For many of us, buying a house is like a dream and when this dream comes true we don’t want anything to get in the way. Whether you are buying a new house or you have already paid off your home loan installments, having a home insurance policy provides you financial protection in case your house is damaged or destroyed in natural disasters like floods or earthquakes or in case of a fire or other accidents. Just like you insure your life, health, and vehicles, it’s important that you insure the house that you have bought with your hard-earned money. Many people, especially in India, do not buy a home insurance policy since they are under the misapprehension that cost of home insurance cost is high. While that is untrue, the importance of property insurance cannot be understated. The benefits and the peace of mind that a home insurance policy ensures are unmatchable. Let’s find out what home insurance is important.

Some of the critical reasons to buy home insurance are listed below:

1. Home insurance covers you against natural calamities: For any property owner, a natural disaster that destroys the house is the biggest nightmare. Natural calamities such as earthquakes, floods, tsunamis, typhoons etc., can take cost of repairing the damaged property through the roof. It also puts a massive financial and emotional burden on the property owner. But a comprehensive home insurance policy protects you against the losses and damages caused by the natural calamity. It covers you for the costs associated with repairs or renovation. The home insurance policy essentially act as more than a financial cushion and help you rebuild your house without having to dig into your savings

2. Home insurance protects you against human-made disasters: Apart from protecting you against natural calamities, a comprehensive home insurance policy also covers you against any costs resulting from human-made disasters. It protects you against human catastrophes ranging from thefts and burglaries, to terrorist attacks, riots and strikes resulting in damage or destruction of property, among other things.

3. Home insurance provides coverage for content beyond the property’s structure: The importance of property insurance also stems from the fact that it covers you for most of the contents of your house, beyond just the house’s structure. A typical home insurance policy essentially covers the physical structure of your home. However, if you opt for a comprehensive home insurance plan with the right riders, you can also get coverage for valuable items. Whether it is personal belongings such as jewellery, expensive apparels, home appliances, and furniture; a comprehensive home insurance policy can help you cover the cost of these items in case they are stolen or damaged.

4. Home insurance offers protection against legal liabilities: If you’re still contemplating how important is home insurance, then you should know that it also protects you against liabilities. Having a home insurance policy offers you liability coverage that protects your legal responsibility in case someone is injured in or around your house. For instance, if a guest falls inside your house, he or she can file a legal case to claim hospital costs and nursing expenses. A home insurance policy will cover the expenses of the lawsuit and medical expenses arising out of it.

5. Home insurance provides temporary living expenses:In case your insured house is totally damaged and needs to be rebuilt or renovated, you will have to find alternate accommodation. The rebuilding process may take a lot of time and you may have to live in another property you own. If you don’t own another property, you may need to take one on rent. But renting out another house can prove to be quiet costly. However, if you have home insurance, the living expenses will be taken care of by your home insurance policy provider until such time that your insured house gets back to livable conditions.

Protect your house with SBI General Home Insurance policy

Now that you know why is it important to have home insurance, ensure that you invest in an all–encompassing policy, with the appropriate riders. Such a policy protects your financial interests and your property. Above everything else, home insurance provides you peace of mind in case any of the situations mentioned above occur. Remember, it takes years of hard-earned money to buy a house. So it’s best to protect your heavenly abode with a home insurance policy. Insure your home against natural and man-made calamities with our SBI General Home Insurance policy. At SBI, we have built a reputation as insurance providers with our high claim settlement ratios and quick turn-around time

^*Disclaimer: SBI General Insurance Company Limited | Corporate & Registered Office: ‘Natraj‘,301 Junction of Western Express Highway & Andheri – Kurla Road, Andheri (East), Mumbai – 400 069. | The information in the advertisement is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale. 'For SBI General Insurance Company Limited IRDAI Reg. No. 144 dated 15/12/2009 | CIN: U66000MH2009PLC190546 | SBI Logo displayed belongs to State Bank of India and used by SBI General Insurance Co. Ltd. under license. | Website : www.sbigeneral.in,Tollfree 18001021111 | UIN: IRDAN144RP0002V01201617 | ADDIG/20-21/AUG/676