5 Excuses People Generally Give For Not Buying Home Insurance
The general perception around home insurance is that it is not absolutely necessary and can be done without. To say that this is wrong would be an understatement. When you spend so much time, effort and money towards building your dream home, why should protecting it from risks both natural and man-made be a choice that you can opt out of? The excuses people give for not buying home insurance ranges from silly to ignorant. I’m going to take you through a few of them so that we can settle this once and for all.
- Natural disasters are extremely rare. Why should I invest in home insurance?
Incidents of floods are steadily increasing in frequency over the past few years. Though earthquakes, storms and other disasters are rare, you must understand that home insurance covers damages due to a whole host of factors such as fires, riots, theft and electrical faults. Home insurance coverage ensures that your home is protected from all of these risks.
- Home insurance is too expensive.
When you spend lakhs together (sometimes crores), it is not too unreasonable to purchase home insurance for a few thousand rupees in home insurance premium. A perception shift is required and you need to view this as an investment that will pay off in the long run. Damages due to fires, floods and other calamities will cause significant financial setbacks. Also, home insurance cost is very competitive due to the sheer range and variety of policies on offer.
- Even if I buy home insurance, claim settlement processes are a headache!
This is simply not true. Companies like HDFC ERGO ensure that the home insurance claim settlement is intuitive and straight-forward. Additionally, most of this process can be done online. Claim settlement forms can be downloaded from HDFC ERGO’s webpage, filled out and then uploaded onto the webpage.
- I own super expensive real estate. Home insurance policies simply don’t provide sufficient coverage and sum-insured amounts.
If you feel this way, several companies now offer high value home insurance policies that provide wholesome coverage and high sum insured amounts for your luxury condominiums and suave resorts.
- I am a tenant currently and don’t own this property. Why should I buy home insurance?
Even though you are a tenant, cost of damages to your home need to be borne by you if your land-owner does not own insurance. Companies take cognizance of this and provide tailor-made home insurance policies for tenants at attractive costs.
Now that the usual excuses for not investing in home insurance have been debunked, don’t put off buying insurance for your home! Please visit HDFC ERGO’s webpage to choose the best policy for your dream home from a wide array of plans. As the old saying goes, best to have it and not need it than need it and not have it!
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before going ahead with the sales.
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