Home Insurance- A Necessity

Home Insurance

Most people in India do not think about Home Insurance unless something goes wrong. The truth is the recent Earthquake has suddenly increased the volume of business for almost every domestic Insurance company in India. And rightly so, with so little amount involved for getting a cover for your costliest asset is not a bad idea. Despite most of the North India being in high risk earthquake zone most companies in insurance business are making hectic awareness plans to bring as many house owners under the insurance umbrella as possible.

Home Insurance Cost

Most people believe that home insurance is a costly affair but in fact it is not. A house owner can get his home insured for as little as Rupees 5 to 15 per day or in other words the cost of insurance comes to Rs. 60 per lack per annum. For instance a home insured for the sum of Rs. 20 lacks for one year will cost around Rs. 1200/1300 per annum. The home insurance is renewed every year and it covers fire, theft, gas cylinder blast, earthquake, flood, storm or even a plane crash incident. 

The Risk Coverage

Home Insurance which costs a very small amount is a useful asset in case of an incident of fire or any other natural disasters like earthquake or flood. The insurance company pays full insured sum minus the cost of debris which in turn helps you rebuilt your home. The only condition that an insurance company takes into is account that your house should be built according to rules of the government having all proper documents.   

Home Insurance is must for people that seek loans from banks for construction of their homes but in most cases people are not aware about benefits of home insurance unlike developed countries where almost all properties are insured. However the ways the natural calamities are taking tolls of properties and lives in recent time people in India are also getting aware of benefit of home insurance. As stated above, the home loan is not a costly affair but it comes in handy in case something goes wrong.

Article Posted By : sunylView All Articles


Article Source :


Keywords :
Home , Insurance , Premium , Small , Disaster , earthquake , Fire , Theft , Documents , Loan , India


Submit an Article

Related Articles