People in India give a lot of importance to their residential properties. An average Indian spends a huge portion of his life’s savings on purchasing as well as furnishing his house. No doubt, one cannot ignore the aspect of emotional investment too. However, it is also a fact that people in India do not pay a lot of attention to the importance of home insurance policies. People think that insuring a car is more important than buying a home insurance policy. They realize their mistake of ignoring the importance of home insurance only after something really bad occurs, such as an earthquake, vandalism, flood, etc.
Why having a home insurance policy is so important?
There is no dearth of threats that can cause minor to massive damage to your house; the threats include both natural and man-made disasters. Nature is quite unpredictable, and you never know when an earthquake of even mild intensity can cause serious damage to your property. Likewise, flash floods and hurricanes can also cause a lot of loss. Once the damage has been done, you would have to get your house repaired immediately, so that your family members and other people living in your property can feel safe and comfortable.
What if you do not have enough liquid cash to get the repair done? What if the estimated cost of repairing turns out to be quite high? So, these are some of the major concerns that every homeowner should address; and hence pay importance to the necessity of home insurance policies. There are a number of natural and man-made disasters covered by any average home insurance policy. Let us take a look at some of them.
Home insurance for natural calamities
If your house is located in a region which is quite prone to natural calamities, such as flash floods, earthquake, forest fire, landslides, etc. then you must get your home and your family members covered under a comprehensive Home Insurance Policy. Natural disasters can leave behind a lot of damage, not just to the property, but human casualties too. If you haven’t purchased a home insurance policy yet, you must go for it right away.
When you purchase one, make sure the policy covers not just the structure of your house, but also the contents inside it. Contents like electronic equipment/appliances, furniture items, clothes, bathroom fixtures and fitting, lighting equipment, etc. are not at all cheap. If they get damaged during a natural disaster, you will not have to at least worry about shelling out money from your pocket. The insurance company will take care of it.
Floods often cause a lot of damage to the foundation of a building. When the foundation’s strength gets affected, it makes the entire structure weaker; thus making the building unsafe for the people living inside it. But, if your house is well protected by a home insurance policy, you can get the foundation repaired right away; without worrying about the expenses.
Likewise, earthquakes cause severe damage to the ceiling or roof of any building; also to its walls. You would never want your family to live in a house that is cracked in many places. It would be quite scary; isn’t it? Fortunately, home insurance policies are available which cover the cost of repairing damages caused by an earthquake, landslides, and other such disasters. But how much should be the amount of coverage? Well, if your home is located in an earthquake-prone area then it is better to opt for a policy with a high coverage amount. In this way, you will be able to get your damaged house repaired right from scratch.
What sort of man-made disasters are covered?
Nature cannot be blamed always for the destruction caused around. This is the reason why we term them as ‘man-made disasters’. Every homeowner should prepare himself well for these disasters and threats, which mainly include- fire, short circuit, vandalism, theft, water seepage, terrorist attacks, burglary, and riots. Fire-related disasters can prove to be highly destructive; they can totally derail your life; sending you back from where you started. Even though you cannot bring back the lost items, but at least you can deal with the financial loss incurred.
We know how hard and painful it can be to lose your personal and valuable stuff; anti-social elements always lurk behind the doors to put a dent on your hard-earned savings. But you can definitely protect yourself from the after-effects; all you have to do is get your home insured, along with its contents. When you bundle up your policy with various features, insurance companies reward you by offering a discount. So, do not wait until the damage is done; buy a home insurance policy right away!