Home insurance: Resident in an earthquake-prone area? Get your home insurance now

The whole idea of ​​buying home insurance is to insure your money in disaster time.

While India continues to fight the deadly coronary virus epidemic every day, a series of low-intensity earthquakes have rocked the entire country since April. Because of the fear of earthquakes, earthquakes are noticeable in India and the nation records scores of them every year in different parts of the country. While the majority of them cause minor damage, due to the unpredictability and destructive potential, the risks cannot be excluded, especially for parts of India, including Delhi, which are located in India’s fourth highest danger zone, making them vulnerable to earthquakes. It is not just about Delhi and the surrounding areas!

According to a report by the National Disaster Management Authority, 59 percent of India is prone to moderate to major earthquakes, and the country is divided into four seismic regions – second, third, fourth, and fifth – which indicate an increasing order of intensity and frequency of earthquakes.

The need to secure a home

Whether it is the recent strong earthquake or storm, Hurricane Amfan, which has claimed a total loss of more than $ 20 billion, every natural disaster leaves behind enormous devastation from the massive destruction of life and property. Unfortunately, the frequency of natural disasters in India has increased dramatically in the past decade, and the losses caused by natural disasters are said to have reached billions of dollars. According to recent World Bank estimates, a third of India’s more than 600 districts are at risk, putting almost half of the country’s economy directly at significant risk. More than the economy, it’s the property that is worth millions and the lives of people still at stake.

While the government is doing its best to provide economic assistance to people after any natural disaster, proper financial planning definitely reduces the financial burden. Basic learning for people is getting their home and belongings. In order to protect your property from financial loss during natural disasters, it is best to purchase home insurance. It is important to see home insurance as a very valuable product. Moreover, there are many insurance companies operating in the market that provide documentation to cover your home against all natural disasters.

What covers everything

Under a comprehensive home insurance policy, although the insurance company will not pay you for the regular wear and tear of your home, it will definitely pay you for any damage caused by a natural disaster including floods, earthquakes, hurricanes, etc. Highly unpredictable, it’s smart to have a cover suitable for your home. Remember, it is not only important that you have a structure policy, but it is equally important that you have adequate insurance for the contents of the home as well, including TV, furniture, fixtures, and electrical and mechanical appliances.

Aside from providing cover against natural disasters, the Home Insurance Policy covers your home against burglary, fire, associated hazards and equipment malfunction. In fact, many policies provide cover against acts of terrorism. The whole idea of ​​buying home insurance is to insure your money in disaster time. You can purchase home insurance for one year or more, and long-term policies are recommended while purchasing home insurance. For structure only, you can buy home insurance for 1 to 30 years, and for structure and content, the policy can be purchased for 1 to 5 years and for content only, insurance policy can be purchased for 1 to 5 years.

Purchase trends

According to industry trends, inquiries regarding home insurance have increased 2.5 times in the past four weeks while home insurance sales have increased twice in the same time period. Most of the people who have purchased home insurance in the past four weeks are from metro cities, including Delhi, Mumbai, Kolkata, Chennai, Bangalore etc. Most of these cities last month witnessed either a massive hurricane or an earthquake that forced them to consider purchasing a home insurance policy to secure their property against natural disasters.

Submit a home insurance claim

In order to register a home insurance claim, there are various steps that must be taken once the claim event is triggered. The first and most important thing to do is to notify the insurance company immediately via phone, written alert or email. Within 14 days after that, you need to put a detailed explanation along with the evidence of the losses incurred. In the event of theft or burglary, you must file a complaint with the police and take all practical steps to arrest the guilty person or persons and recover the lost property. It is also important to provide any / all necessary documentation that you can obtain such as plans, specifications books, coupons, invoices and their duplication or copies, documents, manuals and information related to the claim. When necessary, the insurance company appoints surveyors / investigators.

(Written by Tarun Motor, CBO, Policybazaar.com)

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