, etc.

Detailed explanation-5: -Typically a home insurance policy will provide all-round protection which covers you, your house, your family members and also any liability which may arise. The case may not be so with other types of policies like auto insurance policies which only cover third party liability and damages relating to automobiles.