Owning a house is an investment for a lifetime! It takes us a lot of effort, time, and money to select just the right home for us. It is a precious possession, and hence it needs to be insured. Home insurance policy protects your home against losses due to burglary, theft, and natural calamities. Some of them even cover reconstruction cost, which includes the charge of appointing professionals such as architects, consulting engineers, surveyors, etc. With minimal documentation and a simple valuation process, you can safeguard your homes and valuables from terrible and unforeseen situations.
A home insurance policy not only shields your home against damages but also protect you and your family against financial crisis. However, it is seen that home insurance is one of the most neglected areas of concern for average home buyers in India. This negligent behaviour calls for introspection as to why consumers are not willing to buy home insurance policy
when the rate of threat perception and insecurities are higher in our country.
The emotional and financial pain of reconstructing your house or reinstalling its contents is challenging and tiresome. Several leading insurance companies offer a broad array of features and benefits under different home insurance plans. The main reasons why you should have a home insurance policy are listed below-
1. Coverage against fire-
The most unfortunate and sudden cause of your property damage is fire breaking into your house. No matter if it's because of a short circuit or your neighbour’s carelessness, fire can cause severe harm to both life and property. Also, decorative lights and burdened power points can easily set fire to blinds and furniture. Most home insurance policies offer extensive coverage against damages caused due to fire.
2. Coverage against natural and human-made calamities –
Natural calamities are uncalled and uncertain. They include catastrophes such as earthquakes, floods, lightning, storms, typhoons, etc. A comprehensive home insurance policy protects your house against damages caused due to both natural and man-made calamities. Thefts, vandalism, and burglary are few of the malicious activities covered under this policy.
3. Coverage against the damage of your precious possession–
A house is not just about the brick and cement used in its making. It’s more about the selected piece of furniture, wall hangings, decorative, and of course the person living in it. We don’t leave even a single stone unturned when it comes to equipping our house with the latest appliances and contents. A home insurance policy not only covers the loss and damage caused to the structure of your house but also protects the articles/contents kept inside the house. These include insurance for jewellery
, electrical appliances, furniture, and much more.
4. Coverage of your temporary living expenditure -
Imagine, due to some unfortunate incidence, your house has undergone severe damage and is uninhabitable until you renovate/rebuild it. During the rebuilding process, you will have to rent out another house or apartment to stay until your house is completely refurbished. Paying the apartment’s rent as well as rebuilding your home will add on to the monthly expenses. If you have insured your house, the insurance company will cover your expenditure incurred in paying rent. You have to set the upper cap with your insurer while signing the policy.
Now that you know about the importance of a home insurance policy buy one instantly for your "home sweet home." Start thinking ahead and take a smarter step towards a more responsible life. Protect yourself and your family from unanticipated events.