Is Your Home Protected with Home Insurance During Monsoon?

A home insurance plan is a contract between you and the insurance company wherein you pay regular premiums and the insurer ensures financial protection of your home. If your home is not yet protected, then it is advisable to buy home insurance during the monsoon.

It is a dream of many people to build a home and for that; they invest every penny they've earned throughout their entire life. Also, the home is not only about four pillars and basic amenities, it includes your memorable and valuable items, personal belongings that you're most attached and of course family. An uncertain event such as fire, lightning, flood, storms, explosions, burglaries can destroy everything. 

The damage caused by natural or manmade calamities will leave a lasting and adverse impression on your life. To ensure peace of mind for the protection of your home especially during the monsoon you must buy a home insurance plan.

How Home Insurance helps during Monsoon?

It hasn't been long since the entire world witnessed the disasters India suffered from in the year 2020. When the whole world was facing the pandemic, India had to deal with several floods, cyclones, and even earthquakes along with the COVID-19 virus. Many lives and homes got destroyed in a blink of an eye. 

People were recovering from all that and the monsoon season is here again to snatch the life and livelihood. It is impossible to predict disasters, especially during the monsoon season. However, you can protect your home with a comprehensive home insurance plan. 

It will offer coverage to your home against damage/loss caused by natural calamities like earthquakes, floods, cyclones, storms, typhoons, etc. It also provides coverage for the damage caused by theft, burglary, strikes, riots, vandalism, and other such activities. 

Home insurance during the monsoon can turn out to be a great saviour for you because it can help you reimburse the costs of damage repair of your home. 

How Home Insurance Helps Save Money in Case of Damage?

Let us now understand how a home insurance plan can save your money during an unforeseen emergency:

1. Offers a Replacement for Loss

If you will buy a home insurance policy, you will have financial security, which will benefit you in times of need. If you lose your belongings due to the damage to your house, you can claim for the replacement of your loss. 

Based on the type of home insurance policy you have bought; you also have an option to get a similar replacement of your damaged goods instead of an equivalent amount of money.

2. Offers Protection against Natural Disasters

The uncertainty of natural disasters is a fact and nobody can prevent it from happening. It is a nightmare for every homeowner. Also, the damage caused by a natural calamity is way too much for anyone to bear. All of a sudden it will leave you in financial constrain. A home insurance plan can provide you with funds in such uncertain events of life. You can opt for annual or monthly expenses to cover up your damage repair costs.

3. It is Affordable

Buying a house and then buying home insurance to protect it, might sound like an extra added expense. However, it will provide financial aid to you in the long run in case of house damage or content loss due to disasters. The premiums are cost-effective and provide enough cover to protect your home.

Home Insurance Plans with Add-on for Extra Protection

Add-on covers are structured in a way to offers you additional benefits and extra protection. Add-ons provide coverage which usually regular home insurance does not include. Following are the common riders that you can club with your base home insurance plan:

1. Portable Electronic Equipment Cover: This add-on is best suitable for you if you own fancy gadgets and electronics. The rider will provide protection against portable gadgets and electronics such as cameras, musical equipment, laptop, sports equipment, and more.

2. Jewellery & Valuables Cover: You can protect your valuable jewellery from getting stolen from your home by adding this rider to your home insurance plan. With this rider added to your base plan, you will not have to lose your sleep over the security of your jewellery as your insurance plan has you covered.

3. Terrorism Cover: In some geographic locations the terrorism is becoming a big concern and the threat is quite surprisingly on the rise. It is very painful to witness the damage of the house due to a terrorist attack. This is not under your control, but the protection of your home is in your control.

This add-on cover will enhance the overall coverage of your home insurance plan. You can raise a claim in case your house or content inside the house gets destroyed due to a terrorist attack.

What Damages are Payable in Home Insurance Policy?

It is advisable to check the policy documents to check what damages are payable as per your insurer. Following is the list of common damages that are covered under a regular home insurance policy:

• Flood damage
• Short Circuit
• Furniture Damage
• Structural damage
• Water leakage
• Valuables
• Floods
• Restoration
• Replacement
• Fire
• Electrical and mechanical breakdown

The Final Word

Home insurance policies can vary from insurer to insurer but one thing remains the same and that is the ultimate financial protection of your home. Whether it is a newly build house or a little old one, you can check the eligibility criteria and safeguard your home with home insurance during monsoon. Remember, a home insurance plan is valid only for the building and its contents. A homeowner insurance policy does not cover the land.