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Go beyond mere locks in this lockdown, protect your home with the right insurance

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They say change is the only constant, but a flurry of unexpected changes is a bit overwhelming. Lockdown restrictions due to the pandemic, complicated by the travel ban imposed now and then, had us running from pillar to post. Offices allowed to work remotely and then with the lifting of lockdown, started calling employees back. All this and a lot more had people working remotely in two minds – whether to stay put or travel back to their base. This also led them to the question – who will take care of their home in their absence? Considering the potential risks, it becomes pertinent to have a home insurance policy to provide adequate cover for your home and its contents.

1. Types of insurance to protect our home

There are different types of plans based on the needs and situation of the person seeking the policy. Let's take a look:

• Home insurance policy for homeowners : This is the most common policy to protect your home and its contents in the event of an unfortunate natural disaster like earthquake, cyclone, tsunami, landslides, etc. and man-made calamities like fire, burglary, theft, riots, and vandalism. Considering India’s diverse climatic regions that keep people in the eye of nature's fury and the rate of thefts, homeowners need to put a layer of protection on their abode. 

• Renters insurance policy: Many tenants believe that their current accommodation is a temporary arrangement and so, home insurance for rental properties makes little sense. Well, first of all, lakhs of tenants stay in the same house for years. Secondly, even if the structure belongs to the landlord, the valuable contents are still yours and any unfortunate damage can eat up all your savings in buying and repairing lost and broken items. Also, there is a misconception that the home insurance policy taken by the landlord covers their items too. Unless the items are specified in the policy, any damage to your personal belongings has to be borne by you. Renters Home insurance policy is generally cheaper than home insurance policies for homeowners, so skipping such insurance to save money will be an unnecessary risk. A history of tenant insurance also going claim-free improves your credit score and can help you in getting bigger home loans in the future.

• Property and casualty insurance:  Thisinsurance not onlyprotects your valuable belongings, but its casualty part offers liability coverage, i.e. it protects you, if you are found to be legally responsible for an accident that caused injury to another person or damage to another person’s property. More popularly called the P&C insurance, it is an umbrella term as it includes different types of insurance like homeowners’ insurance, car insurance, renters’ insurance, etc. under its ambit.

• Unoccupied home insurance: The importance of this insurance has increased in the lockdown. In the pandemic, we have seen people staying stuck somewhere due to travel restrictions or leaving their rented accommodation vacant to head back home to take care of their parents. When we are away from home for days and weeks, our house remains unoccupied and vulnerable to flooding, fire, burglary, etc. You can buy home insurance for unoccupied homes that will cover your home when your home remains empty for a longer period than what your standard home insurance policy allows.

2. What will be covered in home insurance?

Apart from natural disasters, there are man-made disasters as simple as a fire caused by a short circuit that can lead to huge destruction. Then there’s also the threat of theft, robbery, riots, strikes, etc. In case your house gets damaged due to any such reason, it will cost you a fortune in repairing, rebuilding, or replacing things. But if you have a home insurance policy, it will cover the damages done to the structure of your home and to the personal belongings like furniture, clothes, household equipment, etc. Some insurance policies also cover luxury items like jewellery, artworks, and silverware, but premiums are higher for them. In case of complete damage, the insurance also pays for your temporary accommodation till reconstruction is done.

3. Why opt for HDFC ERGO for Home Insurance Policy?

We are one of the trusted providers of home insurance. You will get several options, both long and short-term policies, to choose from according to your budget and needs. You can get coverage on possessions up to INR 25 lakhs. The icing on the cake is that you will be offered hefty discounts Of upto 45%* on home insurance policy.

Conclusion

Owning a home is a dream of many and it requires a great deal of financial planning to be able to realise it. That’s why it is important to protect your house and all your assets at home from any natural or man-made causes with a home insurance policy, renter’s insurance policy, or theft and burglary insurance .

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.* Discount may vary as per coverage opted. UIN Home Shield Insurance IRDAN125P0001V01201718 UID No D2HO942

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