Before you bought your dream house, you went to the trouble of doing a thorough background check on the real estate developer. You checked the house for sturdiness, vaastu compliance and convenience. You ensured that there’s 23 hours supply of water and electricity and that there’s a gym nearby that you can use. After this, you also hired a competent property lawyer to help you through this important and expensive transaction. So why have you taken so long to make a decision about insuring the home that you took so much trouble to buy and into which you invested a majority of your savings?
It is very important to insure your home against any unforeseen calamity, whether it is a force of nature such as an earthquake or a flood, or even fires and thefts. You can’t predict these things, so it’s best to take insurance, not just to protect your interests as an individual or family, but to also protect yourself from third party liability or in case you have taken a housing loan.
Of course, you should put in the same kind of time and effort into deciding on a home insurance. You need to keep in mind a few points before you make a final decision. The first thing is to know what kind of insurance you’re looking for.
The two most well-known kinds of home insurance that are available in India are:
However, there are other types as well:
Remember, your house is the most expensive and important thing you will ever purchase. Insuring it is the smart thing to do.
Disclaimer: Indianpropertylawyers.com is an intelligent interactive platform providing information and access to independent legal practitioners for users to avail of.
The content on the website or any of the services provided on the website is not intended to and does not constitute legal advice and no attorney-client relationship is formed.
(Image courtesy panproperties.blogspot.in)