Home is one of the single largest investment that an average middle-class person makes. But it doesn’t end when you buy a house. Customising it to your taste and preference is what makes its special for you. However, in doing that, many buyers miss on ensuring its safety using a home insurance plan.
A home insurance policy ensures protection from damages that can easily burn a hole in your wallet. It gives you the much-needed financial cushion to tackle these repairs that may arise due to natural disaster or other man-made events. Not just that, some policies also cover the third-party liabilities that may arise due mishaps at your home damaging the structure of your neighbours.
Despite it being important in keeping financial worries at bay, may homeowners postpone or delay in buying the right home insurance plan. Here are some common excuses that you must avoid:
- I’m a tenant and I do not own the place
Home insurance policies are not only designed for homeowners, but also for those who rent an accommodation. Rent is the cost you pay for staying at such place and all risk pertain to the homeowner. Since the homeowner’s insurance cover will not safeguard your home appliances, you can buy a separate home insurance policy to protect these damages. *
- With adequate safety measures, I do not need a home insurance plan
While everyone staying indoors takes adequate care of their place, accidents occur unexpectedly. At no time you can be prepared for an accident that will damage your house and thus, a home insurance plan comes to the rescue. The adage, prevention is better than cure rightly justifies this sentiment and validates why you must purchase a home insurance policy. *
- Home insurance is expensive, and I cannot afford one
Over the years, the standard of living of an average Indian family has definitely increased. This has resulted in some services being expensive, one of which is the home insurance. However, home insurance is not just one-price product, but in fact, available at multiple price points. The coverage is available at pocket-friendly home insurance quotes and selecting one can be done balancing the coverage requirements and the premium. A handy tool is a home insurance calculator that helps comparing different plans basis its premium and features. *
- I do not have the time to shortlist an insurance plan
It is one of the most common reasons that many homeowners avoid buying one. At the start, it might seem futile to buy a home insurance for your house where damages are a rarity. But only when the financial impact of such damage is felt, you think a smart option would have be seeking the insurance cover. So instead of pushing it over, it is better to be safe than sorry. *
- I will bear the cost on my own accord
Natural calamities are unpredictable, and the wrath of nature cannot be sustained. There is little to no estimate of how much damage such natural calamities may cause and hence, cannot estimate the impact of the damage. The best alternative to tackle these large repair costs for your home is taking the backup of a home insurance plan. *
* Standard T&C Apply
In conclusion, do not fall prey to these excuses as it may lead you to a debt trap. To have mental and financial peace, it is best to buy a home insurance cover. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.