Residential insurance is also called as home or building insurance. Residential insurance insures the home or building against earthquakes, floods, and wind storms. In residential insurance the owner pays premium to the insurance company, in exchange to receive benefits for his home against losses.
Residential insurance benefits owners in the following ways,
- It protects home against damage caused by earthquakes. The home insurance gives benefits to the cost of reconstruction.
- It protects home against floods losses, that occur in your city. These floods may cause damages for your home like, falling of walls of the building, cracks for the slabs and so on. Home insurance covers this type of losses.
- It covers the losses, which arise when some truck or big vehicles damage to your home due to lazy driving of the driver.
- It covers the losses when an aircraft falls down on your home, due to some technical problems in the air lines . Such cases you may get heavy loss.
- It covers the carpet damage losses. Due to heavy rain your home carpet may get damaged completely, then home insurance recovers the cost of damage. That means it pays some money to buy new carpet.
In all the above ways, home insurance ensures that right protection is provided for your home.