3 reasons why you need Home Insurance today!

Home Insurance is a critical yet underutilized form of insurance available these days. Home Insurance covers a variety of risks such as

• Physical damage to the house
• Damage due to fires, floods, natural disasters, storms, cyclones
• Damage due to aircrafts
• Damage due to natural calamities, war, etc.
• Damage due to earthquakes
• Burglary and theft of items inside the house

Buying a house is the largest expense that a person makes during his lifetime. Given the large number of risks that a Home Insurance covers, buying that protection is that much more essential. If you’re wondering why buy Home Insurance, then here is a list of reasons why.

Here are 3 reasons why you need a Home Insurance today:

• Home Insurance protects a lot more than your home:
  
  A Home Insurance policy not only protects the house from physical damage, it also provides coverage for items inside the house. A comprehensive Home Insurance policy also covers the loss due to theft and burglary. Given that each Indian household tends to keep a number of valuables on hand, it makes practical sense to invest in a policy that will cover these items.
  
  An important point to remember is to ensure you take a high coverage that adequately covers all these items. Home Insurance policies do not work like other policies. If a home and its contents are underinsured, the insurance company believes you are self insuring your losses and the claim amount is proportionately reduced. To avoid such a scenario, it is best to get the items in the house valued and that taken into consideration while taking out a Home Insurance policy.

• Home Insurance can provide compensation for your losses:
  
  If you are wondering why Home Insurance is important, it provides a compensation for your losses. This is especially important in case of damage due to uncertain factors such as natural disasters like earthquakes, storms, cyclones, floods etc. These are uncertain events that cannot be predicted. Having Home Insurance for damage as well as for the items inside the house will provide compensation to recover your losses in such scenarios.
  
  The compensation received from a Home Insurance policy can be used for repairs and to replenish the items from the house. Given the increase in natural disasters all over the country, investing in a Home Insurance makes sense.

• It is affordable:
  
  A Home Insurance policy is one of the most affordable insurance policies. A typical Home Insurance policy covering losses up to Rs. 40 lakhs can cost between Rs. 2000 to Rs. 5000 depending on the items covered. This small investment will protect your house against losses.
  
  There are several companies offering Home Insurance policies in India. Depending on the coverage offered, it is possible to choose the best Home Insurance policy for your home.

Looking to apply for a Home Insurance? Read more on the application process!

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* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.