Home Insurance Policy Tenure

Home insurance policies come in two types, differentiated by their tenure. Let’s delve into an explanation of each

Simple or Short term policies:

These policies provide coverage for the home and its associated contents for a tenure ranging from one to three years. They offer comprehensive protection for your house structure, safeguarding against risks such as theft, damage, loss of personal belongings, accidental loss, and fire outbreaks. Despite having a shorter tenure, these policies are relatively more affordable compared to long-term options.

Long term policies:

True to their name, these policies are crafted for extended coverage, spanning up to 30 years. They provide comprehensive protection against all major risks. Additionally, you have the option to enhance coverage by purchasing add-on covers for an extra premium. Given the longer tenure, the associated risks increase, making these policies relatively more expensive than their simpler counterparts.