[vc_row][vc_column width=”2/3″][vc_column_text]“HOME”, is not just a word or a name, it is a powerful one; more powerful than a magician ever spoke, or any spirit ever answered to, in the forceful enchantment. Charles Dickens said these lines but true for all of us. Those people who have lost their homes in the Nepal Earthquake and certain parts of India must have realized that how easily houses get demolished in a fraction of seconds and how tough it is to reconstruct. Memories of floods in Jammu Kashmir and land-slides in Uttarakhand are still fresh in each and everyone’s mind. It is fact that we can’t do against natural calamities, but we can diminish certain consequent hardships by owning home insurance policy in India , which protects any damage that occurs to the house along with valuables present in it.
In spite of having so much importance, Home Insurance policy in India is not a well-known choice. ICICI Lombard General Insurance Ltd Chief, Sanjay Datta said “In India, the value of Home Insurance is very poor; in terms of sales; it is less than 1% of industry premium. Here people don’t even know about it or if they know also, they don’t feel necessary to go for it. They can’t realize the risk of their most valuable property- be it an act of terrorism or fire. The disheartening thing is that even the insurance industry doesn’t promote it.”
Here we have represented the Importance of Home Insurance and crucial reasons why buying a Home Insurance policy are a must:[/vc_column_text][vc_column_text]
[/vc_column_text][vc_column_text]Protection for your House Structure
If your house is collapsed because of any natural or man-made disasters such as earthquakes, floods, damage, or fire, a Home Insurance policy in India offers financial protection against all these. For instance, the floods that happened in Chennai and Uttarakhand caused heavy destruction for those people who didn’t have Home Insurance and had to go through huge losses.
A normal Home Insurance policy in India covers the price of the house structure.
Generally, it is provided in 3 different ways:
- Restoration Value: This occurs when the policyholder of Home Insurance is provided the manufacturing cost of the house excluding the value of the land on which the house is made
- Settled Value: This covers the land value as well as the manufacturing cost of the house
- Protection Value: This includes the manufacturing cost, the market value of the house, and the depreciated value according to the building’s age
These are certain points to understand better why Home Insurance is essential for home-owners:
- The Policy is not only for your Home: A Home Insurance policy in India not only protects your home building but also covers the valuables present in your compound such as your shed, deck, garage, even your fence. Furthermore, also you can go for add-ons in your Home Insurance policy and prevent the components of your home like appliances, furniture, and valuable home items
- It Offers a Substitute for your Heavy Loss: Home Insurance policy in India provides you complete financial security with the extra advantages of substituting your insured belongings. Depending upon your chosen Home Insurance policy, you can get the damaged components replaced despite claiming the amount for your loss
- It Guards you Against Natural Calamities: Natural Calamities are terrifying for every home-owner. Taking up the pressure if repairing a damaged house is not something that you want to put your family members or yourself through, particularly whenever they are in emotional trauma. A complete Home Insurance policy covers all at the time of natural disasters such as earthquakes, landslides, and floods
- It is Cost-efficient: Although getting a Home Insurance policy seems like an unnecessary one, the advantages offered by the policy are much more than you are investing in. For an insured building of nearly Rs 40 lakhs, you can have a policy worth only Rs 2,000 per year. Furthermore, the most inclusive Home Insurance policy, which covers even the valuables present in the house, can be owned at an approximate value of only Rs 5,000 per year. At these small values, getting your home insured is absolutely not at all expensive
- It prevents you from Lawsuits: You can protect your family members and yourself from lawsuits related to property depending upon the Home Insurance policy you have chosen. Your policy will cover you at the time of the disaster like a fire or any type of mechanical damage. Furthermore, it also covers the medical cost in case a guest hurt on your property
- Overall, it gives Harmony: Not only the Home Insurance policy protection but also it will adorn you with the precious luxury of peace of mind. Whether you are the owner of a villa or of an apartment, once you opt for a Home Insurance policy and paid your premium amount, giving protection to your property is the insurance company’s responsibility.
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[/vc_column_text][vc_column_text]Points to Remember While Insuring Your Home
- Keep proof of all your insured components to claim them
- Keep in mind that unofficial construction can’t be claimed, that’s why invest wisely
- At the policy renewal time, get the reconstruction cost quote for extensive coverage
- A Home Insurance policy is applicable just for the building along with its valuable items. It doesn’t cover the land on which the house is based
Wrapping It Up!
A Home Insurance policy is an essential measure. Without having any doubt, you should invest in it. Just assure that you are insuring in a proper manner to get the accurate sum of insured money.
Understand properly the mentioned terms and conditions before opting for any Home Insurance policy. Every three to five years, check the policy as the price of house reconstruction varies because of steady growth in inflation. With all these kinds of inclusive benefits, getting your home insured is not just an option for you, it is really a necessity.
Secure your home sweet home, where your heart resides.[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_column_text el_class=”post-contact-form”][fc id=’2′ align=’center’][/fc][/vc_column_text][/vc_column][/vc_row]