Reasons Why Home Insurance is a Must for First Time Home Buyers

The earthquakes that hit Nepal in 2015 convinced a lot of people in India that house cannot be secure without insurance. This is because natural disasters can strike any time and to protect oneself from its damaging effects, it is best to have a home insurance. 



Such an insurance neither fixes nor prevents damages. What it does is reduces or compensates greatly the costs involved in restoration of homes. It is best to compare what the different home insurances have to offer before opting for one. Also, there are a number of myths regarding home insurance. Let’s dispel a few of them -

Act of God Not Covered

You need to read out the terms and conditions of your insurance policy carefully. There are a number of policies where any and every damage caused by natural disasters be it heavy rains or thunderstorms among others are covered.

Claim Settlement is a Headache

This is the biggest myth among all of them. Claim settlement for any house insurance in India is not a tough deed. If the insurance document is properly read, then the claim is not only settled within time but, very quickly too.

The entire onus of informing the local insurance office about the damages which have been sustained lies with the insurance owner. This must be done at the earliest so that the insurance company can evaluate the loss to ascertain the compensation amount to be provided. You can also take the help of your insurance agent to get the claim cleared more quickly.

At the time of claim settlement, all necessary documents including survey reports, must be kept handy so that the claims can be processed quickly and smoothly. If the policy-related documents are stored electronically by you, then you can produce them instantly.

When applying for home insurance, the best recourse is to go online and check out the terms and conditions of various insurance providers in detail to know what each has to offer. This will help you in making a more informed decision.


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