July 15, 2024

7 Reasons Why You Need a Home Insurance in India

Buying a home is a dream for everyone. Now once you have purchased a new house, you will want to keep it safe and free from all the stress. In this case, the only thing that can offer you a stress-free stay is home insurance in India. A home insurance policy helps you save from several unwanted fiscal costs and damage that might occur due to several uncertain situations. However, in India, people refrain from buying a home insurance policy as it is considered an additional expense. This is because many people are unaware of the benefits of home insurance in Indiaor might think getting insurance would be too lengthy. But the fact is – it is very easy to purchase. In addition to this, it comes with several benefits

Why do you need home insurance in India?

If you are not yet sure why you should buy home insurance, below are some of the reasons that might change your mind –

Extensive protection: Homes owners insurance protects your home, your garage, backyard, fences, and all the blessings in the home included in the policy. However, you must understand that it does not protect your land. Home insurance is just for your home and its belongings. Apart from offering protection to safeguard your possession, it also reduces the financial burden that might arise due to the damage or death caused to the third party.

Repairs and replacement expenses: Homes owners insurance offers financial aid to cover the loss incurred due to the repair and replacement of the home due to natural disasters or fire caused. In this case, your insurance provider also takes care of expenses to repair or replace your furniture, refrigerators, computers, televisions, and many more. In addition to this, they compensate for the loss incurred due to theft or burglary.

Protection against liabilities: Home insurance in India protects you from the cost of the damage that has occurred by your property or to your property. For example, if there is a fire in your house and, for some reason, the fire spreads to your neighbour’s house and causes damage to their property, insurance for your home will help you and your home from any third-party liabilities.

Protection against natural calamities: Natural calamities are too frequent these days. There has been quite a few news of earthquakes happening globally. Home insurance will help you cover yourself against any damage caused by earthquakes, floods, volcanic eruptions, and other forms of natural disaster that might incur a huge loss. Apart from this, it also protects you against any man-made disaster such as vandalism, riot, bombing, etc.

Legal protections: If accidental damage is caused to the other’s property, you and your family are protected under the homes owners insurance plan. This plan will cover the legal charges. All you need to do is inform your insurance provider – they will handle the rest.

Offers peace of mind: Lastly, it gives you peace of mind. This means if you have insurance for your home, you won’t have to struggle during hard times. All you need to do is pay your premiums on time and avail the benefits that homes owners insurance plans have to offer. Apart from this, it also helps you rebuild your life in case of any damage caused to your home due to natural or manmade disasters.

How to buy a home insurance plan?

People consider it a very hefty task to get insurance. However, with the advancement in technology, you can purchase the best home insurance policy online. Below are the steps to buying home insurance in India –

Go to the official website of your insurance provider.
Login or register using your email ID or phone number.
Go to the home insurance section.
Select the plan you want to buy.
Once you select the plan, pay the amount.
An invoice and a policy document will be sent to your registered email ID.

Note – Read the policy term and conditions to ensure you know all the inclusions and exclusions of the policy. This helps in a smooth claim process.

What are the things to know before buying home insurance?

Below are some points to consider before buying a home insurance plan –

Compare plans: While buying insurance for your home, always compare the plans available for home insurance to ensure you have got the right plan. This also helps you find the best affordable plan.

Know the insurance division: According to the policy, a home is divided into two parts – building insurance and content insurance. A building’s structure, including all of its fixed fixtures and built-in appliances, is covered by a building insurance policy. On the other hand, content insurance covers the belongings of your home, such as furniture, electric appliances, and in some cases – jewellery.

Know your property value: Know how much insurance you require. This can be understood by knowing the value of your property. You must make a correct assessment of your property. Accordingly, you can decide how much coverage you would need. The amount of coverage you purchase for your home – content and personal property affect the price of the premium.

Know your excess: Excess is the claim amount beyond the actual amount, which the insurance provider will not cover. Most home insurance includes compulsory and voluntary excess. A greater voluntary excess payment might bring the cost of the insurance down. However, you can afford that surplus if there are uncertainties.

Several insurers offer home insurance in India at an affordable rate. This means the premium won’t be heavy on your pocket, and you can easily insure your home without hassle. Always check and compare the plans and the premium before purchasing a policy. This ensures you get all the coverage that you need. So, stop waiting and get your home insured now.

DisclaimerThe above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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