Most
people wish to own their dream home. They work hard, save/invest money
and borrow, to fulfill this aspiration. However, not many think of a
situation in which the precious home needs to be protected, especially
in their absence. Listed below are a few ways in which you can safeguard
your home, even when you are not there.
Buy Term And
Disability Insurance If You Have A Home Loan
A home loan is availed for buying a house. However, you will never want your family to get burdened with your outstanding home loan. In case of an unfortunate event, your family will have to repay the home loan and pay EMIs. If they are unable to repay, the bank has the right to take possession of your house. So, it is advisable to buy a term insurance cover, equal to the home loan amount. Term insurance will pay the sum assured to the nominee, in case of your death and the loan can be repaid from the insurance proceeds.
A home loan is availed for buying a house. However, you will never want your family to get burdened with your outstanding home loan. In case of an unfortunate event, your family will have to repay the home loan and pay EMIs. If they are unable to repay, the bank has the right to take possession of your house. So, it is advisable to buy a term insurance cover, equal to the home loan amount. Term insurance will pay the sum assured to the nominee, in case of your death and the loan can be repaid from the insurance proceeds.
Additionally, you should also buy a critical illness cover
as well as an accidental disability insurance cover equal to the home loan
amount, as your term insurance will not pay you, in case of any disability - it
will pay only in case of death. Your income will stop in case of an accidental
disability or serious disability like a kidney failure, paralytic stroke, etc.
Despite this, you will have to pay the EMIs. If you are adequately covered, the
insurance company pays the sum assured or weekly benefit, in case of critical
illness/accidental disability, which serves as an income replacement, so you
can continue paying the EMIs.
Buy Home Insurance
You buy your dream house, furnish it and install the latest electronic equipment in it. However, do you ever think of what will happen if your house catches fire or there is a burglary? To cover these risks, you need to get home insurance. Home insurance covers loss or damage to the house and its contents in case of events such as fire, earthquake, lightning, floods, etc. It also covers the contents of house, including domestic appliances and electronic equipment in case of theft or burglary.
You buy your dream house, furnish it and install the latest electronic equipment in it. However, do you ever think of what will happen if your house catches fire or there is a burglary? To cover these risks, you need to get home insurance. Home insurance covers loss or damage to the house and its contents in case of events such as fire, earthquake, lightning, floods, etc. It also covers the contents of house, including domestic appliances and electronic equipment in case of theft or burglary.
Write a WILL
You buy your dream house so that your family and you can live happily. The biggest problem arises in case of your untimely death. Your predecessors, siblings and children, may get into misunderstandings and fights for the assets, especially your house. It is advisable to write a Will, so that your assets are inherited by the people you want them to go to. With a will in place, the ownership of your house is passed on to the person you wish to bequeath it to, in the event of your death.
You buy your dream house so that your family and you can live happily. The biggest problem arises in case of your untimely death. Your predecessors, siblings and children, may get into misunderstandings and fights for the assets, especially your house. It is advisable to write a Will, so that your assets are inherited by the people you want them to go to. With a will in place, the ownership of your house is passed on to the person you wish to bequeath it to, in the event of your death.
It is better to be safe than sorry, so these are the
certain things you should do so that your house is secure in your absence. By
doing this, you can be rest assured that your house is secure and your family
doesn't have to face any problems. It's time to open your files, check whether
you are insured adequately (if you have a home loan), buy a home insurance and
write a will.
