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WHY HOME INSURANCE IS IMPORTANT ?
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2013-07-17

Dear All,

Lessons to learn from Uttarakhand tragedy: Do not ignore Home Insurance

The recent floods and accompanying landslides in Uttarakhand have claimed thousands of lives and destroyed property worth crores of rupees. According to general and life insurance companies, the total claims in Uttarakhand disaster could exceed Rs. 35 billion. Most claims are likely to arise in the life and motor insurance segment. A tragedy of this scale was least expected to occur in Uttarakhand. India has been traditionally vulnerable to natural disasters like floods, cyclones, earthquakes and landslides.

 

 

Why home insurance is important?

Home insurance not only helps to cover the structure of your home but also the household contents. By purchasing a Fire Insurance Policy which covers wide range of risks you can protect your home and Furniture from damages due to riots, fire, lightning, storm, flood, landslide, earthquake etc. Home insurance is an absolute necessity for those staying in independent houses because in the event of destruction caused by a natural disaster the cost of rebuilding the home can be exorbitant.  

In our country people often ignore home insurance although it comes at a very affordable price. The approximate cost of insuring your home for 10 Years is shown in following table for your ready reference:

 

Option Sum Insured (Value Rs.) Premium including Service Tax for 10 Years (Rs.)
A 1000000 1615
B 2000000 3230
C 3000000 4846
D 4000000 6461
E 5000000 8076
  • Please refer policy wordings for more information

  • Premium will be changed any time by insurance company and without any prior notice to anyone.

 

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