As per Jeffries in March 2023, In India, an average Indian household invests 50.7% in real estate, with the second being gold at 15.5% this means; we Indians love Real Estate as an asset.

But are we doing enough to protect our biggest and most loved asset?

Do you know that only a meagre 1% of homeowners as of January 2023 had home insurance, as per Insurance regulatory and development authority of India (IRDA).

And you could be one among them.

On the contrary, a study by Consumer Federation of America in 2021, only 7.4% of properties in the United States of America were uninsured. By virtue, 92.6% of people in the United States have home insurance.

Now, let us understand what is home insurance, why it is needed, and how to obtain a suitable one

What is Home Insurance?

Home Insurance is a type of insurance policy every homeowner must have. It provides a wide range of coverage against risks of damage and theft.

Why Is It Needed?

A home insurance policy may cover someone for the below reasons

1. Loss or Damage to the structure because due to Earthquake, Flood, Lightning, storm, cyclone, hurricane, tornado, Missile testing, Aircraft damage, Explosion/Implosion, Strike, riots, Landslide, inundations, Leakage from sprinklers, bursting and overflowing of water tanks, and etc.

2. Loss or Damage to the contents because of Burglary and Terrorism

3. Art, paintings, jewellery, and etc.

4. Third party liability- damage

There are some common exclusions for a home insurance policy including-

1. Loss or damage because of the insured’s domestic help/family member in the actual or attempted burglary or theft

2. Wilful destruction

3. Losses because the house was unoccupied for a certain period of time (30 or 60 days)

4. Cash, bullion, and etc.

5. Electrical and mechanical breakdown

The above inclusions and exclusions are not conclusive and that it shall vary from policy to policy, so it is recommended to study the policy features and consult an expert before initiating further steps.

How to Find a Suitable One?

Finding a suitable depends on multiple factors including the replacement cost of the property, location, needs, and etc.

Kindly contact us at +91 88840 03034 or email us at support@finhancers.com to know more.

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Let's protect our biggest and most loved asset with home insurance!