Home insurance: Ensure policy covers calamities, pays reconstruction cost

Disclose all extensions, additional structures at the time of purchase

The recent floods and landslides in Himachal Pradesh, Maharashtra’s Vidarbha region, and the north-eastern states of Manipur and Mizoram have destroyed thousands of homes. These events highlight the need to purchase home insurance.

 

Low penetration despite high risk 

Home insurance penetration in India remains low. “India ranks fifth globally in terms of natural disasters, yet home insurance penetration remains a mere 1 per cent,” says Shashi Kant Dahuja, executive director & chief underwriting officer, Shriram General Insurance.

 

“Even though disasters happen all around us, people believe it is not going to happen to them and hence don’t buy this cover,”