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How to ensure your house is safe from man made & natural calamities?

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Published on May 17, 2021. EST READ TIME: 3 minutes

India is no stranger to natural calamities. Both the eastern and western coastline in India is prone to cyclones and flooding due to heavy rainfall. The country has been hit by tsunamis and earthquakes as well, leaving substantial damage to property and human life in their wake. Certain natural disasters occur almost every year - such as floods caused by torrential rainfall during the monsoon season that overwhelms parts of the Indian subcontinent. This isn’t all. Man-made disasters such as forest fires, explosions, mining accidents, etc. are common occurrences as well.

In such situations, how do you protect your home against the ravages of natural and man-made calamities?

House Insurance is the Answer

House insurance is a type of insurance that provides owners and tenants of homes financial protection in the event the house or the contents of the home are damaged. House insurance protects your home in much the same way that health insurance protects your health - it provides monetary coverage in times of an emergency. And like health insurance plans, house insurance requires that the beneficiary pays a premium or fixed some either annually or monthly to keep the policy active.

How House Insurance Works

House insurance has not been adopted by residents of India, in the same way, that it is worldwide. This could be due to a lack of awareness or a lack of understanding about how house insurance really works. We can’t predict how or when disaster will strike, but improving preparedness by buying house insurance is a sure-shot way of easing at least the financial burden of dealing with natural disasters.

A house insurance policy offers coverage not just against natural disasters but also theft, burglary, loss, and damage of valuable possessions, and other adverse events such as fire due to a short circuit or an explosion due to a gas leak. House insurance covers a range of different situations where loss or damage to the house is caused due to incidents beyond the control of the occupants of the house. Insurance payouts cover earthquakes, floods, lightening, cyclones, forest fires, and other accidents that damage the home such as a falling tree.

When shopping for a homeowners policy, it is important to read the fine print carefully before closing in on one. If natural disasters are excluded from the scope of the policy, you can speak to the insurer to add riders or create an extension of the policy that covers natural disasters. Natural disasters or even man-made ones for that matter, don’t just compromise the form and structure of the house. They can also cause damage to the contents of your home. In case of an earthquake or a flood, there could be damage to expensive furniture or a short circuit could damage expensive appliances. Ensuring that the contents of your home are also protected from natural disasters is a must.

Filing Claims

In the event you are adversely affected by a natural disaster, you must file a claim immediately. If you are unable to submit the paperwork, sending an email or even text message to your insurer will ensure you don’t miss the window to file for a claim. Most insurers give a 7-15 day window to file claims. The reason for the strict time frame is so that the damage to your property and/or belongings can be surveyed as soon as it occurs. This will allow for a more thorough evaluation of the damages incurred by you. It also allows the insurer to process your claim and facilitate the payout in a swift and timely manner, reducing any inconvenience to you.

Conclusion

Devastation wreaked by natural and man-made calamities can destroy a family’s finances. Paying out of pocket for damages to your home can set your savings back by years. Additionally, in a time of crisis, access to savings can be difficult if bank documents and other financial instruments have also been destroyed. No matter how you look at it, home insurance will save you energy, money and stress if and when the need to file a claim arises.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.