Home is among the most precious investments that often requires major life-savings of the people in India. Not only it secures our lives but also shelters other valuable possessions such as jewellery, home appliances and many more. Despite the fact that home is often the most valuable asset one possesses, the number of people who buy home insurance in India is comparatively less. One of the few reasons for not buying home insurance is the high premiums, complex home insurance procedures and absence of adequate knowledge. However, we should not forget the benefits of home insurance and how it is important to have home insurance in India. Let us take a look at some of the reasons why you must buy house insurance in India!
A home insurance policy protects you bearing the financial losses because of any natural disasters including earthquakes, floods, fire and other calamities.
There are 3 methodologies viz. Reinstatement Value, Agreed Value and Indemnity Value by which a basic home insurance policy covers the structure of your house. Let us take a look at these methodologies:
Seeing the increasing rate of crime in India, it is quite essential to buy a house insurance policy to protect yourself from any potential mishaps including theft and burglary etc. the advanced house insurance policies cover possessions of your home that include your expensive jewellery, furniture, home alliances etc.
You can also avail the add-on covers that many home insurance companies offer to the policyholders. There are many add-on covers available for policyholders to choose from. For instance, you can buy riders such as Burglary and Theft Cover, Earthquake Cover, Personal Accident, Personal Accident, Public Liability Coverage, Rent Cover and Terrorism Cover etc. However, you must choose the riders sensibly as it will affect your premium amount. If you own a bank locker for your jewellery, you might not want to pay an extra premium for jewellery theft recover for sure!
Therefore, it is always important to have home insurance that covers your major belongings and possessions. Unfortunately, India being a country with a high crime rate, it becomes quite essential to protect yourself and your loved ones from bearing the financial losses in case of facing such unpleasant events. Furthermore, we have witnessed some serious tragedies in the recent past where people of Uttarakhand, Assam and Chennai left with nothing in those deadly floods. Considering such calamities, it is a wise decision to secure your future by investing some amount of your earnings to home insurance.
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