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How important is having a Home Insurance policy?

6 Important Reasons to Buy Home Insurance Policy

Buying and owning a home has been a dream for most of us. Fulfilling that dream is an indescribable feeling which makes every effort and hard work totally worth it. Our home is one of our most expensive and treasured assets which gives us a sense of protection and security. Despite its importance in our lives, most of us don’t make the extra effort to secure and protect our homes with home insurance.

In India, unfortunately, many of us refrain from buying home insurance because we see it as an additional expense. The fact that you can even secure and protect the home you live in as a tenant, without even ownership is unknown to most people. Even when we achieve the milestone of buying our home, by the time we cross that milestone, we are wary of the complex processes and assume home insurance will be as complicated as getting a home loan. This is all due to poor awareness, that too in this modern era, when insurance service providers such as Chola MS have made it so simple to buy home insurance online - with a few swipes and clicks.

If you have been guilty of avoiding this important step of securing your home, you must read this article. We give you an insight into why it is necessary to buy home insurance.

Why should you buy Home Insurance?

  • Protects more than just your Home:

    A Home Insurance, unlike popular belief protects not just your home, but also every additional structure along with it like your garage, backyard, fences, and mainly every belonging in the home that is included in the insurance. However, it does not protect your land.

  • Covers your Repair and Replacement:

    In addition to the financial security that comes with, home insurance takes care of repair and replacement of every damaged or stolen property in the home.

  • Makes your life easy:

    In case your home becomes uninhabitable after an unfortunate event, home insurance covers your temporary living costs like rent or hotel bills until you renovate your home or replace it. Also, some banks give additional preference to customers with home insurance to sanction home loans.

  • Protection against liabilities:

    Home Insurance also pays for any liabilities caused in or by your property. For example, a fire spread from your home to your neighbour’s or in case of an accident of the members of your family or a third party in your property. It protects you and your house from any and every legal problem.

  • Protects against Natural and Man-made disasters:

    Your home insurance shields your home against losses and damages caused due to natural calamities like floods, earthquakes, fire, lightning, cyclones, etc., and man-made hazards like vandalism, thefts, riots, etc.

  • Helps rebuild your life:

    Losing a home that you worked so hard to build can be very painful. What’s even more painful is rebuilding it. Home insurance helps you deal with this difficult situation by rebuilding your life with all the possible financial aid.

Now that you are aware of the importance of Home Insurance, act fast before it’s too late. Your Home Insurance policy documents may not be a great read but go through every single clause in the document. As a responsible homeowner, you must invest a little time to understand the terms and conditions and have clarity of what’s in store for you before you sign it.

On a final note, Home Insurance gives you a sense of relief and peace of mind allowing you to enjoy your life in your cozy and comfortable home without any worry about unforeseen circumstances that can hamper this security.

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