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Is it a wise choice to buy a home insurance policy now for the coming monsoon at your already affected city?

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Published on April 22, 2021. EST READ TIME: 3 minutes

When compared to floods in a country like India, which has plethora of rivers and massive coastline, the chances of an earthquake or landslide are rare. A good season of monsoon has the potential cause enough damage without the need for a water reservoir to break. The risk is much higher and more persistent if you live near a riverbank or the seaside. As a result, a common question among homeowners and tenants is whether they should buy home insurance to protect their house and its valuable contents in event of a natural calamity. For instance, if the insurance will assist them if their homes are flooded as a result of the incessant rains.

Let’s discuss in detail what you should do if you face a similar situation.   

Reasons to Buy Insurance Policy for Home This Monsoon

During the monsoon season, India is prone to floods, landslides, and cyclones, which can severely devastate your sweet home. Reconstructing can be an expensive affair that consumes all of your savings. We cannot prevent such disasters, but we can be prepared for them by purchasing a comprehensive insurance policy for home that covers the costs of reconstruction. If you are still on the fence mulling about buying one, here are four reasons why you should:

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• Longer Tenure of Insurance: If you are concerned that buying an insurance policy for home will be futile, we have good news for you. Some insurers give you the option of selecting a tenure ranging from one year to five years. This means that if you buy a long-term policy for the upcoming monsoon, your policy will be active for a maximum of 5 years.

• Amazing Discounts: We offer up to 45 per cent discount on renter’s home insurance, including security discount, intercom discount, long-term discount, etc.

• Huge Sum Assured: We place  emotional value on the household items and artefacts we have accumulated over time. Some of them may have been passed down from generation to generation, while others may have been precious gifts from someone close or coveted trophies won after years of hard work. It could cost you a fortune to have them repaired. You will breathe a sigh of relief if you opt to obtain financial protection for almost all your possessions without even sharing a list of what you own. We guarantee a huge sum assured of upto Rs25 lakhs. This comes in handy during the monsoon season, when floods in your locality can destroy your belongings.

• Portable Electronics Covered: Can you imagine your life without electronic gadgets such as your smartphone, laptop, etc.? No, right? However, during the rainy season, a little ignorance can severely damage your portable electronics. Replacing or repairing such electronic devices can be expensive, but a home insurance policy that covers portable electronics will cover the costs of repair or replacement.

What does an Insurance Policy for Home Protect?

• Floor, Furniture & Structure Damage:  An insurance policy for home provides financial protection against damages incurred to your home’s flooring, furniture, and structure. Typically, these kinds of damages occur as a result of flooding of houses during the monsoon season.

• Short circuit: This covers any damages incurred as a result of a short circuit caused by water leakage, which is a common issue during the rainy season.

• Water Leakage: Water leakage is one of the most common issues encountered by many people during the monsoon season. As a result, it is wise to obtain a financial cover against it.

Conclusion

Monsoon rains can wreak havoc and leave behind a trail of devastation in their wake. Rains, in addition to uprooting trees, damaging roads and other infrastructure, can also flood homes, causing damage to the structure and its contents. An insurance policy for home is the best investment you can make for the upcoming monsoon season because it will provide you with not only financial cover, but also peace of mind in the event of misfortune. Also, with the ongoing pandemic draining many people’s finances, buying a home insurance policy during the rainy season is more important than ever.

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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