You need a large financial investment as well as a high level of commitment to purchase a house and turn it into a home. Your home deserves the utmost security and care from various unexpected situations since it is one of your most valuable assets. So if you want to know what is SBI general home insurance, keep reading.
Check your eligibility to get a home loan on NoBroker here.What is SBI general property insurance?
Coverage to protect your home and its belongings is known as home insurance or homeowner's insurance. This particular kind of property insurance protects your home from losses, damages, and structure destruction. The following risks or dangers are covered by the insurance: fire, thunder, explosion/implosion, storm, cyclone, a storm, hurricane, flooding and inundation, impact damage, landslide, overflowing/bursting of water tanks or pipes, unintentional sprinkler leaks, riot, strike, malicious damage, among others. Burglary and theft are also covered by insurance because they fall within the category of damage to the building's contents. Now you know what is SBI general insurance for home loan.
What are the features of SBI general home insurance?
Cover earthquakes with built-in protection.
The duration of the policy can be as little as three years or as long as thirty years.
Offers protection from any loss or damage to your home caused by disasters, whether they are man-made or natural.
You might choose to have your policy cover losses or damages brought on by terrorist activity by paying an extra premium.
Location and length of the house insurance coverage are factors that affect the premium rate.
What is covered under SBI general home insurance?
The following are covered by the policy:
Natural disasters like landslides, floods, hurricanes, storms, and earthquakes.
(Excluding explosions in boilers and pressure vessels)
Fire, lightning, flooding, etc.
Harm or loss brought on by man-made disasters like riots, strikes, and other criminal acts.
You can also choose Terrorism Cover, which protects your home from impact damage, missile testing, and the bursting of water tanks, pipes, and other equipment, for an additional cost.
I must have cleared your doubt about SBI general home insurance.
Read More: Is property insurance mandatory for a home loan as per RBI? How to cancel HDFC home loan insurance? Is property insurance mandatory for SBI home loans?Your Feedback Matters! How was this Answer?
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What is SBI General Home Insurance?
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2023-04-17T08:32:02+00:00 2023-04-17T11:47:23+00:00Comment
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