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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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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:The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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Reviews & Ratings

4.7 / 5 (Based on 99 Reviews)
(Showing Newest 10 reviews)
Surendra
Delhi, February 05, 2025
Good Price
I had purchased Bajaj Allianz home insurance, and when there was damage to home equipment due to an electric spark, these damages were covered by the insurance. Got insurance at a good price.
Naresh
Muzaffarnagar, February 02, 2025
Best Deal
I never thought home insurance could be affordable. With Policybazaar, I could compare multiple insurance plans on a single platform. I am glad I got the best insurance plan at a very good deal.
Nalin
Begusarai, January 30, 2025
Easy Renewal
I renewed my home insurance through Policybazaar. Initially, I was unsatisfied with my previous insurer, but my experience with Policybazaar has been good. Very satisfied with their services.
Abhimanyu
Gridi, January 29, 2025
Good Experience
PolicyBazaar has made comparing policies easy, and its agent explained the features clearly. Really happy with my experience of getting a home insurance policy.
Prateek
Patna, January 27, 2025
Expenses Covered
With HDFC ERGO home insurance, I could cover my expenses when our building caught fire. Luckily, no one was hurt.
Dhruv
Jamshedpu, January 24, 2025
Easy Process
Thank you, Policybazaar, for helping me to get the claim approved for my home insurance. Your process was very easy.
Vihan
Etawa, January 21, 2025
Big Help
I had purchased a new flat by taking a home loan. However, after paying the second EMI, there were some issues with the water pipeline, and it burst. The house's walls were damaged, and home insurance through Policybazaar helped me get a claim for my loss.
Ishaan
Lucknow, January 20, 2025
Stress-free process
Exploring different home insurance options felt overwhelming, but PolicyBazaar simplified everything. Their platform helped me compare plans quickly. The team answered all my queries, making the process stress-free.
Kshitiz
Lucknow, January 18, 2025
Easy Process
Thank you, Policybazaar, for helping me to get the claim approved for my home insurance. Your process was very easy.
Rahul
Patna, January 17, 2025
Stress-free process
Exploring different home insurance options felt overwhelming, but PolicyBazaar simplified everything. Their platform helped me compare plans quickly. The team answered all my queries, making the process stress-free.
  • 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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