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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.
Here comes the big question. How to protect your house?
Home insurance is the answer!
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.
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.
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.
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.
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.
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.