The Buyt Desk
Home insurance protects the home against damages and losses caused by human-made hazards and natural calamities. Let us know about this in detail.
Home insurance is a necessity and not a luxury commodity. Nowadays mortgage companies ask for home insurance for financing and approving a loan. This makes it more necessary along with the protection it provides against damage and theft. Buying a house is one of the biggest investments in one’s life and none wants to lose it easily. People put all their savings and life into buying a house and this property stays with 2 to 3 generations in the family. After putting so much into buying a home, it is important to secure and protect it.
What is Home Insurance?
A property insurance policy is known as home insurance. It can be brought to cover either one’s own property or rented house. It covers personal belongings in the property, interiors and exteriors from unexpected situations like theft, fires, vandalism, storms, explosions and floods. Home insurance covers from advanced gadgets to fine interiors, jewellery to any other valuable belongings. Home is much more than physical property and is a valuable asset. Emotions are attached to the home and also have lots of value.
Why should you get Home Insurance?
For your well-being, financial security and safety of your home, you need to buy home insurance. This will cover your home during unforeseen circumstances like theft, floods, earthquake, landslides, mobs etc. Below are a few data and facts which will tell you how important home insurance is.
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70% of thefts that happen in India are in residential areas.
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There is an increase of 40% in the loss of property stolen in India.
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In India, 2.5 lakh cases of robbery, burglary, dacoity, etc. are registered.
What are the benefits of a Home Insurance Policy?
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Value for Money – Not all Home Insurances are expensive affairs because it is protecting your most valued possession. You can opt for coverage that is financially affordable.
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Digital – No much paperwork as most home insurance can be brought online. Even claims can be done online.
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Renters plans – Millennials do not believe in owning a house. Home insurance is available for rental places too. Your rental home can still be protected with home insurance for renters.
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Customer Support – As most insurance are online they also provide 24*7 customer support. Emergencies can happen any time and help is just a call away.
What is covered under Home Insurance?
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Fires – Fire is outrageous and horrifying. It can cause a lot of damage to homes and belongings at home. Home insurance covers such incidents.
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Earthquakes – Home damages caused by natural calamities like earthquakes or landslides are covered under home insurance.
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Explosion and aircraft damage – Home damages by explosions or aircraft are covered under house insurance.
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Burglaries /theft – Theft is common in Indian homes. Home insurance will cover such losses and damages.
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Storms – A home damaged by storms or floods is covered under house insurance.
What are the types of Home Insurance Plans?
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Only Content Cover which covers only personal belongings present within the home including furniture, gadgets and any other valuables.
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Only Building Cover covers the house’s property i.e., the physical aspect of the house.
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Building + Content Cover which covers both the building and contents of the house.
Who should buy Home Insurance?
Home insurance should be brought by anyone staying at home be it, tenants or homeowners. Your valuables are still valuables when staying in a rented house. So there is a risk of losing your valuable belongings to theft, fire or natural calamities. So it is advisable for renters to buy home insurance. If you are staying in your own house then it is better to buy home insurance at the earliest as the physical structure or personal belongings can be damaged or lost. For financial security, it is better to buy insurance.
