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Monsoon is Here! Why Most Indians Should Consider Buying Home Insurance Policy

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Your property or your home will consume most of your savings. Apart from protecting you and your family, your property will also take care of most of your possessions and valuables. Even though a lot more people have purchased homes in recent years, not enough of them are covered by property insurance.

Understanding the value of homeowner's insurance is simple when something unfortunate occurs. Suppose your home is harmed by a natural or man-made calamity, such as an earthquake, flood, fire, or act of vandalism. In that case, you are financially protected by a property insurance policy. It is typically a good idea to purchase property insurance so that you can relax when things go wrong because of environmental changes and vandalism.

The monsoons have arrived, and the people are relieved by the monsoons. But the rains also have their set of hazards. Heavy rainfall causes property damage in mudslides, seepages, floods and landslides. Property insurance is necessary to mitigate the losses caused due to floods. The right property insurance should protect you against floods and other property-related damages like riots, vandalism, burglary, strikes, theft, etc.

Benefits of Property Insurance Policy

Damage and loss of valuables and private property are protected in case they are lost or damaged. Insurance companies often give tips on keeping things from getting lost or broken in an insured home. Insurance will help you safeguard your property and other valuables like jewellery, furniture, etc.

1. The price of a house

If your property is damaged, you will need to rent a property for yourself and your family. Also, if the property is rented out, you will miss out on the rental income. In case you have property insurance, you will be covered for the rent or the rental loss, as may be applicable. Thus you can continue to enjoy the benefits of your property even if it is damaged.

2. Liability security

Most homeowner's insurance policies have liability coverage, which protects you in case someone gets hurt on your property. Damage to visitors' property and likely accidents involving third parties while staying at the insured property are covered. The third event could cause damage and harm, and you or your immediate family could be held legally responsible.

3. Natural and man-made disasters are investigated

A full domestic property insurance policy covers all-natural calamities such as typhoons, earthquakes, floods, and lightning. This protects your home against danger and loss. It also allows you to rebuild your home and get your finances back on track. Your property is also safeguarded against natural calamities and criminal acts. This included vandalism, theft, strikes, rioting, and engaging in illegal sports.

Who in India Can Get Insurance for their Home?

All homeowners in India can get property insurance. Tenants can also get insurance for their homes. A business can get property insurance if its partners or employees live in a property owned by the business. Getting property insurance has several benefits, such as:

• Coverage for any damage to your house's structure.

• Protection for electronics and other home items.

• You can rent a place to stay for up to six months while your home is fixed.

Why Monsoons and Floods Can Cause Damage to Your Property

As per a report, India has suffered Rs 3,78,247 crores of damage due to floods from 1953 to 2017. The floods in India are known to cause deaths, property damage, cattle, etc. The financial impact of floods is very high. Floods are an annual occurrence in India with damages to property and lives. Around 15% population in India is prone to floods as per a TOI report. In FY 2019, a total of 15.6 lakh houses were destroyed due to floods. Therefore, property insurance in these times is of importance.

Assam Floods June 2022

The recent floods in Assam have greatly affected life and property. 29.7 lakh people in 30 districts of Assam are affected. The total death toll is 173 as of 2nd July, and the toll is rising. Around 88 revenue circles comprising 2450 villages are affected due to the floods in Assam. The loss of lives and damage to the property is disheartening. But with the right property insurance, you can reduce the financial impact of the losses. The financial impact causes other problems as well. If your financial impact is taken care of, you can be assured of a better ability to fight the impact.

HDFC Ergo Home Insurance

With HDFC Ergo home insurance, you get the following benefits:-

1. Complete protection of the home and the contents of the home.

2. Cover against theft and burglary is also included in the property insurance.

3. If you have security systems at your home, you can get a reduced premium of up to 15%.

4. Minimal documentation and an easy-to-understand policy.

The HDFC Ergo property insurance covers the following risks:-

1. Fire and special perils

2. Theft and Burglary

3. Accidental Damage

4. Earthquakes

5. Cyclones

6. Electrical Breakdown

7. Floods

8. Alternate Accommodation

Conclusion

With the monsoon season, the floods like the Assam floods are a real possibility. Everyone hopes that there will be no damage to life and property. But you should be prepared for the worst to safeguard your family's interests. You should get property insurance to protect yourself against unforeseen circumstances. HDFC Ergo Property Insurance not only secures your home but also the belongings in your home. Also, with the affordable premiums, you can continue to live your life while mitigating risks that can disturb your well-being.

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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