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Insurance Article

Open Your Eyes To The ‘Cost Of Delaying Home Insurance’ Purchase

February 23 2017
open your eyes to the cost of delaying home insurance purchase

Your home is your most treasured asset. Are you protecting it well enough?

You may love travelling and you may get to explore multiple nooks and corners of the world. However, at the end of the day, there is no place that feels like ‘Home’. It’s your home after all which provides a secure shelter to you and your loved ones. It’s the place where you nurture memories to last a lifetime. We all invest a good amount of our savings in a house to live in, but are we also prudent enough to protect such investments? Our home provides us the most stable protection, but are we doing enough to protect it?

In a scenario where home buyers in India are considerably increasing, it is surprising and alarming that Home Insurance remains an under-purchased product in the country. This is because we fail to fully comprehend its importance and need, particularly in a time when crime rates have shot up, and so has the vulnerability and prevalence of natural calamities.

Imagine a situation where an unforeseen natural hazard strikes and demolishes your house, and you must spend and invest further than you already have in re-erecting it. Such uncalculated scenarios can cause a long-term financial crisis to you and your family. Avoid such undesirable situations; stop delaying home insurance. Here are a few benefits, which you are missing by delaying ‘Home Insurance’:

Structure Coverage in Home Insurance

A Home Insurance policy provides comprehensive coverage to the structure of your home, against damage arising out of natural and man-made calamities. Earthquakes and floods aren’t uncommon today and you cannot tell when an unfortunate disaster will turn the house you’ve built from concrete to rubble. There are also continued acts of vandalism, riots, and burglary, all of which is your home prone to. Insure yourself against such undesired events which may cause severe loss and damage to your home.

Content Coverage in Home Insurance

A comprehensive Home Insurance policy will also provide coverage for the content of your house. What if you’re not in town or away from home with your family, and upon return you witness you’re robbed of all your belongings and valuable possessions? You’ve got to cover yourself for such unanticipated losses. Home insurance will safeguard you against loss or damage of your jewellery, clothing, electronic appliances, furniture, and other valued articles kept in your home.

Alternative Accommodation Cover in Home Insurance

Along with covering for the loss suffered due to an unforeseen misfortune, a home insurance policy will also provide for the inevitable added expenses that you’ll have to bear when your house suffers serious damage and needs refurbishing. The additional expense in the form of rent on temporary accommodation until your home gets rebuilt is provided by your home insurance policy.

Protection against Liabilities in Home Insurance

A damage to your home may also result in injuries to you and your family members, or third parties like guests and neighbours. There could be a loss to the property of any third party, for which you may be legally held responsible. Protect yourself against further unwanted losses and legal disputes with home insurance.

Benefit of Easy Availing of Home Loans

Home Insurance is an important instrument considered by banks when you approach them for a home loan. Banks prefer an insured home, while for certain financers, home insurance is a major eligibility criterion for availing a housing loan.

Related Article:

Three Key Aspects Your Home Insurance Policy Might Be Missing
Advice for First Time Home Buyers

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