Why do you need Home Insurance now! Shocking disasters in India reveal the crucial protection you’re missing! Discover how to safeguard your home and money from catastrophic floods today! Home insurance, including flood coverage, provides financial protection against property and personal belongings damages, ensuring homeowners and tenants can recover from such events without severe financial strain.
In the past few years, many cities and states in India have witnessed the catastrophic effects of flash floods, cloud bursts, and even dam collapses. News and images of flood waters surging into built-up areas and causing houses to collapse and submerge have been disturbing. Watching your house get damaged because of a natural disaster leaves you helpless and vulnerable. However, with the security and protection of home insurance, you can be better prepared to deal with such a disaster.
Read on as we discuss home insurance, its coverage for flood damage, who should invest in such plans and things you need to keep in mind when exploring your options.
Understanding Home Insurance:
Home insurance, also known as property insurance, protects you from financial losses due to damage to the structure or contents of your home. These damages may be caused by natural calamities like floods, fires, and earthquakes, as well as man-made events such as theft, burglary, and other malicious activities. For someone who does not have this coverage, any damage to their home or its contents could result in a significant financial burden. In such a scenario, the repair cost of damages will require you to dig deep and take out a substantial portion of your savings.
Home Insurance Cover Flood Damage:
Flood insurance is typically a part of your home/ property insurance that covers losses to a house caused by water damage. The damage could be due to flooding. Floods can result from heavy or prolonged rain, melting snow, cloud bursts, overflowing water bodies or dam failures.
Home insurance policies mostly cover damages caused by floods. Their coverage includes any structural harm and loss or damage to insured personal belongings. With this coverage, you can ensure that you deal with the losses and rebuild your lives without facing a heavy financial burden.
Home insurance is an important investment in a country like ours, where floods are common. It protects your property as well as your belongings and offers a vital safety net during a crisis.
Why Do You Need Home Insurance with Flood Damage Cover?
India’s geographical diversity often reflects that different regions are at risk of various natural disasters. While the hilly areas face the fear of avalanches and landslides, coastal regions are prone to tsunamis and cyclones. Floods are common in most Indian states, particularly during the monsoon season when river water levels rise significantly. Therefore, flood insurance is an essential purchase and should be included in your home insurance policy.
Who Should Opt for Flood Damage Home Insurance?
Purchasing a home is a significant milestone for most. It often represents years of hard-earned income. Unfortunately, a single unfortunate incident can cause extensive damage. It can drain your finances in a matter of seconds. So, whether you are a homeowner or a tenant, it is advisable to buy a home insurance policy, especially if you live in a flood-prone area. Take a look at the options that you have:
- Home Insurance for Home Owners
A home is a huge investment, both financial and emotional. Therefore, protecting it is essential. As a homeowner, you can safeguard the building’s structure and/ or contents of the house.
- Home Insurance for Tenants
If you are a tenant living in a rented flat, apartment, villa, etc, you still have the option to protect the contents of your home. From electronics to artwork, you can get coverage for all your beloved possessions against damages due to floods and other disasters.
Home Insurance by HDFC ERGO:
Home insurance plans by HDFC ERGO offer coverage for home structures and contents up to ₹10 crores. They also include valuable add-ons such as loss of rent and alternate accommodation expenses. Take a look at the various options you have with HDFC ERGO:
- Bharat Griha Raksha
This is a standard home insurance policy offered under the guidelines of the Insurance Regulatory and Development Authority of India. With a maximum sum insured of ₹5 lakhs for the contents of the house, Bharat Griha Raksha is an affordable home insurance plan. It offers coverage against loss and damage to the house building and its contents against fire, earthquake, flood, and other perils. - Home Shield insurance
The Home Shield plan offers comprehensive coverage for your assets for up to 5 years. This comprehensive policy protects you from almost all unforeseen events that could damage your home or its contents. The policy comes with optional covers to personalise it to suit your unique needs. - Home Insurance
Homes are vulnerable to natural calamities and various crimes. Accidental damages caused due to earthquakes, floods, burglary, and theft can occur at any time. Home insurance covers these situations and more. Since calamities come unannounced, home insurance ensures you are prepared for any situation. Whether you’re a homeowner or a tenant, there is a home insurance policy designed to protect your safe space.
In Conclusion
One of nature’s most furious forms, floods can disrupt everyday life. They can cause immense damage to homes, personal belongings, roads, crops, and infrastructure. The recent examples of floods in states like Uttarakhand, Kerala and Himachal Pradesh run a chill down the spine. Dealing with such a tragedy can be daunting. However, if you have home insurance that offers flood damage protection, dealing with such a situation becomes easier. Most of the repair expenses will be reimbursed, alleviating much of the financial burden.
If you live in an area that is flood-prone, do not delay investing in a suitable home insurance plan that offers protection from flood damages.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.
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