Turkey-Syria Earthquake: How a Home Insurance Can Come To Your Rescue During Such Times?

Posted on: Feb 16, 2023 | | Written by:

Turkey-Syria Earthquake: How a Home Insurance Can Come To Your Rescue During Such Times?

Published on January 15, 2023. EST READ TIME: 3 minutes

How Can a Home Insurance Help During an Earthquake?

Our heart goes out to the people of Turkey and Syria, who are reeling from the aftermath of a devastating earthquake that recently hit the countries, people displaced from homes, distraught faces and mass funerals, it becomes too much to see those scenes being played on our television screens. But how has this affected Indians back home? According to Dutch researcher Frank Hoogerbeets, associated with Solar System Geometry Survey (SSGEOS), Netherlands, who accurately predicted the Turkey-Syria earthquake, there could be a major earthquake across Afghanistan, Pakistan and India, making its impact felt in the Indian Ocean region sometime soon. This has given many of us sleepless nights to say the least.

However, the silver lining is that people are looking for ways to reduce the extent of the damage if a disaster like this hits home. In the event of an earthquake, the first thing one would life to safeguard is one’s life and that of his loved ones. While there are high chances of loss of life during such an event, one should remember that the impact is felt on the structure and contents of a home/apartment/building as well. It can cost one dearly to rebuild a structure in case it is damaged due to an earthquake. On the other hand, home insurance provides with financial aid to rebuild your house or apartment from damages due to earthquakes. Home insurance covers both the content and structure of your house from natural calamities like – fire, flood, storm, cyclone, earthquake, landslide, etc along with man-made hazards like theft, burglary, terrorism.

What kind of home insurance plan should you choose to get maximum coverage from damages due to earthquakes?

Depending on your insurer and the plan your choose, there could be specific exclusive and inclusive add-ons to your home insurance plan. However, when you want to secure your home from maximum damage from an earthquake, choose a comprehensive home insurance plan that covers both the structure and contents of your home. The damage from an earthquake will depend on its intensity and severity. At times, it can cause considerable harm to the structure and contents like – antiques, portable goods, imported toys, and other valuables. For example, a tremor can make cracks in your walls and break an antique chandelier shattering it on the floor or even damaging your wall-mounted television set. Not just your home, damage to your contents can also lead to huge financial loss. So, having a comprehensive home insurance plan securing both the contents and structure is a good idea. Since there is no stand-aloneearthquake insurance as it is already covered under your home insurance policy.

What about the damages due to the aftershocks of a major earthquake?

After a major earthquake, aftershocks are usually expected, leading to considerable damages even after the initial devastation. This is why, HDFC ERGO’s home insurance plan has a 72 hour clause attached to its policy where the loss or damage caused to the insured property within 72 hours of the initial event is considered a single event.

Things to remember

a. Always go for a home insurance plan that covers the structure and contents of your home.

b. If you still need to secure your home, try doing it soon, to get secured from financial losses due to defined perils.

c. Make timely interventions to keep the structure of your house strong.

d. Keep renewing your home insurance on time to keep your house secured.

e. Always be transparent with the information you give out to your insurer while insuring your property, to ensure smooth settlement of claim.

Conclusion:

Your home and its contents are your biggest asset. Most people spend their entire lives hard-earned money to buy a house and design it with pride. Securing this haven with home insurance is the wisest way to ensure you value your property and money as well. So, as you stay protected with your loved ones inside the beautifully painted walls of your home, protect your home, too, with a comprehensive home insurance plan.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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