Home insurance is still at a nascent stage in India and the awareness for home insurance in our country is not very high. The recent hurricane Matthew in Haiti and Florida, super typhoon Meranti, dubbed the ‘biggest & strongest storm on Earth’, wreaked havoc in China and Taiwan and lot of people were affected by the super storm. Closer to home, the floods in Chennai, Gurgaon, Assam, Hyderabad and the earthquake in Delhi- NCR and Haryana makes us aware that we need to take extra precautionary steps to safeguard our assets. If calamity hits and you end up losing your home, it is a setback that is difficult to recover from. A home insurance serves as a safeguard and helps in recovery.
While some people are aware of home insurance, they consider investing in home insurance as an ‘option’. Few people understand that a home insurance is crucial to protect not only your home but now with the availability of customized products in the market one can even insure the contents.
Benefits of Home Insurance
One of the biggest benefit of home insurance is the fact that your investment will be protected. With a home insurance policy in place, the policyholder will not have to worry about any unforeseen circumstances.
It will provide a protection to not only the home but also the contents of home, in case of fire, lightning, riots, strike, typhoons, hurricane, floods, failed sprinklers, leakage at home and explosion/ overflow water pipes.
Expenses of relocation/ temporary re-settlement is taken care of, if your home is rendered uninhabitable, the company will indemnify you to the benefit sum insured for the reasonable costs occurred for packing, transportation and loading/unloading. Having home owner insurance will cut down on stress that you have to deal with when it comes to the condition of your home.
It is a safety net in case of a theft or burglary. Valuable contents of home such as art, jewelry and paintings can be secured while selecting the home insurance. Fragile items like lamps, chandeliers and items of similar nature can be secured along with basic machines like the air conditioner and home computer.
Any damage, bodily injury, death, accident caused to domestic staff other than the person and family that owns the home can ask for compensation under the fatal accidents Act 1855. Domestic staff can ask for claim as per the workmen compensation act 1923.
The insurance company pays for loss or damage caused when there is accidental death or bodily Injury to another, and/or damage to the property of another.
It even helps you pay for litigation expenses and pay the amount in compensation that you may become legally liable to pay to another.
The home insurance policy also provides marine, personal accident, medical expense and ambulance charges.
The covers available under Home Insurance are comprehensive and can be customized to cater to the individual needs of each customer. It is recommended that one should consider opting for a comprehensive home coverage from a reputed company that has a good track record of efficient claims servicing to its customers. A Home insurance these days provides a holistic solutions in case of any exigencies. It is important to buy a home insurance policy, a Home Insurance, Provides Peace of Mind.
By Mr. Ravichandran, President – TATA AIG General Insurance Company Ltd.