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Gaurav Srivastava | 13 Jul 2022

5 Important Reasons To Consider Home Insurance While Buying Property

5 Important Reasons To Consider Home Insurance While Buying Property

It is rightly said that buying a home involves a lot of crucial steps. We can't ignore the home buying guide and just jump right into buying a house without considering it. The journey of home buying doesn't end when you start living in a new house but actually ends when you secure your house from unforeseen circumstances. 

What is the point of purchasing a house that may require additional funds in the future solely because you failed to purchase home insurance?

This blog is prepared in terms of the epiphany you might experience. But ultimately, it is your money, and you will not invest until and unless you are highly assured that buying a home insurance policy is the right move for you. So we have gathered a few compelling points that will uplift your approach towards home buying, and you will be able to protect your home from natural and man-made risks. 


5 Reasons To Buy Home Insurance

Any resident of India who is the owner or occupant of a property can buy a home insurance policy. People who live on rent are also eligible to apply for a home insurance policy. 

Those who purchase a home insurance policy at the same time as they purchase a home will receive the following benefits. 


  1. Let's say you recently bought a new home for yourself and your family and, unfortunately, due to bad weather, a branch of a tree fell on your roof and damaged it. How will you feel knowing that you spent a lot of money just on the home buying process and that, in addition to it, a new expense has been added? Of course, it’s depressing. You can fully ignore this situation of paying for the damage just by opting for home insurance. The prime purpose of getting a home insurance policy is to protect your home from damage or loss. 


  1. Not only will you get financial security once you get home insurance, but it will also take care of the repair and replacement needed at the time when damage is done. In favourable conditions, you don't have to fret about the expense involved in repair or replacement, as your insurance policy will take care of it. 


  1. Let's assume you went out with your family, and a sudden fire broke out in your home. Upon returning home, you will observe that your premises are no longer habitable. In that case, a house insurance policy will most likely cover the expense you will incur while you stay at temporary accommodation. A home insurance policy will also provide relief and cover the contents of your home, like gadgets, televisions, AC units, furniture, and sometimes jewellery. 


  1. In case your home encounters a theft or a robbery, your home insurance will cover the damage caused during those incidents. Certain documents need to be submitted in the case of a burglary claim, i.e., the original invoice of the value of items stolen, the cost of repair, the FIR, and a duly filled out claim form. 


  1. Apart from the reasons mentioned above, having a home insurance policy will provide you with peace of mind. The damage that occurred during the unfortunate event will be covered only if you have an insurance policy. 


However, you also need to be aware of the most common exclusions to any home insurance policy, which is why it would be best to carefully review the home insurance policy at the time of purchase. In addition, insurance has specific limits on coverage of some items like jewellery, silverware, money, etc. 

Apart from this, a home insurance policy will not cover the points below.

  • Physical damage resulting from an intentional act will be excluded.

  • War, nuclear damage, etc.

  • Any damage caused because of the operation, ownership, or use of aircraft or watercraft.

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