July 2024

What Are the Advantages of Purchasing a Home Insurance Cover?


When property markets are skyrocketing, homes are single largest investment for most buyers. Investing an entire life’s savings in one avenue is a herculean task. Not just that it involves extensive planning of your finances and making adequate research to get the best house with all the right set of amenities. While redesigning your home might be the top-most things in your list after taking the possession of your home, there is one critical aspect that many homebuyers overlook—home insurance.

Home insurance is an extension under the umbrella of general insurance that is specifically designed to insure your home. Here, the insurance company provides compensation for any damages to your house that otherwise might burn a hole in your wallet. With a little expenditure towards the premium cost, you can avoid a major financial setback in the future. Moreover, such events occur at most unexpected times and are uncertain. Thus, there is no time to prepare yourselves for such situations. This article mentions some advantages that ensue when you invest in a home insurance policy.

1. Protects more than just the structure of a house

Home insurance plans are essentially designed to protect the structure of your home from damages. However, policies that are available in the market offer much more coverage. They event cover the adjoining structure of your house like the garage, shed, deck and even the fence. Additionally, you can also safeguard your home appliances in the same insurance coverage using add-on facility provided by your insurance company. *

2. Replacement for damages

With the right home insurance policy, you can not just avail compensation for damages, but also seek replacement of the insured belongings. Such replacement feature is not available in all insurance plans and hence you need to select a plan that offers replacement coverage. *

3. Protection from natural disasters

Natural disasters have the capacity to ravage an entire community. With a home insurance cover by your side, you can ensure protection for the damages caused due to a natural disaster to your home. Without a home insurance cover, managing the cost of these repairs can be financial draining and can easily lead you to a debt trap. Floods, earthquakes, landslides, cyclones, etc. are some of the natural disasters that are covered in a home insurance policy.

4. In expensive purchase

Home insurance plans are inexpensive in comparison to the benefits they offer. Initially, it might seem like an additional expense, but the long-term benefits in case things go down south are far-fetched. For instance, the policy to secure your entire home worth lakhs of rupees costs just a few thousand rupees. Imagine a natural disaster damaging your home where without a home insurance plan, you would be required to pay for the repair costs. Hence, it is a pocket-friendly solution to ensuring protection for your home. *

. Protection from lawsuits

Another advantage of a home insurance cover is the protection it offers for legal liabilities. In a scenario where a fire in your home damages the house of your neighbour. You would be required to compensate for such damages and that’s where a home insurance plan comes to the rescue. *

* Standard T&C Apply

While there are different home insurance plans that you can buy, make sure to compare the benefits offered in tandem with its cost. For that, you can make use of a home insurance calculator and compare the different home insurance quotes. So, do not ignore the benefits of a home insurance plan and make sure to buy one today!Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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