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Why is it Essential to Buy Home Insurance in India?


Nilesh Naik stood among the ruins of his house. That was not fair! He was so careful with everything. He bought the safest possible equipment, invested in the best of the electrical fixtures and wires, had circuit breakers and ECBs to rule out the slightest chance of the short circuits. His house was built with lot of care and supervision, earthquake proof and strong enough to withstand the mightiest of the storms.

A cylinder blast at his neighbour’s house ignited the dried bushes around that house. The inferno that resulted raised the temperatures so high that the flames soon enveloped Nilesh’s house and reduced it to cinders. This was so unfair! He was so careful with his domestic cylinder and kept his yard so clean of dried grass and bushes!

The building of the house was a culmination of a dream and of saving and cutting corners for 25 years. He was so keen to build and own  his house without a loan. To be loan free and a king of his own small kingdom. To retire so peacefully in a few years. It was as if the clock was turned back 25 years and he had to start all over again but without youth in his quiver.

He was reminded of the visit from his friend’s son who had taken up an insurance agency. He could clearly remember the conversation.

“Why don’t you insure your house, uncle?”

Nilesh remembered thinking at that time, I know this fellow wants to earn some commission and is trying to push a policy I don’t need. He wondered how to tactfully say no.

“I am already financially exhausted after spending so much on building this house. Maybe next year, beta “.

“All the more reason, Uncle. This policy is not for the house but for the money you spent on building it . You are ensuring that you have it back in case something happens and you are able to restore it”.

“Nothing can happen. You have seen the quality of material I have used and so many precautions we take. You should try and sell this to my neighbor. He will need it. He is the most careless fellow I have seen”.

Alas ! The neighbor did buy that policy and will be able to build his house again. For Nilesh, he would need to find the strength to dream again.

This story is an excellent example of the importance of home insurance. We put in our life’s savings into our home. It is important to keep it safe with the right home Insurance that protects your home and the contents inside from damage.

To protect your home from unforeseen calamities and dangers, here is more information on our home insurance cover!

This article was authored by Yashodan Heblekar, Area Manager, Goa at Bajaj Allianz General Insurance Co. Ltd. 

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Published on:14 Apr, 2015

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