Wednesday, February 13, 2019

Why Home insurance is extremely important in India?

Author: Sachin Gupta | Find me on Twitter

Jammu and Kashmir floods have been devastating to say the least. Many people have lost their lives. Businesses including restaurants, Shikaras, tourism, small workshops have been razed. Agricultural land has been eroded. Houses including the contents of a household have been damaged. The floods in Jammu and Kashmir have been the worst in over half a century.

Well, there could be man-made reasons such as aggressive construction, & lax regulations for this great disaster, however, one cannot take away the fact that it was a horrendous natural disaster partly assisted by man-made actions.

The focus of the state and central government is to rescue the people and then focus on relief work. We must congratulate Armed forces for their stupendous work for saving Thousands of lives. Food is being provided to the flood victims, Medicare facilities have been augmented.

However, to bring back the normalcy would take months, maybe year or two. The government has announced relief packages including financial assistance. However, one wonders, what will happen to the damaged houses and the contents of the houses? Will these be recovered? In such a scenario, home insurance would have been of great help. We are not sure, if home insurance was a common practice in Jammu and Kashmir.

Home insurance is extremely useful for people living in areas that are prone to the risks of floods, earthquakes or burglaries?

Home insurance can cover losses to the structure and contents of one’s home from any natural or man-made calamity. The disasters that can be insured against are fire, earthquakes, storms, cyclones, tempests, tornadoes, hurricanes, floods or inundation, lightning strike, explosion, landslides, impact by vehicles or aircraft, and bursting or overflowing of water tanks and pipes. However, care needs to be taken that only the cost of structure is insured and not the cost of land.

Mainly two types of home insurance policies are available in India:

  • Buildings Insurance

Insuring the building or building structure is important since it protects the policy holder against inevitable losses in case the insured building is destroyed or debilitated in any natural or man-made calamities.

  • Content Insurance

Contents insurance under home insurance plans includes protection to movable goods, possessions or contents in the house; anything that is not a fixed part of the home, for example appliances, electronic goods, furniture and clothing etc.

Home Insurance can be extremely useful for an NRI who is living far away from his/her property. In case of an NRI, his/her property is usually managed by a Property Management Company who specializes in NRI Property Management Services and such companies can advise an NRI to opt for home insurance.

Find below the detailed info about Home insurance in India including the claim process, benefits of home insurance, and companies that offer home insurance in India.

Have any Questions?


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  10. Different types of calamities are covered under home insurance like earthquakes, floods, fire, explosion, cyclones, lightening etc. Also covered under insurance are things like theft and burglary. These types of insurance not only cover the structure of the house but also its contents which are equally valuable. Different home insurers will assess the value of the damage done differently.

    But usually, Home Insurance assessment is based upon multiplying the area of the structure by the cost of construction. The value of the contents is ascertained by its current market price Depending on the type of home insurance policy you take, you get coverage for different kind of hazards.
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