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Difference between Home Insurance and Home Loan Insurance

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Difference between Home Insurance and Home Loan Insurance

Last updated: June 11 2019
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  • Difference between Home Insurance and Home Loan Insurance

    What is the difference between a home insurance and a home loan insurance?
  • #2

    #2

    Re : Difference between Home Insurance and Home Loan Insurance

    While it is obvious that both, home loan and home loan insurance, are related to your home, the features and benefits of both products are different. And this is the reason that many home buyers or insurance buyers get confused. Both cover different kinds of risks on a property.
    Last edited May 19 2019, 02:49 PM.
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    • #3

      #3

      Re : Difference between Home Insurance and Home Loan Insurance

      Right, that is one very subtle confusion. I was confused about it myself and it took me time to just know that home insurance and home loan insurance were different. That is why I started this thread - so that we could get some clarifications for our members.

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      • #4

        #4

        Re : Difference between Home Insurance and Home Loan Insurance

        Talking about Home Insurance:

        A home loan insurance is an insurance that only covers the home and its appliances form any kind of unwanted events. It provides protection against any kind of damage to the home and its belongings.
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        • #5

          #5

          Re : Difference between Home Insurance and Home Loan Insurance

          Thanks! What all things does a home insurance it cover?

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          • #6

            #6

            Re : Difference between Home Insurance and Home Loan Insurance

            A home insurance protects the house and it's belongings against damages.

            The insurance covers the property against fire, lightning, storm, cyclone, flood, earthquake, aircraft damage, missiles etc. However, some policies do not cover flood or overflow of the sea, rivers and lakes due to earthquake.

            The insurance also covers the house against burglary and theft.
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            • #7

              #7

              Re : Difference between Home Insurance and Home Loan Insurance

              So, we can say that it is home insurance is protection of the property against damage.

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              • #8

                #8

                Re : Difference between Home Insurance and Home Loan Insurance

                Right, you can say that. It is for the protection of the property from damage or loss.
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                • #9

                  #9

                  Re : Difference between Home Insurance and Home Loan Insurance

                  Thanks. Another thing - what kind of damages are not covered under a home insurance?

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                  • #10

                    #10

                    Re : Difference between Home Insurance and Home Loan Insurance

                    A home insurance doesn't cover loss or damage caused by wear and tear, depreciation, cash loss, damaged caused by war, invasion, act of foreign country or a nuclear war.
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