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Is Buying A Home Insurance A Good Idea?
[Posted by: InsuringIndia Blog on 11-Apr-2016]
Imagine that a fire breaks out in your neighborhood. Your neighbor’s house gets burnt badly destroying most of the home’s contents. Though you feel bad for your neighbor, but a small voice inside you is a little relieved that it’s not your house. 
 
Most of us like to harbor the false belief that disasters and mishaps happen only to other people.  It is only when this bubble bursts, that one realizes that unforeseen happenings can strike anytime, without prior warning. Whenever you buy a house and take a home loan from a bank then usually a lot of banks also offer the option of buying a home insurance while applying for a home loan. Unfortunately, a lot of home buyers tend to overlook this security umbrella and often view it as an unwanted expense. 
 
Ironically, home insurance cover is quite cheap and does not bite into your budget. Buying a home insurance means you not only secure your house externally but also the items inside the house. Besides natural disasters like landslide, flood, hurricane, tornados also man made accidents like fire and other related perils are covered under home insurance. 
 
 
This type of policy essentially safeguards your home—its outer structure and its belongings from furniture, utensils to other expensive and non expensive items within your home against accidents, acts of nature or man made calamities. Usually, the premium amount is low and some insurance companies offer a policy cover period that may extend to five years.
 
 
The most obvious factor is the duration for which the policy is chosen by the policy holder.
The other most important factor is the size or the built-up area of the house which will have a bearing on your policy.
Depending on the type of locality or the area your house is based, and the cost of construction in your area, your premium is then calculated.
The current market price of valuables and contents inside your home. 
 
 
Low premium rate.
Peace of mind that you are in good hands and all damages will be sorted
If your home is damaged and is uninhabitable for some time, you can be granted some amount on a temporary basis to live elsewhere. This, of course, depends on the type of policy you opt for.
Natural disasters which include lightening, hurricane, tornado, flood, fire explosion, implosion, storm, earthquakes are covered under this policy.
Man made calamities like strikes, riots, thefts, acts of terrorism, burglary and larceny. 
Depending on the type of policy you opt for, your security cover can be as long as five years.
 
It is advisable that this policy is bought via an online aggregator instead of an insurance agent. This is because an online platform gives you a plethora of choices from varied insurance companies. It also allows you to compare, the advantages, premium rates, weigh the negatives and disadvantages and review sops. Thus all these factors help you in making a more informed choice which is best suited to your needs.
 


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*This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for an individual health policy with the sum insured of Rs. 5 lakhs.
**This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for a term plan, with the sum insured of Rs. 30 lakhs, and the premium paying term of 30 years.
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