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Why is Home Insurance Policy in India So Important in the Summer?

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Published on April 7, 2021. EST READ TIME: 3 minutes

Home insurance allows for losses and damages to an individual’s residence along with furnishings and other assets in said individuals home to be covered. These damages can pertain to the residence in question’s interior, exterior or personal assets. Accidents and injuries in the home or on the property are also accounted for under this form of property insurance. This is based on the liability coverage selected by the homeowner. When a homeowner makes a claim for any of the aforementioned forms of loss and / or damage, they are required to pay a deductible. This refers to the percentage or amount of expense incurred by the insured. Acts of war or acts of god are ordinarily not included in home insurance policies.

Why is Home Insurance Important?

➔ Home insurance protects an insured homeowner’s building in addition to components that constitute their compound. This includes a given individuals garage, shed, deck and even their fence. For a premium, homeowners can avail of special policies which cover their electronics and valuable home appliances. This is important as it’s not just the property one resides in that is expensive but associated furnishing costs are equally financially draining. In the event of a home being damaged or experiencing loss, replacing such goods can be an exorbitant enterprise.

➔ In addition to providing insured homeowners with financial security, this form of home insurance also replaces insured belonging. Should individuals choose to pay an additional amount; their home insurance policy can replace damaged or lost goods rather than merely providing them with funds equivalent to the cost of those goods. This can be reassuring as some assets might not have been purchased by them with ease.

➔ Homeowners residing in areas that are known to experience frequent natural calamities can avail of more expensive home insurance plans which account for such disasters. Based on the amount paid by a homeowner, this insurance plan can cover expenses pertaining to reconstructing damaged property. It can also include the cost of paying for said homeowner’s temporary lodgings while their home is restored to its former glory.

The Importance of Home Insurance in India in the Summer–

➔ Summertime is an ideal time for vacations, kicking back and recouping from the stress and hustle and bustle associated with daily life. Many families with children might opt to not come into work such that they can go on holiday with their family. This in turn means that several homes are left alone with no supervision on the part of their owners. Empty homes are entrancing options to burglars and thefts are more likely at this time. By availing of home insurance, homeowners can go on vacation with a feeling of security about their property.

➔ India is known for its intense heat during the summer. Temperatures are known to rise to up to 51° C (or 128° F). Not only is this scorching heat problematic for those who are outdoors on a regular basis, but it can be dangerous for homeowners as well. Such high temperatures can cause power boxes at electricity substations to heat up considerably. This in turn can cause electric surges in the electricity coming into individual homes. This can cause all electric connections in a home to burn out ultimately causing a fire. House insurance fortunately covers damages & losses incurred as a result of fires. Those who avail of it can be assured of having suitable protection against such hazards.

Home insurance is an important expense that all homeowners must invest in, in order to protect themselves against damages and losses occurring on their property.

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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