If you were asked about your costliest asset, what would it be? Undoubtedly, it has to be your house. Catastrophic devastation caused by Nepal earthquake has jolted everyone and brought to the forefront the criticality of having a home insurance. Rebuilding the house or its contents is an expensive affair and without a good home insurance it might get extremely difficult to cope up. Apart from this, there are other benefits of having a home insurance which we will explore through this article.

“For tomorrow belongs to the people who prepare for it today”. - African proverb   

Here’s why you should opt for a home insurance policy:

• To recover from natural and man-made hazards –  Home insurance covers your house against damages done due to natural hazards such as earthquakes, floods, lightning etc or by human acts such as vandalism/ thefts. It also equips you financially to recover from the loss and rebuild your home.  

• Covers temporary living expenses– Home insurance company will pay your expenses if you need to rent another apartment or move into a hotel temporarily, until your home is repaired/rebuilt.

• Make up for the loss/damage to your assets and personal belongings – Home insurance covers not just the structure of your home but also your personal belongings including jewellery, clothing, appliances, furniture and much more.

• Protect against liability – Liability coverage in home insurance provides coverage for personal injuries or property damage to others for which you or members of your family living with you may be legally responsible. For instance, your dog bites a neighbor or your tree falls on a neighbor's fence, if you have liability coverage then your insurer will pay for the expenses, thus protecting you from any possible legal problems.

• To avail house loan from banks – Many banks lend out a home loan on a pre-condition that the loan will only be approved if your home is insured. Home insurance, in fact, is a preliminary requirement to be eligible for a home loan.

So be prudent and agile. Insure your home against earthquake and other calamities today and ensure a bright future for you and your family.