 "In pics: Mumbai braces for typhoon-like weather, heaviest rain since 2005")
According to news reports, floods have affected more than 34 million people across 280 districts and caused more than a thousand deaths over the past year. Such devastation happens during the monsoon in parts of the country almost every year. These calamities not only take a toll on life and health but also cause mammoth financial loss. It is estimated that 800,000 homes were destroyed by floods this year. Given the scale and regularity of these events, purchasing a home insurance cover has become imperative.
Structure, content and third-party cover
Home insurance is a nascent product in India, with very low penetration.
