Here’s Why Every Owner Needs Property Insurance Today

Posted on: Nov 1, 2022 | | Written by:

Here’s Why Every Owner Needs Property Insurance Today

Published on October 31, 2022. EST READ TIME: 3 minutes

We live in a country like India, which is prone to natural calamities due to its natural calamities. Also, with the rise of global warming and changes in weather patterns, the vulnerable zones are only expanding. Considering this factor it is essential for every homeowner as well as tenants to have property insurance in today’s scenario, as it secures your home’s structure and content from financial loss against flood, earthquakes, fire, theft, burglary and other unforeseen scenarios. You can check out HDFC ERGO insurance for property as it provides important covers like loss of rent, alternate accommodation, etc.

What is Property Insurance?

Property insurance is a type of home insurance that provides protection coverage for property owners as well as tenants. Insurance for property can help the owner avoid financial losses, which might occur due to damage caused to the property by natural calamities, theft, fire, third party, etc.

Property insurance plan is designed uniquely with affordable premiums to let you secure your residence as per your convenience. T o safeguard your finances and protect your property from natural calamities, theft, accidental damage, etc. it is advisable to buy property insurance or building insurance and thereby avoid getting a big hole in your pocket due to unwanted scenarios.

Importance of Property Insurance

Unfortunate events like fire, flood, earthquakes, etc can severely damage your home and drain out years of income in fraction of seconds, hence, it is wise to have a property insurance. Insurance for property provide coverage for various circumstances.

• Fire Accidents

The fire and allied perils section of a home insurance policy cover the property's structure or the home's contents, including personal belongings or both, against any loss or damage caused by fire. In addition, in case of a fire accident, home insurance will cover the costs incurred for repair, reconstruction and replacement of your residence structure and personal belongings.

• Thefts & Burglaries

Property insurance will cover the financial losses that might occur due to theft or burglary. It is wise to secure your home content against theft to avoid draining out your hard-earned income in just one unfortunate event. Even in case of a theft incident, if you lose your precious belongings, our Home Shield Insurance covers the losses, where you can secure your content worth up to Rs 25 lakh.

• Natural Calamities

Earthquakes, floods and other natural calamities can create a big hole in your pocket by damaging your residence. Hence, it is wise to have a property insurance to get coverage for losses to home structure or content due to any natural calamity.

• Protection against legal liabilities

Property insurance will also protect you against liabilities. It offers you liability coverage that protects your legal responsibility in case someone in or around your house has an accident. For instance, if your neighbour faces an injury fall due to a wall collapse from your house, they can file a legal case to claim hospital costs and nursing expenses. A home insurance policy will cover the expenses of the lawsuit and medical expenses arising from it.

If you buy HDFC ERGO property insurance, you get following benefits:

1. You can avail a comprehensive coverage for both the content and structure of your home.

2. Property insurance plan will help secure your valuable asset from any mishap.

3. If any damage incurs to your insured property, the cost of repair will be covered by property insurance.

4. Property insurance provides coverage for even vacant houses. Even if you are away from your home, the cost of repairment/reconstruction will be covered.

5. Property insurance is also beneficial for people who live at a rented apartment as it provides coverage for the content (belongings) and thereby avoid financial stress.

Common Types of Property Insurance

• Homeowners Insurance

It covers your home's structure and the contents of the house, like electronic appliances, jewellery and furniture, depending upon the type of coverage selected. Homeowner’s insurance is a necessity as you put in your years of income to build up your home. Apart from this, as per your requirement, you can also opt for add-on covers like loss of rent, alternate accommodation, terrorism, etc.

• Renters Insurance

With renters insurance, you can get coverage for content upto Rs 25 lakhs. Moreover, HDFC ERGO allows you to cover all your possessions without sharing any specified list of home belongings. Renters insurance also protects tenants against liability claims.

• Fire Insurance

Fire incidences can happen at any time, and the threat is multiplying by the day, especially in towns and cities where new heavy-duty electrical appliances are being installed daily. This insurance also covers accidental fires and allied perils like lightning, explosions or implosions.

Conclusion

In order to live with peace of mind at your home and leave your house vacant without any worry, it is wise to have property insurance for your residence. The premium you will pay for your building insurance is not any additional expense but a necessity in today’s scenario to secure your financial expense, which might occur due to unforeseen damage to your home. With HDFC ERGO property insurance, you can also avail of up to 45% discounts.

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

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