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Over a 10-year period, is Home Insurance Really Worth it?

Natural and man-made threats like floods and theft aren’t uncommon in India; causing a serious setback to your house and budget. But with monthly premium instalments and other financial responsibilities, do you also feel that it may not really be that useful? Read on for some answers!

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Is Home Insurance Useful?

Like every insurance, the purpose of getting your home insured is to avoid any excessive financial burdens that may be caused due to unavoidable circumstances. There are different kinds of coverage provided under any home insurance; depending on your situation and needs you can pick a policy to secure the most likely risks. There are plans specifically offering coverage for home structure only, home components only or for both.

At a nominal premium, you can easily get reimbursements for losses caused by theft, burglary, fire and more. If you’ve opted for a plan covering the expensive components of your home, then you will be offered reimbursement or compensation for the damaged or stolen items as per your policy terms. There are also several plans available for homeowners as well as tenants, so that their homes are economically secure from any misfortunes.

How much will Your Home Insurance Plan Cost?

Depending on the value of your property and the kind of coverage you've opted for, your monthly premium can be as low as Rs. 200. At an affordable premium, you can easily avail of coverage against many 'Acts of God' that will protect you against losses caused by cyclones, storms and many other calamities.

For example, a property worth 1 crore in a metro city can cost you a monthly premium between Rs. 200-300. This premium can be bought for tenure ranging 1 to 10 years for a standard 1,000 square feet flat. If your house is smaller or the value of your property is lower, your premium would decrease too. In case of any damage or loss, your homeowner’s insurance will provide you with coverage up to 30 lakhs for a yearly premium of around Rs. 1800 - Rs. 3,600.

At such an affordable price, you can stay assured that in case of any mishap, you will be compensated for the repair or replacement of your home and home contents. Thus if you opt for a 10-year period, you will be a very small price to keep your property safe from horrible disasters such as floods, fire, theft etc.

Note: This is just an approximate figure, depending on the area of your house, the value of your property, location and age of your house, your monthly premium will vary.

Why do You Need Home Insurance?

From unexpected expenses due to seepage and fire to more severe damages requiring rebuilding, your home insurance plan has several uses:

Compensation for Losses

In case your house gets damaged due to natural disasters or other uncertain events, your insurance will provide you compensation in such scenarios. You can use this compensation for repairs or replenish the damaged items of your house.

For Affordable Premium

Among the most affordable insurance policies, your home insurance plan can be easily bought at an affordable premium that covers losses up to 40 lakhs. As discussed in the example earlier, a monthly premium starting at Rs. 200 can cover some major expenses that will cost you lakhs. This means, at an annual cost of 2,400 you get coverage for losses caused by fire, earthquakes, explosions or implosions, lightning, and many more.

For Coverage beyond Home Structure

Benefits of your home insurance are not limited to your home structure only; the benefits can be extended to the contents of your home as well. Important valuables such as home theatre, valuables, furniture, jewellery, etc. It also offers a lot of additional benefits through several add-ons. Some of the most popular additional coverages include cover for loss of rent, rent for alternate accommodation, personal accident, etc.

Protects against Legal Liabilities

In case someone gets injured in or around your house and files a legal case to claim hospitalisation or nursing expenses then your homeowner's policy will cover the cost for these medical and legal expenses.

Available for All

Not just homeowners, but tenants too can avail the benefits of this insurance. Many insurers in India offer plans for people living in rented accommodations. This is because a home is a significant property for all and they consist of hard-earned contents including furnishings and other valuables. You don’t necessarily need to own a home to secure your place!

One important thing to remember about home insurance is deductible. In the case of home insurance, you can lower the cost of your premium by opting for a higher deductible. However, it is important to pick the right deductible value so that you can easily afford to pay that deductible without compromising your finances.

Wrapping it Up,

Insurance for homes can be bought for varying durations. Depending on the risks, you can protect your home as well as its belongings so that you don’t incur unnecessary expenses. In case of misfortune, your policy will help you cover these damages so that you don’t need to start from scratch.

Written By: PolicyBazaar - Updated: 10 March 2022
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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