• The effects of climate change on human lives and livelihoods are evident to all of us. An increasing number of natural disasters occur each year. These calamities are destroying homes and businesses at an astonishing rate, endangering food systems. Climate-related issues, including severe heat, freezing temperatures, cyclones, floods caused by cloudbursts, loss of biodiversity, and the inability to effectively address these challenges, are highlighted in reports from various global organizations such as WEF, World Bank, and IMF. In response to these issues, property insurers are now incorporating climate risk into their management strategies and tackling climate-related risks by providing innovative solutions to their clients.

Climate Changes and Indian Monsoon

• Historically, the arrival of monsoon has been regarded as a joyous occasion, bringing a refreshing breeze and rain for crops, offering much-needed relief from the oppressive summer heat. The monsoon has fostered a peaceful and cheerful atmosphere nationwide, with every Indian state commemorating a local festival celebrating its onset.
• However, the arrival of the monsoon in the past two decades has been met with concern. Reports of climate change-induced erratic monsoons causing widespread devastation across India and considerable harm to human life and property are increasing annually.

Here are some recent disasters caused by an erratic monsoon in India:

Large-Scale Flooding

• Monsoons now deliver brief, intense rain instead of the consistent showers that used to nourish the soil. In 2020, swollen rivers inundated extensive areas of villages and farmland, damaging homes and crops in the northern and eastern regions of the country. Wildlife was also affected, with over 100 wild animals drowning as a result of overflowing rivers entering Assam’s Kaziranga Wildlife Sanctuary.
• Even metropolitan cities in India were unable to shield themselves from the repercussions of an erratic monsoon. Unplanned urbanization, construction activity on wetlands and waterbodies, and an overwhelmed drainage system in cities like Mumbai exacerbated the issues, resulting in flooded streets and the collapse of old, deteriorating buildings.

Cloudbursts and Landslides

• In July of this year, monsoon-induced cloudbursts led to landslides and flash floods in the western Himalayan region. The states of Himachal Pradesh, Jammu and Kashmir, and Uttarakhand experienced rainfall 110 percent above normal, resulting in severe destruction to property and human lives.

Rockslides

• A rockslide occurred this July in a mountainous area of Himachal Pradesh, where large boulders destroyed an iron bridge with stranded cars and damaged 50 houses and roads in the nearby vicinity. Loss of life was reported, primarily involving tourists who were hit by the rock debris as they had little time to escape.

Why do you Need Home Insurance?

• No matter where you live in India today, excessive rainwater and flooding during the monsoon create a significant risk to your home, making a compelling argument for home insurance.

Here’s why obtaining comprehensive home insurance for your home and its contents is essential:

Coverage against Structural Damage and Valuables

• A detailed home insurance policy like the one provided by HDFC ERGO offers financial protection against damage to the structure such as walls and also for valuables like jewelry, etc. , found within.

Coverage against Auxiliary Damage

• During the monsoon season, water might seep into your home damaging the flooring or stagnant rainwater might lead to a compromised roof, or water leakage may arise through joints and fissures. In these instances, a home insurance plan takes care of the repair expenses to rectify these damages.

Coverage against Electrical Malfunction

• Any harm inflicted upon the home due to an electrical fault like a short circuit resulting from water leakage is included in home insurance.

Coverage against Damage to Personal Belongings

• Harm caused to personal possessions like furniture within the home is also encompassed by home insurance.

Restoration and Replacement

• A home insurance plan takes care of the expenses for repairing and replacing electronics and household appliances when the home sustains damage and also offers you temporary accommodation while your home is being restored after a lightning strike.

Conclusion

• With many residences and lives being devastated instantaneously during each monsoon, it is only sensible to safeguard your home with a comprehensive house insurance policy. Whether it’s an old home or a new one, a home insurance policy can be a financial lifesaver that can assist you in covering the expenses of damage incurred to your home structure and its contents due to the monsoon.
• Disclaimer: The above information serves illustrative purposes only. For further details, please consult policy wordings and prospectus prior to finalizing the sales.