Buying a house is the only huge investment for most of us, and is no mean feat. It demands a lot of time, hard work, and planning. But it is surprising that we do not invest in securing our homes against unforeseen events. People believe that laying out money on protecting our homes is a waste of money because what worse could happen to the house?
But let’s say, it’s raining buckets all day and storms have brought a dreadful weather. Your house is flooded, your sofa and bed cushions are soaked, and your wooden furniture has been damaged. Now, fixing the walls, furniture and floorings would be heavy on your pockets. But if you had a home insurance policy, your insurer would have covered the entire cost.
These days you can cover yourself against unexpected financial burdens pertaining to your house as well. All you have to do is pay a small amount every year (premium), while you receive a guarantee from the company that it will protect you against damages caused to your home.
Keep reading to understand why home insurance is important for every homeowner.
The Protection is Not Limited to Your Home
A home insurance plan not only covers the building but also other constituents of your home like garage, fence, shed, etc. In addition, you can enhance the insurance policy by opting for add-on covers that protect you against damages caused to the contents of your house, i.e. furniture, electrical appliance, valuable assets, etc.
Protection Against Man-Made and Natural Calamities
If you choose a comprehensive home insurance policy, it protects you against losses and/or damages caused due to natural calamities like earthquakes, floods, typhoons, storms, etc. It also covers you against man-made hazards like theft, vandalism, riots, etc. Home insurance also covers you for the financial pressure of completely rebuilding the house after severe damages.
Coverage for Temporary Living Expenses
Let’s assume your house is seriously damaged, and there’s no way you or your family can inhabit there. You might have to rent out another flat while your home is still under renovation. So, during such instances, the insurance company covers the house rent for you. The maximum cap of paying off the rent depends on the insurance policy chosen by you.
Easier Loan Process
While sanctioning a house loan, some banks prefer candidates who have insured their homes.
Home insurance offers the luxury of being at peace. Once you have purchased a home insurance policy, securing your home is not your responsibility.
At Chola MS, we have a variety of home insurance covers and add-ons for you to choose from. We operate both online and offline, hence you can either log into our website or call us on 1800 208 5544 to buy a home insurance policy.