The Importance of Home Insurance against Natural Calamities
Calamities usually arrive without warning. And even if you get any inkling about them,you might not be fully prepared for the intensity. Natural calamities,for years,have wreaked havoc on mankind,inflicting several irreparable damages. One of the most recent calamities to hit the coastal states of West Bengal and Odhishawas the cyclone Amphan,which uprooted settlements and destroyed livelihoods extensively.
While there is no way to stop a calamity from hitting your walls,you can plan ahead and be better equipped to recover quickly from the aftermath. One of the ways is to secure your homewith home insurance. A home insurance plan is a safety net that you can fall back on in case of a natural crisis and get back up on your feet without bearing the financial burden.
Natural Calamities and Their Impact
The impact of natural calamities might be felt by certain individuals,a community and sometimes the entire country. Increasing levels of pollution,deforestation,extensive mining activities,global warming,and overpopulation are some of the factors that have made the modern society more vulnerable to the wrath of nature and calamities.
And the impact of such disasters can be mental,physical and emotional. The heavy financial losses or personal injuries add fuel to the fire,and as a result,many affected individuals end up developing post-traumatic stress disorder that affects their health,overall wellbeing and relationships.During such times,financial security in the form of insurance,and especially home and property insurance,plays a vital role in re-establishing livelihoods and homes.
Calamities like forest fire can spread quickly and cause massive devastation,while cyclones can damage homes,commercial spaces,plantations and more. Floods can wash away fertile soil layers apart from destroying lives and assets,and impact the economy in the long run too. So,at a personal level,a home insurance policy is a must.
What is Home Insurance?
Home insurance is a comprehensive property insurance that helps you secure your home against external impacts,natural or manmade. While many calamities are sectioned under the Act of God,you can bring out specifications to make yourcoverage more iron-clad.
A home insurance covers the financial loss caused by the damages and compensates for any disfigurement of the assets of the house. Not having a home insurance plan against natural disasters and calamities can put you at the risk of running into bills worth lakhs of rupees.
Many homeowners can also leverage a cover against accidents occurring at home or on the property. However,there is a cap limit on the liability amount that can be claimed for your home insurance.
Also,many regions are more prone to a particular form of disaster. For example,Bhuj and Latur are more susceptible to earthquakes,while coastal regions of Odisha and West Bengal are more likely to witness cyclones. Homeowners can plan their insurance based on their location and propensity towards a particular calamity to get maximum benefits.
Know more about Home Insurance for Tenants
Why Do You Need Home Insurance?
A comprehensive home insurance plan is necessary to protect the future of your home and your loved ones who live with you. A home insurance also saves policy holders from financial implications that occur as an aftermath of a calamity. Here are some reasons why one needs to sign up for home insurance:
Complete Protection: If you go for a comprehensive home insurance plan,you will be safeguarding the physical structure of your house as well as the contents inside. If you plan a bit more meticulously,you can also insure yourself and other home members against accidents occurring on the property.
Optional Cover: Withahealth insurance policy,in addition to an extensive coverage,you can also add the assistive coverage of low cost optional cover for theft or burglary.
Protection against Recurring Disasters: Home insurance can protect your home and your assets against recurring disasters,especially if your area is prone to them.
Know more about Home Insurance for Owners
Do You Have Options?
Some insurance providers offer two options to safeguard your home against calamities:
Comprehensive Home Insurance Plan: As the name suggests,such a policy offers end-to-end coverage,right from natural disasters to issues like fire,riots and other incidents of similar nature. You are also protected against burglary,theft and larceny under this policy.
Standard Fire &Special Perils Policy: In this policy,homeowners are covered against the risk ofexplosion,earthquake,lighting,fire,riot,flood,inundation,storm,and strike. Protection against terrorism can be availed too,but at an additional premium.
A comprehensive home insurance plan is indispensable when it comes to protecting your home and your loved ones. It not only creates a financial blanket in the face of losses but also protects you and your family from undergoing the aftereffects of a wrecked home and livelihood.
You can either go for a customized insurance that protects your home against natural and man-made calamities only,or you can chart out an end-to-end home insurance plan that protects your home,its assets,as well as any accident that arises from the calamity.
Determining the right kind of home insurance plan can be an overwhelming affair. So,talking to experts might help! Get in touch with home insurance providerto choose a policy that can fit your requirements like a glove and suit your budget as well. Make sure you read all terms and conditions carefully before signing on the dotted line.
Disclaimer:The above information is for illustrative purpose only. For more details,please refer to policy wordings and prospectus before concluding the sales.