Survey: Frequent earthquakes are prompting people to look for home insurance

According to an online survey, five out of ten respondents in Delhi said earthquakes have made them anxious about purchasing home insurance.

Frequent low-intensity earthquakes are urging people who live in the National Capital Region (NCR) to seek home insurance, according to a survey by online insurance platform Policybazaar.com.

The company said it surveyed more than 11,000 insurance buyers who visited the company’s mobile app between July 17-21, 2020. The survey was conducted to understand people’s perception and understanding of home insurance and gauge their understanding of the benefits of home insurance.

According to an online survey, five out of ten respondents in Delhi said earthquakes have made them anxious about purchasing home insurance.

“At an already uncertain time, concern about earthquakes has sparked nearly 42 percent of respondents across India and in Delhi, who do not have home insurance yet, to consider purchasing home insurance in the near future,” Policy Bazaar said. Com said. Across India, nearly every fifth person who participated in the survey admitted that they already had home insurance while in the National Capital Region, 35 percent of respondents had home insurance, she said.

He also noted that “Unfortunately, home insurance is definitely not the number one insurance product” on most people’s list as 73 per cent of respondents across India and 57 per cent in Delhi (NCR) said they had not yet considered purchasing home insurance. . “These figures depict a great concern and this is because according to a report issued by the National Disaster Management Authority, 59 percent of India is vulnerable to moderate to severe earthquakes,” she said.

She added that the country is divided into four seismic zones 2, 3, 4 and 5, indicating an increase in the intensity and frequency of earthquakes.

According to the survey, about 10 percent of respondents who do not have home insurance said they plan to purchase home insurance in the near future, while more than 30 percent considered purchasing home insurance possible.

“It might be assumed that given the given scenario and the frequency of earthquakes, people are slowly and steadily starting to realize the importance of home insurance and are thinking about it again to protect their homes and properties,” PolicyBazaar.com said.

The survey also revealed the reasons why people choose to avoid home insurance even after it is an important product such as health and life insurance.

Roughly, 25 percent of respondents residing across India and 28 percent of residents of Delhi-NCR cited their living in a rental apartment as the reason why they should not choose home insurance.

The results reflect that people are still less aware of home insurance. However, the recent earthquakes definitely made them think about their significance, as the pandemic situation also plays into their minds, ”said Sarpever Singh, CEO of PolicyBazaar.com.

Under a comprehensive home insurance policy, although the insurance company will not pay you for the regular wear of your home, it will cover any damage caused by a natural disaster including floods, earthquakes, or hurricanes, PolicyBazaar.com said in the statement.

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