In India, when we talk about insurance policies, most of us usually means health/medical insurance, car insurance, and life insurance. But, not many of us pay importance to the significance of home insurance policies. If you ask around, you will find that majority of the buildings in your neighborhood are uninsured. A lot of people still consider home insurance policies to be insignificant, until they are struck by natural calamities, robbery, theft, etc.
When a house gets damaged due to a natural calamity or is robbed by the robbers, no doubt it leaves the homeowner devastated. Repairing a house can prove to be quite costly if the damage is of a severe level. Likewise, a single incident of robbery is enough to make a big dent on your savings. So, there are a number of cases which can lead to serious situations in your life. If you are still looking for some reasons to buy a home insurance policy, take a look at the points mentioned below.
Why having a home insurance plan is so crucial?
- Protects your savings
A lot of people spend a major chunk of their savings on buying or constructing a new home. In fact, most of us avail of home loans to get our new home. The EMIs that follow after buying a new home continues for at least a decade. So, when your home is already a liability on your balance sheet, in such a case you certainly cannot take the risk of not insuring your home. If any damage is caused to your property while the loan repayment isn’t finished yet, things can become quite difficult for you.
It would turn out to be quite difficult for you to manage your expenses. You have to repay the monthly EMIs and spend money behind the repair for your house as well. So, if you do not want to put yourself into such deep trouble then make sure you get your residential property insured as early as possible.
- Property owners liability
Many house owners in India rent out their property, as it provides them an easy source of monthly income. When you have tenants in your home, it is your onus to ensure their safety. For this reason, as a homeowner, you must get your property insured by an effective policy. In case any damage is caused to your home, which in turn leads to monetary losses or physical injuries to the tenants living inside it, then you will not have to pay for the same from your pocket. Your home insurance policy will cover the losses, including medical expenses as well. In this way, you will be saved from shelling out a huge amount of money from your pocket.
- Timely repairing
No matter how good the construction material of a building is, with the passage of time it will start losing its strength. The roof almost every house is its weakest part, particularly if it is a flat one. Accumulation of water during the monsoon season often leads to minor leaks. The minor leaks turn into major cracks after a few years. If the cracks are not repaired on time, it can severely affect the durability and strength of the roof. Living under such a building can be quite dangerous.
What if you do not have enough money to spend on repairing the roof? You certainly cannot put at risk the life of your loved ones. Therefore, it is better to get your house insured. In case of damage, you can always seek help from your home repair insurance policy. Without worrying about your savings, you can get your property repaired in the best way possible.
- Natural calamities
There is no doubt that natural calamities like earthquakes, floods, cyclones, forest fires, etc. cause massive damage to the buildings, both residential and commercial. They can completely destroy your property. Once the dust settles, it can be extremely painful for the house owner to get things back to normal. Clearing the debris, repairing the foundation, and re-constructing the entire structure can take a lot of time and money. While we cannot buy time, but we can certainly make things easier by not falling short of funds. This is where a home insurance policy can prove to be extremely useful. In such conditions, you do not have to worry about the funds at least.
So, those were some of the reasons why every homeowner should protect his or her house with an effective and well-designed home insurance policy. Rather than taking unnecessary risks, just for the sake of saving a little money in the form of premium, it is better to buy a policy. Doing so will make you feel more relaxed about the well-being of your family members.