Hello there! If you have a home, you must have been wondering whether home insurance is needed or not. Home insurance protects your (homeowner) interest incase of any unexpected circumstances or accidents. I will tell you ‘what does premium mean in home insurance’.
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What does Premium Home Insurance mean?
In simple terms, premium is the amount of money you pay to your insurance company for coverage. In the case of home insurance, the premium is the amount you pay to insure your home against damages or losses. If you have a high-value home or live in an area that requires more protection, you should get house insurance asap!
The price of home owner insurance premium
depends on
the following factors:
The type of coverage purchased by the policyholder
The age of the policyholder,
The area in which you live
Any claims filed in the past
Moral hazard and adverse selection
If you think your home insurance is not enough, you can get several add-on covers, over the standard policy. The following items are not covered by home insurance premium:
Destruction of property willfully.
Damages to property due to wear and tear.
Loss to property due to war.
Loss to property unoccupied for more than a certain specified period.
Money in the form of cash, antiques and collectibles.
I hope my explanation on ‘what does premium mean in home insurance’ has helped you out.
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Read more:
How To Save On Home Insurance?
How Much Does Home Insurance Cost in India?
Does Home Insurance Premium Increase after Claim?
What Types of Home Insurance are There?
How Home Insurance Claims Work?
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What does premium mean in home insurance?
Anonymous
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1 Answers
1 Year
2023-04-28T21:28:19+00:00 2023-05-01T10:55:24+00:00Comment
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