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Why Every Homeowner Needs Property Insurance

Posted on 6 Feb, 2024

Home is where the heart and most of our savings and investments are. However, in a country like India, where floods, earthquakes, and cyclones are common, homeowners are always at financial risk. A recent report by the Centre for Science and Environment and Down to Earth revealed that India experienced a natural calamity every single day in the first nine months of 2022. Furthermore, another report estimated that the losses due to floods and heavy rains on houses, crops, and public properties rose by more than 300% — from Rs 15,868 crore in 2019 to Rs 46,617 crore in 2021.

Considering these figures, what is the best way to deal with financial damages from such situations? The answer is property insurance.

Property insurance is a subcategory of home insurance that offers financial protection to not only owners but tenants as well. To understand the need for this coverage, let's discuss the circumstances this policy covers.

Property Insurance

Inclusions of Property Insurance

  • Accidental Fire

    When a fire breaks out in your home, it not only destroys the building but also the contents. The good news is that property insurance has a provision for fire and related perils.

  • Thefts & Burglaries

    There may be an instance when you are not at your residence, and a thief breaks into your home and steals precious belongings. In such a case, property insurance serves as a saviour.

  • Natural Calamities

    Have you ever considered the cost of rebuilding your home after a storm, landslide, or earthquake? The sum would be in lakhs.

    Property insurance alleviates the strain of reconstruction and financial loss caused by damage to valuables in the home by covering such incidents.

  • Legal Liabilities

    You reside in an old house where a few portions need urgent repair. Your neighbour is standing in your house campus one day when the ceiling collapses on him. There is a good chance he will sue you. Property insurance assists you financially in this situation by covering court and attorney fees, as well as other legal liabilities originating from the lawsuit.

Exclusions of Property Insurance

  • This insurance offers no financial assistance if you deliberately set fire to your house, break the windows, or damage the walls.

  • Any property made of mud, thatch, bamboo, or other such kutcha materials that are not durable or resistant to weather conditions is subject to shop insurance exclusions.

  • If your house already has cracks in the walls, leakages in the roof, or faulty wiring before you purchase the policy, the insurer won’t provide any compensation in the event of loss.

  • Manufacturing defects of electrical items are not covered under property insurance.

  • Even if the covered incident occurs, this policy excludes articles of consumable nature, such as food, medicines, and cosmetics.

Conclusion

Property insurance is a smart and affordable way to safeguard your home and belongings from unforeseen disasters. It covers a diverse range of events, from fire and theft to natural calamities and legal liabilities. However, it also has some exclusions you should be aware of before buying a policy. If you want to secure your home and peace of mind, don’t delay and get property insurance today.

Help us know you better!

This contains only an indication of the cover offered. For complete details on risk factors, terms, conditions, coverages and exclusions, please read the sales brochure carefully before concluding a sale.ICICI trade logo displayed above belongs to ICICI Bank and is used by ICICI Lombard GIC Ltd. under license and Lombard logo belongs to ICICI Lombard GIC Ltd. ICICI Lombard General Insurance Company Limited, ICICI Lombard House, 414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025. . IRDA Reg.No.115. Toll Free 1800 2666. Fax No – 022 61961323. CIN (L67200MH2000PLC129408). customersupport@iciclombard.com. www.icicilombard.com. (Fire Insurance, 1016 , IRDAN115RP0006V01202021)

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