There is a lack of awareness about home insurance in the country, which often leads to misconceptions, leading to people not taking the right insurance covers for safeguarding their home.
Your home is your haven, a shelter that keeps your family safe, and a place where most of your everlasting memories are created. Home is the most prized possession and there is always a need to safeguard it from unforeseen reparation owing to natural or manmade calamities like a fire, flood, or earthquake.
The right home insurance policy helps to protect not just your home, but also the contents kept in your home from these unforeseen damages. Home insurance is not only critical protection to have if your home is located in an earthquake, flood, landslide-prone region, it will also help you protect against other unanticipated events like Fire, water pipe burst, riots, theft, and burglary, etc.
Any place that we call home has a lot of our emotions invested in it. If you are a homeowner, not only are all your memories attached to this special place but it is also one of the priciest and worthiest assets you have. Considering the associated emotions and the fact that it has cost you a mammoth amount of money, it is imperative to keep your home safe and secure. In the event of any actual damage, a home insurance policy always comes to your rescue. An insurance policy may not cover the emotional value and associated sentiments with your dream home, but they can always share the load and lessen your financial burden in case of loss.
A comprehensive home insurance policy covers property, contents, and valuables in the house. However, you can opt to cover only your property or only the contents of that is your requirement. For example, if you are staying in a rented property, you would want to only insure the contents in your home.
The need for home insurance
Cyclone Amphan created havoc in West Bengal and Odisha in May 2020 leaving everything destroyed in its path. The recent floods in Assam due to heavy rainfall have left many villages of Assam severely affected. The country’s southwesterly monsoons brought about heavy rains in the states of Gujarat and Karnataka in July 2020, causing widespread disruption in these states.
While you may take measures like heavy-duty locks on doors, 24/7 CCTV installations, and security guards to protect your home, unforeseen mishaps may still happen. Hence, you also need to protect your home with insurance to take care of the financial loss of rebuilding your home when such events happen. There is a lack of awareness about home insurance in the country, which often leads to misconceptions, leading to people not taking the right insurance covers for safeguarding their home. Numerous natural and man-made incidents could be a concern for the safety of your home, depending on where you live.
While buying home insurance, it is imperative to check what all events are covered under the policy. A comprehensive home insurance policy, for instance, safeguards your home against damages caused by multiple natural and man-made calamities.
So, be prudent and safeguard your home, your most assets against most eventualities with a comprehensive coverage plan from a reputed insurer without compromising on coverage quality.
By Parag Ved, Executive Vice President and Head – Consumer Lines, Tata AIG General Insurance