In India, most home owners do not bother to insure their homes, even though it is often the biggest asset that one can own, attributes the low demand for home insurance, to ignorance, saying that Indians are not even aware of the risk associated with their lifetime investment.
Currently, unlike a car insurance, home insurance is not mandatory. However, banks are making it mandatory for a borrower to obtain home insurance, while opting for a home loan. In home insurance, the cover is provided for the structure and contents. There needs to be more awareness about such products, as a lot of people are not even aware of home insurance. Even though India witnesses natural calamities each year, home insurance remains a low priority.
Even the people who are aware that a home can be insured, are not doing so, as they consider it a waste of money. They feel that any threat to their house is rare and may happen once in 10 years. In many places, people may have not experienced any threat to their home in their lifetime.
This ignorance can expose them to high risk, which can be avoided by paying a small annual premium.
A home insurance is a safety net that provides cover, in case of damage. It protects the house from unwanted, unforeseen causes that can damage it, such as fire, smoke damage, floods, earthquakes, lightning strikes, storms of all kinds, explosions, riots or civil commotion, burglary, break-ins, vandalism, etc.
People generally believe that home insurance is expensive and the process of settlement of claims, is complicated. The scenario has now changed, with the entry of many insurers and the regulatory authority keeping a strict vigil on the operations of these companies.
The premium payable towards insuring a home is around Rs 50 for coverage of one lakh rupees and when the policy is taken for a long term, then, the insurance premium can even come down to ₹25 per ₹ one lakh coverage.
While a home insurance policy provides risk cover only for the constructed property, what if you have bought an under-construction property? In this case, experts suggest that it is the duty of the builder, to get a project insurance policy, to cover the threat to an under-construction property from natural disasters. So, before you buy an under-construction property on a home loan, check whether the builder has taken a project insurance cover.
A comprehensive home insurance policy product, may give you the benefit of risk cover for the contents, as well as the structure. However, before buying an insurance policy, the applicant should check out the list of inclusions and exclusions, to figure out what risk hazards the insurance product covers.
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