As the home is a valuable possession, it is important to secure your home with a proper home insurance policy. Home and household insurance safeguard your house and the items in it. A home insurance policy essentially covers man-made and natural circumstances that may result in damage or loss.
Motor insurance provides coverage for your vehicle against damage, accidents, vandalism, theft, etc. It comes in two forms, third-party and comprehensive. When your vehicle is responsible for an accident, third-party insurance takes care of the harm caused to a third-party. However, you must take into account one fact that it does not cover any of your vehicle’s damages. It is also important to note that third-party motor insurance is mandatory as per the Motor Vehicles Act, 1988. A comprehensive insurance policy safeguards your vehicle against fire, earthquake, theft, impact damage, etc. Additionally, it provides coverage against any third-party liability in the case of third-party property damage, bodily injury, or death.
When you are travel internationally and suffer losses because of loss of baggage, trip cancellation, or delay in flight, a travel insurance policy safeguards you. You may also be offered cashless hospitalization if you are hospitalized while travelling.