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The property damages and loss of lives in the earthquakes in Gujarat and Jammu and Kashmir in the year 2001 and 2005, respectively, are enough to show that we are living in a country where natural calamities like earthquakes are a matter of concern. Therefore, every property and homeowner in India needs to have an earthquake insurance policy.
Earthquake insurance policy comes under the category of the home insurance policy. Under this kind of insurance policy, you get coverage against losses or damages incurred to your property against damages due to natural calamities like earthquakes.
Your home or other property can sustain significant damage in case of an earthquake. Going for its repair or rebuilding it can cost anywhere from lakhs to crores of rupees. This simply means that an earthquake not only causes damage to immediate property but also causes a significant long-term monetary hardship.
A house insurance policy that covers earthquakes serves as a solid foundation to deal with the risks that are posed by these natural calamities. If you buy an earthquake insurance policy for your home or other property, you get the following benefits:
Besides protection against losses and damages incurred to your property due to a natural calamity, earthquake insurance is not an inclusive insurance policy. The below-mentioned risks are not covered in a standard earthquake insurance policy:
These are the basic points that you must keep in mind while buying an earthquake insurance policy for your property. In addition to this, you must also know that same as other insurance policies like home insurance, earthquake insurance too has deductibles. The deductible is an amount that is deducted from the policy coverage amount.
Wrapping It Up!
Buying an earthquake insurance policy can look superfluous choice to many of you. However, the fact is that an earthquake insurance policy can be of utmost importance especially you are living in an earthquake-prone area.