Are Natural Disasters Covered Under Home Insurance?

​​Your home is going to be one of the most expensive assets that you will own in your lifetime. With the property rates skyrocketing, it undoubtedly becomes most valuable too. Plus, it isn’t about bricks and walls but a place to relax after a hard day’s work.

With secure finance options available, it has become easier to buy a new home. The first few things that one tends to act upon is to redecorate your home. It is a personal preference how you refresh it, but one of the most important aspects that are overlooked is buying a home insurance cover.

Home insurance is the most under-rated aspect of insurance. Often ignored by many on the pretext of unnecessary expense or not a useful cover. But this insurance policy is the most sought when natural, or man-made perils strike.

It is a misconception that natural disasters rarely occur. With the past track record, natural disasters occur at most unprecedented times. These situations make us realise that home insurance cover right from the start is the way to go ahead.

When natural disasters strike, it causes damage to property which is immeasurable. An event like an earthquake almost disrupts the normal life in a region for quite a considerable time. Imagine, at this time, you are homeless and have to bear all the financial burden of rebuilding your home? That would shatter you from within,right?

So instead of putting-off buying a general insurance cover that protects your home, it is better to be safe than sorry. After all, you don’t want to be crying over spilt milk. Apart from mental stress, the financial burden is unprecedented. Thus whether you are a homeowner or live in rented accommodation, you must purchase a home insurance cover.

A home insurance policy provides dual benefits in the form of protection to your home as well as your belongings.

Coverage for Home: A home insurance policy reimburses the costs required to rebuild or repair your house. Any loss caused due to natural as well as man-made perils is included under this insurance plan. Dangers like fire, floods, storms, earthquakes, strikes, riots, explosions and landslides are some examples to name a few.

Coverage for Assets: Apart from insuring the physical structure only, a home insurance plan can be purchased to protect any damages to your valuables too. In some cases, the structure might remain intact, but your valuables might get damaged. In these scenarios, home insurance which protects the valuables in your home is also essential.

What are the advantages of buying home insurance?

  • The insurance cover is not restricted to your home. It includes coverage for the components inside the house. Your furniture, assets, and other valuables that you wish to protect can be added under the policy coverage.
  • A home cover will ensure you have the desired financial security in case of a loss due to natural as well as human perils. Based on the home cover opted, you can also get your assets replaced or reimbursement of the equivalent cost of those assets.
  • Home insurance plans are available for a nominal price when compared to the coverage they offer. They protect your investment running in lakhs and crores at a marginal premium of a few thousand rupees.
  • Lastly, it ensures that you have peace of mind. No natural disaster can bring unrest to your bank account if you have home insurance, which is adequately covering all expenses.

To conclude, don’t forget to invest in a suitable home insurance plan. Also, while evaluating different policies, it is essential you make use of a home insurance premium calculator to get the best deals at affordable prices. Stay insured, stay safe!

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