The Insurer bears the risk of damage and destruction to the structure of your house and compensates you for this loss. You have to pay a premium for this benefit. Based on the premium you pay the structure of your house is insured for an amount called sum assured. You can also insure the contents of your house with home content insurance under a householder’s package policy. If you stay in a rented house you can avail only home content insurance and not home insurance for the structure.
The following are all types of insurance that people take out to protect buildings, land, and possessions in their homes:
3)Coverage real estate insurance
5)Replacement cost insurance