Need of Home Insurance

There are many reasons for which homeowners need to buy home insurance in India for their house. They need to insure their house, cars, precious contents and themselves as well.

Any damage or destruction to it could have dire emotional and economic consequences, both of which can, to a certain extent, be taken care of by the right insurance plan.

Effects of natural calamities

In the Nepal Earthquake in 2015, 5.6 million lives were affected, and 473,000 houses were destroyed, inflicting a huge financial loss of around Rs. 1,000 crores.

With a strong home insurance coverage plan, you could protect yourself against all sorts of natural failures or “Acts of God” including earthquakes, typhoons, cyclones, floods, landslides and many others.

Man Made calamities

As depicted by every crime series popularly shown on tv, regardless of the growing use of gadgets and security system, threats in the form of thefts, robberies, terrorism, riots, strikes, etc. are rising sharply.  As of now not every insurer offers protection against such activities by default and you have to ask for the feature to be added in the coverage criteria of the policy.

You want cover irrespective of wherein you live

Even in case of you renting a flat or residing in a housing society, you want to get your property insured. For instance, in case you stay in a housing society that consists of coverage for your leasing contract, you may not have proper protection. If you are a renter, you could easily get protection against fire and burglaries.

Cost

 Best home insurance in India generally covers your property, and the contents inside. To apprehend the difference, observe it this way: many people have items that hold sentimental or artistic value, together with inherited jewellery or artwork. To make sure that all the items are insured, read the insurance policy cautiously and try to get a rider.

There can be others who want safety

An unlucky occasion may also arise while a guest is staying in your property. Insures like TATA AIG provide a Public legal responsibility advantage which can guard you from compensation and criminal fees that may arise due to damage or physical harm to third party.

Additionally, there are ‘different structures’ that are part of your own home, but no longer connected to your own home or possibly are placed off the foundation, such as a storage, a shed or a room in your home. With the proper rider, even these parts of your property may be insured.

You may require help in relocating under certain worst case scenarios as what happened with the Chennai flood victims. Some insurers can even help you to fund this stage of your existence. As an example, if your private home is rendered uninhabitable, TATA AIG covers extra lease of up to Rs.30, 000 for 3 months that can help you during the rebuilding phase of your house.

A word of caution

As a responsible person, caring for the safety of his house and its inhabitants, you should ensure that the policy terms and conditions are well read and understood by you and the coverage features include those that you are looking for in the plan before you buy home insurance.