No matter whatever goals you have in your life, owning a home is the biggest and most important goal of everybody’s life. While you might feel happy with having your own home, have you ever considered how to protect it from unexpected events, whether natural or man-made? Although home insurance might not be the first thing on your mind, it’s important to protect your property in case something goes wrong and damages your home.
This is where the importance of property insurance comes in! Property Insurance is a popular type of home insurance that offers significant protection for both homeowners and tenants. Furthermore, this insurance helps cover financial losses from damages caused by natural disasters, thefts, fire, or other incidents. With property insurance under the hood, you can avoid major expenses and ensure your home is protected against unexpected incidents.
Reasons To Choose Home Insurance
Let’s take a look at the reasons to consider home insurance at the earliest.
- Protection Against Natural Disasters
One major reason to choose home insurance is that it provides maximum protection against natural disasters of all kinds, such as earthquakes, floods, and storms. Since most people live in areas prone to these calamities, having a home insurance policy ensures your home is protected in case of disaster.
- Protection Against Man-Made Accidents
Another major reason to choose home insurance is that it protects your home from man-made risks such as thefts, vandalism, and even damage from riots or terrorism. No matter how safe you feel at home, unexpected events can occur, causing significant damage that insurance can help cover.
- Protection Against Lawsuits
One of the potential benefits of choosing home insurance is that it protects you and your family from legal issues related to your property. If you accidentally damage someone’s property or if a guest gets injured at home, your insurance can help cover the associated costs, including medical expenses.
- Coverage for Renters
Another major benefit of investing in home insurance is that it is not just for homeowners. Renters can also benefit from insurance by protecting their personal belongings, like furniture and belongings, from theft and disasters (man-made or natural).
- Peace of Mind
Last but not least, having home insurance provides financial protection if someone gets injured on your property or if their property is due to an accident caused by you. Furthermore, it helps cover legal expenses and any compensation claims, which gives you peace of mind against unexpected legal troubles.
Factors to Consider While Buying a Home Insurance
Let’s take a look at the factors to keep in mind while choosing the right home insurance.
- Don’t Overlook the Type of Coverage
One of the major aspects to consider is the type of coverage you want in your insurance premium. Remember that the type of coverage you choose will directly impact your home insurance premium. If you choose comprehensive coverage, then it simply means that you will have more protection but you would have to pay extra.
- Consider Sum Insured
For those who don’t know, the sum insured or the amount of coverage you choose plays a major role in deciding your premium. Remember that a higher sum insured means you will have more coverage but you would also need to pay an extra premium amount. Make sure you balance the amount of coverage with the premium you can afford.
- Prioritize the Cost of Your House
One significant factor to consider is the overall construction cost of your home. As a thumb rule, an expensive home requires a higher premium because the cost to repair or replace it could be costly. Make sure that the policy reflects the true value of your home.
- Assets in Your Home
Another major factor to keep in mind is that you should insure the contents of your home, such as furniture, electronics, and other valuables. Furthermore, the more valuable your home’s contents, the higher the premium you will need to pay for adequate coverage.
- Location of the House
One substantial aspect to consider is the location of your house. Remember that your house’s location is important because it can affect the insurance premium. Furthermore, homes in areas prone to natural disasters such as floods or earthquakes often attract higher premiums due to the increased risk. On the other hand, homes in less vulnerable areas may have lower premiums.
How To Estimate Home Insurance Costs?
When looking for the right home insurance premium estimate, Probus Insurance stands out as one of the top third-party providers in India. They offer competitive rates and a range of coverage options to suit your needs. Let’s take a look at the steps to estimate your home insurance cost.
- Visit the official website of Probus Insurance. After that, under “More Products”, click on “Home”.
- The moment you click on it, select the type of customer you are and then enter the PIN. Once you’ve done this, click on “Next.”
- Then, you will need to select the policy tenure, select “Are you a tenant or an owner?”, select the age of the premises, and then select the type of construction (Kucha/Pucca). Once you have done this, click on continue.
- In the next step, you will need to select the carpet area, property value, interior and exterior value, and electronics and appliances. After entering the details, click on “Get Plan”.
- Once you have done this, you will see the premium amounts of all companies, along with your home details, at the top.
- Ensure you do proper research and then choose the ideal amount that caters to your needs and budget.
Conclusion
So, that’s all about the need for property insurance in India! Although home insurance is not mandatory in India, it is recommended for homeowners because of the extensive benefits and protection it offers. Furthermore, home insurance protects your property from multiple risks and extends its coverage to your belongings, which makes it easier for you to have financial security and peace of mind.
