Home Improvement

5 Reasons Why You Should Buy Home Insurance in India 

A home is your space of comfort and peace. There is a lot that goes into turning a house into a home – effort, time, money, and emotions. But what if that house gets washed into floods or gets broken into or falls apart in an earthquake? While you may not want to think about such agonizing situations, the truth is these are a possibility and one might land up in such a scenario. What do you plan to do then?

We usually get our car, two-wheelers, and health insured to protect them from unforeseen circumstances. But why not homes? Your home is your most expensive asset which you have made with a lot of effort and money. Irrespective of where you stay, home insurance in India is a necessity for everyone.

5 Reasons Why Home Insurance in India Must be Your Priority

  1. Comprehensive protection for your home

Your home is not just a mix of cement and bricks but a lot more. Homes today are full of expensive and high-end gadgets like smart televisions, refrigerators, air conditioners, jewellery, and laptops, etc. Needless to mention the expensive interiors and furnishings. Home insurance in India not just helps you bear with the losses of your home, but depending on the coverage, it also covers your assets within the house.

  1. It reduces your financial burden of rebuilding the house

The pain and agony of losing your home are not irreparable. But the financial loss can be compensated or reduced by opting for homeowners insurance.  The policy offers you an amount to rebuild your house depending on certain variables.

  1. Home insurance assists you with relocation

There may be times that your home is just damaged or gets ravaged by fire or a calamity in the blink of an eye. While you do get compensated for the loss, buying or constructing a new house takes time and you need a place to stay for that duration. This may need additional financing since it is not a matter of days, but months or even years in some cases. The homeowners’ insurance policy will help you relocate and reduce your mental stress.

  1. It offers you mental peace

This is in fact the most important reason why you should buy home insurance in India. There is nothing that will compensate you for the emotional distress that you would go through if your home is destroyed but knowing that your home insurance plan will take care of financial burdens can give you some solace.

  1. It increases the resale value of your home

The home is a property that gets appreciated over time in terms of value and one can decide to sell it off sometime in the future. You may also keep the property for your kids to manage later. An uninsured property can be sold for way less than what a secured and insured property will be valued at. This makes homeowners insurance a necessity. There are many reputed buyers and brokers who only deal with insured properties.

  1. Protection against natural disasters

Natural disasters and calamities can strike without a warning and it is not much you can do to protect yourself. With a home insurance in India, you will stay covered against such calamities as floods, tsunamis, cyclones, storms, falling trees, earthquakes, etc. However, you must keep in mind that your coverage varies with the type of insurance you have opted for and the insurer you go with.

 Types of Coverage for Home Insurance in India

When you are purchasing home insurance for your home, you often get an option to choose different levels of coverage for your property. Here are the four different ways to  get reimbursement as per your policy:

  1. Actual cash value

This is the lowest coverage level and it takes depreciation into account as well. This is ideal for those who are looking for merely basic home insurance.

  1. Coverage for replacement cost

This coverage offers more benefits than actual cash value and pays you to replace your home contents similar to what you had previously. The policy does not take depreciation into account, hence, paying you higher.

  1. Extended replacement cost

The next upgrade to your home insurance policy is extended coverage. It offers an additional cushion to cover up for the increase in labour and material cost over time. However, there might be some capping to that which you must check with your insurer.

  1. Guaranteed replacement cost

This is the highest level of coverage for home insurance and pays for the costs of repair and replacement of your home and its contents.

Now that you are aware of how important home insurance is, you must not waste time purchasing it. Your home owners insurance policy may be too lengthy and boring to read, but ensure that you spend time and go through every clause to know what is covered and what is not. As an educated and responsible homeowner, do get clarity before you sign and accept the policy documents.

A robust home insurance in India, will provide you with a sense of peace and relief so you can enjoy a comfortable life without worrying about unforeseen situations that will impact your security.

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

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