• The significance of insurance becomes evident to individuals when they face unexpected occurrences. However, regrettably, this realization often comes too late. An insurance policy can be likened to a spare tire. National Insurance Awareness Day is celebrated each year on June 28 to educate people about the significance of insurance and its advantages. Many individuals initially consider purchasing a health insurance policy or term life insurance, which are indeed important. Nevertheless, they often neglect to protect one of their most crucial assets, which is their home. A home insurance policy protects your property’s content and structure from unfortunate incidents such as theft, fire, natural disasters, or human actions (riots and terrorism).

Here’s Why Everybody Should Have Home Insurance Policy

1. Fire Accidents
   Hearing news about fires breaking out in apartments or buildings is fairly common. Fire incidents can result in significant damage. For instance, this year, in January 2022, a large fire erupted in a multi-story residential building in Tardeo, Mumbai, resulting in seven deaths and 24 people severely injured. Therefore, having a home insurance policy is prudent as it can assist you in rebuilding and restoring your home to its former condition.
   
2. Thefts And Burglaries
   Burglars and thieves do not provide any prior notice. Therefore, it is advisable to secure your home with a home insurance policy to prevent financial losses. The insurance provider will cover losses due to thefts and support you during challenging times.
   
3. Natural Calamities
   A nation like India is susceptible to natural disasters that can cause irreversible damage to your home and deplete years of your hard-earned income. The recent flood in Assam affected approximately 202 houses, resulting in significant losses for the flood-stricken victims. Hence, having a home insurance policy is wise to mitigate such financial impacts.
   
4. Safety For Belongings
   Many individuals believe that home insurance only protects the structural aspects of their home; however, it also covers your possessions, including valuable electronics, jewelry, and more.
   
5. Alternate Accommodation
   In the event that your home becomes unlivable due to an insured peril, the insurer will assist you by providing alternative accommodation. The insured individual will receive a temporary place to live or will have their rent covered for staying elsewhere until your home is suitable for habitation once more.

• Conclusion
• Whether you are a homeowner or a tenant, it is recommended for every occupant to obtain a home insurance policy as it will protect your residence from unexpected events. With the HDFC ERGO home insurance policy, you can enjoy discounts of up to 45%. Additionally, you can insure your home structure and possessions valued up to Rs 10 crore and Rs 25 lakh, respectively.

Disclaimer:
The above information is for illustrative purposes only. For further details, please consult the policy wording and prospectus before making a purchase.