As Indians, we have been ingrained to learn how to save for a rainy day. Savings is something all of us learn from a very young age. We use our lifelong savings to purchase and furnish a home with furnishings, appliances, etc.
Home insurance provides fair compensation for property damage caused by natural disasters or vandalism, without the need for climate risk insurance or natural catastrophe bonds.* Home insurance offers resettlement cover to help policyholders relocate without additional costs if their property is destroyed beyond repair and needs to be moved to a new location.* A home insurance policy with “Public Liability Coverage” will pay for all medical costs incurred if a visitor is hurt while staying on the policyholder’s property. Even renters are entitled to coverage for their homes.
Griha Raksha Bharat
India’s Bharat Griha Raksha (BGR) initiative aims to increase home insurance purchases among non-life insurers. The insurer reimburses the item’s market value as of the loss date, not as the day the insurance was purchased, in the event that any property is lost or destroyed. Thus, underinsurance will never exist. If a long-term policy is bought, the sum assured will automatically rise. However, because insurers don’t heavily advertise this product, this policy isn’t attracting many customers. #
Home insurance is seen as a “negative reinforcement” product since most individuals still view their homes as their most valuable form of security. Homeowners will learn better ways to maintain their properties if home sensors are bundled with home insurance plans.
The premiums may also be proportionate to the risks that a household faces. In established markets, risky event prevention is given more attention. The insurers also arrange urgent repairs to the house or any appliances.*
Home insurance is crucial to protecting the roof over your head and ensuring financial security. Your house is not only a place of shelter but also a significant investment. Home insurance provides a safety net against unforeseen events that could cause damage or destruction to your property.*
With the right policy, you can be at peace knowing you are covered against various risks, including natural disasters, theft, and accidents. In the event of a covered loss, your insurance policy can help you repair or rebuild your home, replace your belongings, and provide temporary accommodation if necessary. Without insurance, the financial burden of such incidents could be overwhelming.* ^
A home insurance calculator is a convenient tool you can utilise online to check the coverage required based on your needs.
Home insurance serves as a vital safeguard for your cherished abode, ensuring that the roof over your head remains secure in the face of unexpected events. Whether it’s protecting your possessions, providing coverage in times of disaster, or offering peace of mind for unforeseen circumstances, investing in a robust home insurance policy is a prudent choice to maintain the comfort and security of your home sweet home.
^ Claims are subject to terms and conditions set forth under home insurance policy .
*Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.