HOME INSURANCE: BETTER PROTECTION, BETTER FUTURE
The year was 2015. A survey, on the month of June nearly 1,200 people from metropolitan cities in India like Delhi, Kolkata, Mumbai, Bangalore, Hyderabad, Chennai, others, revealed something terrifying, which shows a statistics that only 30% of homeowners in India have insurance for either their house or its contents. While out of all the respondents in the survey carried out, 75% of them believe that some form of home insurance is essential, most of them faced difficulty in understanding home insurance clauses and products, which kept them from protecting their home. This clearly indicates a lack of knowledge about this subject.
So what is home insurance?
Whenever a belonging is damage, due to any catastrophe or accident, home insurance policy will handle the cost of the damage, thus offering sufficient fixture. Not all types of damages are covered and different home insurance policies cover different types of damage. For example, a premium policy might cover earthquakes, floods and more.
It is quite expensive but monthly payments may be affordable, but it depends upon your research to pick the best policy and provider for your property. For instance, someone living inland does not need to worry about a tropical cyclone. Accordingly, people living in earthquake-prone areas must have a premium home insurance plan that will cover them during earthquake.
Some policies will cover personal property damage as well. The personal goods damaged in any event will be compensated with monetary payment. Insurance for property damage is incredibly crucial for people living in rented houses. They may think that because you do not own the house, there is no need for insurance, but the contents of the home also needs protection in case of any disaster.
Different Ways To Approach Home Insurance:
There are several ways; you can make home insurance affordable.
- Firstly, before purchasing a policy, an accurate comparison between different policies provided by different insurers is must, which will help you decide which policy will get you the best deal.
- Secondly, many insurance providers give discounts on premiums based on the installation of smoke detectors, burglar alarms etc. These will not only keep home safer, but also lower premiums.
- Lastly, choose a policy that covers you for disasters if your home is actually at risk of; if you live in a fairly dry region of Rajasthan, the risk of flooding is rather obscure and will only add premiums without providing any actual benefit.
Those who are sceptical to purchase home insurance due to high premiums are advised that it can be extremely affordable with the right plan. MoneyMindz, the best free financial advisory service will provide you with information. If you are looking for an insurance, just contact us.
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