Natural disasters can strike anytime. While we can do little to prevent such calamities, we can secure ourselves with adequate insurance.
No one can say when the next natural disaster will strike. “In India, only life, health and vehicle insurances are common. However, earthquakes and floods can strike any time. We need to protect our assets from such calamities, ”says Abhishek Mishra, CEO, Bonanza Insurance. One way of doing so it is to opt for home insurance. Most home insurance policies automatically cover damage due to cyclones, earthquakes and the like.
Household insurance covers the structure and furniture and fittings inside a house. While it is generally suggested that one opt for a comprehensive plan when it comes to car insurance, choosing the right household insurance policy can be trickier.
Buy structure cover only if needed
Before buying a comprehensive home insurance policy, find out if you need to take cover for the structure. Most housing societies insure the building and therefore, individual flat owners don’t need to opt for structure cover. “Flat owners need cover for the contents inside the house,” says Mishra. However, check if the policy bought by the housing society covers reconstruction costs and not only the depreciated value of the building. Several housing societies settle for depreciated building value to keep premiums low.
Go for replacement costs for contents
Experts say it makes sense to opt for replacement cost, instead of depreciated value, for household assets. “Houseowners should note that this will push up insurance costs,” says Sanjay Dutta, Chief, Underwriting and Claims, ICICI Lombard General Insurance. However, this will be useful at the time of claim. Assume a television you bought two years ago is damaged by lightning and the repair cost is Rs 8,000. The insurer will not pay the full amount if you do not opt for replacement cost.
Take precautions after insuring
Insurance laws ask you to take every step to protect your assets. Insurance companies usually educate people about this. “Once Cyclone Fani was announced by IMD, we sent out messages about ways to protect your assets like car, house, etc.,” says Dutta. These measures are standard procedures like sealing any part of the house where there is a chance of leakage and repairing old and creaky windows
Bast Home Insurance
Check the sum insured offered by your home insurance policy
When you are considering the value of your home for insuring the structure, you should remember that it is not determined by the market value, which is a combination of cost of land, demand and supply, etc. The value, called reconstruction value, is decided on the basis of how much it would cost you to reconstruct the house if it is damaged.
Insuring the structure of the home
- The sum insured is calculated by multiplying the built up area of your home with the construction rate per sq. feet, e.g. if the built up area of your home is 1000 sq. feet and the construction rate is `800 per sq. feet, the sum insured for your home structure is `8 lakhs.
- We recommend the rate of construction for few major cities when you buy online; click here to know the construction cost. However, this value can be revised appropriately if expensive material – like marble flooring – has been used in construction. If your home has lawn / garden surrounded by a perimeter wall, the construction rate can be revised to include the cost of construction of this wall in the home structure sum insured.
WHY SHOULD YOU PURCHASE HOME INSURANCE?
The age old adage, “Home is where the heart is” stands true, especially when that home is the result of your hard earned money. A place where you weave your dreams and watch them come to life, your home needs to be secured as much as anything else in life. Home Insurance, also known as property insurance is the best way to keep your house protected. Safeguarding your property from threats like natural calamities, missile test damage, fire, burglary, and other unforeseen events, house insurance offers complete peace of mind and keeps you financially covered for the monetary loss incurred.
Home means a world to us, it is the epitome of our desires and emotions. Many of us invest the savings of lifetime to get a home for ourselves. We need to make sure that it is safe … Home insurance covers the structure of house and the contents which include prized possessions against damage from natural calamities like floods, earthquake, storm and man made events like riots, arson etc.
Home Insurance for Cyclone, Storm and Floods
These days due to climatic conditions Cyclones, Storm & Flood pose for a high occurance. Whenever such natural calamities take place they tend to destroy trees, assets and vehicles. Our home being our most valuable asset it needs to be protected. The whole idea of buying a home insurance is for securing your finances at the time of calamities. In case your home gets damaged due to a natural calamity you have our financial back-up to tackle the expenses for repairs and renovation. We help you dealing with such unforseen expenses so that you beloved home is always secured.
Benefits and Features of Home Insurance
- Complete coverage for any damage to your home or it’s contents from natural calamities and man made events
- Theft or burglary of property and valuables at the insured premises if the homeowner is away
- Valuable articles cover for silverware, jewelry and costly electronic gadgets, computers are covered
- Benefits like round the clock customer service, immediate access to the insurance experts and quick customer service.
Home Insurance and Home Loans
In India, the majority of people buy a home insurance while seeking for home loan as it is generally attached with the home loan product. Assuming you have taken a home loan to buy your dream house and definitely you will plan to furnish and decorate it with classy interiors, valuable antiques and latest furniture. It would be heart breaking if the house gets damaged due to fire or natural calamities like earthquake, floods, lightning, thunderstorm etc.
We provide coverage against risks, perils and unforeseen incidents such as:
- Coverage for your expensive electronic items such as TV, AC, Washing machine, Fridge, Computer and other electrical equipment
- Protection against damage from short circuits and mechanical breakdown
- Protection against accidental breakage
- Protection against breakage of fine glass fixtures or fixed plate glass
- Insurance for your gold, diamond sets and other jewellery against theft and loss. Chain snatching is covered even outside your home
- Protection against theft, loss or burglary
- Coverage against personal accident inside the home for self and spouse
Our Comprehensive House Insurance Policy safeguards all your valuables and provides the benefits of several different policies in one. Buy it online now!
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