Home Insurance: How Do You Manage Without It?

Some investments are categorized into lifetime achievements such as owning a house. It takes a lot of efforts, money, time, research to get the house of your preference. As it is a pricy possession, it needs to be secured from perils such as burglary, theft, natural calamities.

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**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*The premium of ₹ 9/month is for a pucca building with sum insured of ₹ 5 lakh at selected locations, for property age less than 40 years and policy term of 1 year. Additional premium is payable for the optional covers including contents opted.

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**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*The premium of ₹ 9/month is for a pucca building with sum insured of ₹ 5 lakh at selected locations, for property age less than 40 years and policy term of 1 year. Additional premium is payable for the optional covers including contents opted.

Here comes the big question. How to protect your house? 

Home insurance is the answer! 

Why Do You Need Home Insurance? 

Home insurance is a type of insurance policy that protects your house from unwanted losses due to multiple calamities. Apart from securing the house, it also protects the house owner from the financial loss, cover construction expenses including the costs of appointing architects, surveyors, engineers etc. Buying home insurance is extremely easy. All you need is minimal documentation, and your asset is secured for lifetime. 

The importance of home insurance is immense. Sadly, only 30% of Indians have home insurance while the rest of the 70% remains uninsured. This negligence among the homeowners calls for contemplation as to why individuals are not liking to purchase a home insurance policy in India, when the amount of threat or insecurities is higher in the country. Hence, considering the amount of financial loss one may encounter in repairing a house or reinstalling the construction work is challenging, a number of insurance companies have introduced home insurance with some alluring features and benefits. 

Scope of Coverage under Home Insurance 

  • Covers the Loss Due to Fire

Fire damage is the most unfortunate event your prized possession may encounter. The reason can be a short circuit or carelessness of your neighbor that can cause harm your property and life as well. Sometimes, decorative lights or damaged power points can easily set fire to the items at home. The home insurance policy covers these losses extensively and offers financial protection to the house owner. 

  • Coverage for Loss or Damage Due to Natural & Man-made Calamities 

Natural calamities come unnoticed. The outcome of catastrophes such as floods, earthquakes, storms, typhoons, lightning etc. is tremendous and can cause huge financial damage as well. A comprehensive insurance policy for home will protect the insured house against such calamities by covering the loss and repair expenses. Also, man-made calamities such as burglary, vandalism, theft etc. are also covered by this policy. 

  • Coverage for Contents Inside the House 

No doubt a house is made of bricks and cement, but the emotional attachments involved is huge. The emotions of the person living in it, the efforts one put in making it a home can’t be explained in words. So, we never mind equipping the house with the best possible appliances or contents. And every single thing comes with a price, no doubt. Ofcourse no one will ever imagine anything to damage these expensive contents. So, buying a home insurance policy can be the solution for this as the policy also covers precious contents inside the house. These include furniture, electrical items, jewellery and much more. 

  • Coverage for Temporary Living Expenses 

Let’s imagine, in case of any unfortunate event if your house undergoes severe damage and requires an immediate repair, what will be your next step?

You will surely renovate/repair the house, right? But have you ever realized during the process you’ll have to rent out another house for these days? Now the question is how will you manage both these expenses-the repair of the own house and paying for the rented house? 

If you have well insured your house with a home insurance, there is nothing to be worried about. The insurance company will cover those expenses incurred in paying the rent as well. 

Home insurance

In a Nutshell!

Now you know the various benefits offered by this insurance policy, you will understand the urgency of owning home insurance.  We hope with this article, the question “what will happen if you don’t have home insurance” is answered well. Think smart and make an informed decision. Make home insurance a true protector of your prized possession and stay insured.

Written By: PolicyBazaar - Updated: 30 September 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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Reviews & Ratings

4.4 / 5 (Based on 120 Reviews)
(Showing Newest 10 reviews)
Virendra
Bokaro, July 26, 2022
Coverage for natural calamity
I was looking for an insurance policy that provides me coverage for natural calamity. Since my house is located near a river and it floods my area in the rainy season. So i went on the Policybazaar website and particularly look for this coverage found the exact plan that provides this coverage.
Sunil
Bilaspur, July 26, 2022
Premium Calculation
I was looking for a home insurance policy online. I stumblled upon the Policybazaar website and it is one of the best online platforms to purchase home insurance policy. I learned about the insurance plan i wanted to purchase and after choosing the plan and add ons i could calculate the premium using their online premium calculator. Thanks Policybazaar.
Manish
Bikaner, July 26, 2022
Natural Calamity cover
I have recently purchased a flat and wanted to cover it with a home insurance policy. I was aware of the Policybazaar website so i thought i should give it a try. I went on their website and as i wanted to cover my flat with a natural calamity cover specifically i searched for it and without wasting a minute it showed me the natural calamity coverage.
Mohit
Amritsar, July 26, 2022
Enough coverage
I was looking for a home insurance plan online. I was fed up as i have to visit different websites to look for a single suitable insurance plan. However, i stumbbled upon Policybazaar website where i was able to find the right insurance plan that could provide me enough coverage.
Sahil
Bareilly, July 26, 2022
Nice customer service
I wanted to purchase a home insurance policy and a friend of mine suggested to purchase it from Policybazaar. I bought the policy and after that i had a confusion regarding exclusions so i called up Policybazaar customer care and they cleared out the confusion and i loved their customer service.
Jitendra
Ajmer, July 26, 2022
Qiuck claim
I purchased a home insurance policy recently. However, due to a natural calamity, my house was damaged as the pressure of the water because of flood broke the enterance door of my house. But the insurance plan that i bought got me covered and i as able to get the quickest claim possible.
Prashant
Delhi, July 26, 2022
Natural calamities covered
I bought a home insurance policy recently. As i live near a river and in the rainy season, my area gets flooded so in order to protect my house and its contents, i purchased the insurance to get coverage for such natual calamities and i am tension free now.
Sharad
Kolkata, July 26, 2022
Wide coverage
The home insurance plan that i purchased from policybazaar's website is a great plan that provides me coverage for not only the structure but also cover several expensive content of the home such as paintings, mobile phones, laptops, television, etc.
Ravi
Ahmedabad, July 26, 2022
Suitable insurance plan
I purchased the group health insurance policy from Policybazaar website. First of all, i did not have to wander much online while lookig for a home insurance plan that fits my requirement and i found the suitbale home insurance plan by comparing different plans on the website.
Yashashvi
Amritsar, June 09, 2022
Natural calamities covered
I bought a home insurance policy recently. As i live near a river and in the rainy season, my area gets flooded so in order to protect my house and its contents, i purchased the insurance to get coverage for such natual calamities and i am tension-free now.
  • Disclaimers+

    #Savings of 28% are based on the comparison between the highest and lowest premiums for a pucca building with sum insured of ₹ 1 crore at Delhi, for property age less than 5 years and policy term of 11 years.

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