A home is more than a structure of bricks and cement. The love, comfort, and security shared by the inhabitants make up a home. However, disaster can strike at any time and cause losses that you are not prepared for. It is during such times that a home insurance policy can come to your aid.
Property insurance serves the same purpose as that of life, health, car, or travel insurance. It offers you a financial cushion when your home suffers damages. Read on to know the various reasons for availing this insurance policy.
- Financial cushion for damage to home due to natural disasters
Natural disasters such as floods, cyclones, earthquake, etc. can cause extensive damage to your home. To repair it post a natural calamity is a tall order and can strain your finances.
However, with a good home insurance policy in place, you get the much-needed financial backing in such a situation. Your insurer reimburses the costs incurred for repairing your home. This is a big relief for majority of homeowners, particularly the low and middle-income groups.
- Cushion against losses suffered due to man-made disasters
Your home is not only susceptible to natural disasters, but also to man-made ones such as theft, burglary, terrorism, riots, etc.
These incidents too can cause extensive damage to your prized asset and its belongings. With a house insurance plan, you are reimbursed for the damages suffered in such a scenario. Just like natural calamities, man-made ones can’t be predicted and hence, it’s prudent to be prepared for them.
- Protection against third-party liabilities
A home insurance policy not only offers you a financial cushion against natural or man-made disasters but also offers coverage against damages by guests and third parties residing in your house.
There can also be losses suffered by them for which you can be held legally responsible. This insurance plan helps you bear the legal costs arising due to such liabilities.
- Coverage for temporary living expenses
There are cases, when your insured house becomes uninhabitable due to a damage. In such a scenario, you may need to live in a rented house for a temporary basis until your home gets back into shape.
A home insurance plan will pay the rent and expenses you incur in such situations. In other words, you don’t need to pay for all these expenses from your pocket. Your insurer takes care of them. This can be a source of massive relief as it ensures you don’t need to dip into your savings and impinge on essential financial goals in the process.
- Peace of mind
This is the most significant benefit of availing a house insurance policy. You know you have a financial backing in case your prized possession and its belonging suffer any damage due to natural or man-made disasters.
Owning a home is a major financial goal for most of us which warrants long-term planning and significant amount of funds. A home insurance policy safeguards your finances from taking a hit in case your home and its items fall victim to any untoward incident.
Availing a home insurance plan is not expensive. However, before you buy a home insurance policy, make sure to compare offerings from various insurers to know the applicable premium, policy inclusions, and exclusions. Go through the policy terms and conditions well before availing one. At the same time, know the claims procedure and the papers required to do so.
Today, you can make a claim online or offline. Most insurers have a dedicated team that takes care of your claims. Availing this insurance policy is replete with numerous benefits which can make your life healthier, happier, and comfortable.
Pocket Insurance from Bajaj Finserv offers a range of insurance solutions for various lifestyle, travel and health needs among others at a cost-effective price point. In case you need to protect your home when you are away on a vacation, you can opt for a home protection insurance that gives coverage up to Rs. 5 lakh at just Rs. 199 per annum.