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Why Is It Essential to Buy a Home Insurance Policy?

Buying a house you have dreamt of is an indescribable feeling that makes every hard work count. It is one of the most expensive and treasured assets in our lives. Despite how important it is for us, we do not make any efforts in securing and protecting it with a home insurance policy. That is why below we have discussed its importance in one's life.

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Understanding Home Insurance Policy

Home insurance is a protection offered to the homeowners that cover any damages caused due to burglary, theft, earthquake, cyclone, fire, etc. The insurance for a home can be purchased by a homeowner, a tenant, co-operative housing society, and residential society for at least one year.

One of the crucial points to remember about your home insurance plan is that it only covers the value of your home, not the value of the land. Another important point to be considered is the quality of material used in construction. If the building uses inferior quality material for the construction, your home insurance won't be covering any damage on this account.

Also, anyhome insurance companydoes not provide any compensation for unauthorized or illegal construction. So, it is essential to analyze the location and check the laws of the construction site permit board for a particular place.

Significance of Buying Home Insurance Policy

We tend to insure ourselves with the most valuable policies. Now it's time to understand how important it is to insure the roof above our heads. Below we have enlisted the significance of buying a home insurance policy-

1. Extensive Protection

A home insurance policy gives comprehensive coverage for the home and its additional structure like your backyard, garage, and fences. However, it does not protect your land rather protects your house from any unforeseen accident that might cause damage to it.

Besides protecting your precious possession, it also lessens your financial burden by protecting you against third-party liability, and legal liability that can be raised, when a third person is harmed or suffers any injury at your property.

2. Protection for the Repair and Replacement

You don't have to spend a single penny for repairing the damages, as your home insurance policy will cover the expenses. Your home insurance policy also offers replacement in articles like- furniture, refrigerators, computers, television sets, A/C, etc.

3. Protecting Liabilities

This insurance also compensates for any liabilities that might arise in our property or by our property. For instance- if the fire breaks out in your house and causes any damage to your and your neighbour’s or third-party property, this insurance will protect you and your house from all the legal and financial expenses.

Also, your insurer will arrange temporary or alternate accommodation for you for the time your house is being repaired.

4. Protection Against Natural Calamities

Your home insurance [rptects you against the damages and losses that you might face due to natural calamities like- earthquakes, cyclones, fire, etc. It also protects you against the damages caused due to man-made disasters like thefts, burglary, robbery, etc.

5. Peace of Mind

Getting the right home insurance policy will give a peace of mind because it assists you during your tough time when you might need finances to rebuild your home. By purchasing insurance for your home, you can relax and get yourself prepared for the worst.

6. An Affordable Deal

Most of the people think that a home insurance policy is an unwanted expense or an additional expense. But the benefits associated with the plan are much more than the money you have spent. You get the maximum coverage by paying nominal premium fees. Therefore, you must look for various plans before buying any policy on the internet, and choose according to your needs & budget.

Points to Keep in Mind When Insuring Your Home

There are a few points that you must keep in your mind before jumping to the conclusion-

1. Keep a record or proof of all your insured articles while insuring your home as it will help you at the time of raising claims.

2. Invest wisely as illegal or unauthorized construction cannot be claimed.

3. Your home insurance policy only shields the building and its components. There is no such coverage for the land.

4. At the time for policy renewal, ask for different price quotes from several home insurance providers available on the internet. As you might find another offer at the lowest premium.

5. As a tenant, you can also buy a home insurance policy.

Conclusion

With such comprehensive benefits associated, buying a home insurance policy is not a choice anymore, but it has become a necessity. You can never predict what worst could happen in the next moment, and therefore you must get extensive coverage to protect against damages to your own property.

Written By: PolicyBazaar - Updated: 17 March 2022
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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