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Home Insurance in India – 3 Reasons Why it is Essential

Your home is one of the most expensive assets that you will ever purchase. But what if a natural disaster like a flood or earthquake or accidents like fire were to destroy your precious home? With home insurance, you can deal with the financial consequences of the disaster.

There are various reasons to purchase home insurance in India. Here are some of the key points:

Compulsory if You Take a Home Loan

In India, when a person wants to purchase a home and needs to avail home loan from a bank, it is compulsory to take an insurance policy for safety purposes. The bank also does not sanction any loans without a home insurance policy.

After verification of past year data, we found that many Indians understand the importance of insurance for the house and for contents as well.

You Need Contents insurance

Apart from the structure of the house, you can get contents insurance that only covers the materials which are stored/fixed inside house. Day by day crimes in cities are increasing.

With home insurance, you can protect your property from riots, burglaries, theft, etc. Some fire insurance policies also protect your home against theft, accidental breakage, damaged caused due to electrical and mechanical breakdown. As we are investing our lifetime saving for buying a house, it is important to get it fully insured.

Safety from Natural Calamities

We have also seen that since the last few years, natural calamities such as floods, earthquake, cyclone have increased. With home insurance, you can ensure that your home stays safe from such calamities Then you would not have to deal with a frightening situation where you haven’t taken insurance and your house gets totally damaged due to natural calamities, leaving you to deal with the consequences without any financial backup.

While home insurance is definitely important, it is equally important that before buying insurance you do proper market research. The Bajaj Allianz home insurance policy is a comprehensive home insurance cover – that will protect not only your home, but also the belongings inside it.

This article has been authored by Mr. Hardik Dave, Non-Motor Claims at Bajaj Allianz General Insurance Co. Ltd.

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Published on:21 Apr, 2015

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