A home is probably one of the most prized possessions for many. It is not only a haven but also one of the most expensive assets you own. Hence, it is vital to protect your property from perils that have the potential to damage your beloved home. While it is impossible to prevent a few dangers like riots or earthquakes from damaging your house, you can minimise the financial loss caused by such perils by purchasing a home insurance policy.

To help you get a clearer idea, here are a few home insurance perils that are covered by your policy:

• Man–made disasters

  These are the perils that are caused by the acts of other people. Burglaries, thefts, vandalism, and riots are a few examples of man–made disasters. A home insurance policy can help you get compensation for the damages caused to your property due to such acts. Depending on the type of policy you purchase, your insurance company may even compensate for the loss of your belongings. Additionally, if a vehicle collides with your house and causes damages to your property, you can receive compensation from the insurer for the same.

• Natural disasters

  Hurricanes, floods, tornadoes, and other such natural disasters can cause severe damage to your house. Apart from causing structural damage, these can cause electrical short–circuits as well. Unfortunately, if a natural disaster strikes you, your home insurance policy can help you receive compensation for the same. Note that only a few insurers cover the damage caused to your belongings due to natural disasters. Hence, it is better to read the fine print of a home insurance policy before purchasing.

• Fires

  This is one of the most common property insurance perils in India. Fires can either be caused intentionally by other people or erupt due to a natural calamity. While small fires are usually tackled without raising an insurance claim, major blazes can prove to be highly damaging perils. Many standard house insurance policies cover property losses caused by fires. However, suppose your policy does not protect you financially against fires. In that case, you can still enjoy the protection by including a fire protection add–on in your home insurance policy.

• Though your homeowner’s insurance covers you against the damages caused by fires, it will not compensate you if you set your house ablaze yourself.

• A home insurance policy can cover you against terrorist activities as well. However, this cover is optional and requires you to pay an additional premium to avail.

• When you raise a home insurance claim, you need to pay a certain deductible amount to the insurer to process your claim. These are pre–decided amounts and vary from one insurer to another. For example, if your house gets damaged due to a hurricane, you need to pay the hurricane deductible to the insurer when you file a claim.

• If you bear any financial losses due to your house’s gradual wear and tear, your home insurance will not compensate you for the same.

• Though wars, invasions, and nuclear attacks are a form of peril, they are not covered by home insurance.