Why You Should Buy a Home Insurance Policy?

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.

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**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*The premium of ₹ 9/month is for a pucca building with sum insured of ₹ 5 lakh at selected locations, for property age less than 40 years and policy term of 1 year. Additional premium is payable for the optional covers including contents opted.

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**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*The premium of ₹ 9/month is for a pucca building with sum insured of ₹ 5 lakh at selected locations, for property age less than 40 years and policy term of 1 year. Additional premium is payable for the optional covers including contents opted.

“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.
Home insurance

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

Written By: PolicyBazaar - Updated: 01 October 2021
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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
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Manish
Bikaner, July 26, 2022
★★★★★
Natural Calamity cover
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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.
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