Across the country, natural disasters like floods, earthquakes, landslides, or storms cause significant damage to people's property every year. The recent earthquake tremors in Haryana and Delhi-NCR have once again reminded us of this threat. During the monsoon season, rivers are overflowing, and flood-like conditions have arisen in many areas. In such a situation, how will you financially recover if your house is damaged? Many people are unaware of the answer to this question. But home insurance can cover this loss.
How Home Insurance Helps
Home insurance is a plan that provides protection against losses caused by natural or man-made disasters. Through this insurance, if your house or the items inside are damaged in events like earthquakes, floods, fires, lightning strikes, theft, or riots, the insurance company compensates for the loss.
Taking home insurance is not mandatory, but given the increasing number of unforeseen events, its demand is rapidly rising.
Two Main Types of Home Insurance
Home insurance is mainly of two types. The first is insurance for the structure of the house, i.e., the building, and the second is insurance for the contents inside the house.
- Structure Insurance Cover: This insurance plan covers the walls, roof, floor, and the entire structure of the building. If your house is damaged due to earthquakes, floods, fires, storms, lightning strikes, or riots, structure insurance covers this loss.
- Content Insurance Cover: This insurance provides protection for the items kept inside your house. This includes electronic equipment, furniture, household goods, jewelry, and other valuables. If your household items are damaged or stolen in an event, content insurance covers that loss.
Who Should Take Home Insurance
This insurance can be very useful for those living in earthquake zones, flood-prone areas, or areas where there is a constant threat of some natural disaster every year. This plan can act as a relief for people living in such areas.
What Home Insurance Covers
- Damage from natural disasters such as earthquakes, floods, storms, landslides
- Incidents of lightning strikes or fire
- Man-made events like riots, theft, robbery
- Damage to walls, roofs, pipelines, and wiring
- Loss of electronic items such as TVs, refrigerators, washing machines, laptops, etc.
- Valuables such as jewelry, artwork, and other items
What Points Are Important to Keep in Mind While Taking Insurance?
- What is the claim settlement process of the insurance company?
- Which events are being covered?
- Is the cost of repairing or replacing the goods included in the insurance?
- How is the location of the house assessed in the insurance?
- How easy is the claim process?
Floods and Earthquakes Cause the Most Damage
According to government figures and reports, thousands of houses are affected by floods, earthquakes, or landslides every year. Not only do people lose their lives in these events, but their life's savings are also destroyed. In such a situation, if the house is insured, at least financial relief can be obtained.
How to Take Home Insurance
Nowadays, almost all major insurance companies offer online home insurance facilities. You can visit their website, fill in some basic information, view the details of the insurance plan, and get an estimate of the premium. Insurance can also be purchased through an insurance agent or banking partner. Some banks also offer this facility by linking insurance with home loans.
Many Companies Are Offering Extra Features
In today's time, insurance companies are also offering several add-on facilities to attract customers, such as pet protection, loss of rent cover, separate insurance options for tenants, etc. Some companies even offer cashless repair facilities on claims.
