08 Jan 2020
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Owning a home is a dream that most Indians strive for and they save diligently, sometimes even pooling their entire savings to realise this goal. It is not a surprise then that buying a home ranked topmost on the wishlist of men and women across 12 cities in India. However, Indians lag behind when it comes to protecting their abode by insuring it against disasters in the future.

Home insurance penetration in India stands at a meagre 1%, while in a stark contrast developed countries such as the U.S., UK, France and Australia have a rate as high as 97%.With only 3% of homes insured in India, there is tremendous potential waiting to be realised.

No one wants to witness their own home being washed away in a flood or landslide in an instant in front of their own eyes and be left homeless.Home insurance like the one available on Finserv MARKETS provides adequate compensation to you in the event of any accident that takes place. This includes theft, natural or man-made disasters such as fires, floods and earthquakes, high impact collision and many more, so that you can live with peace of mind.

You can initiate your home insurance claim process as soon as disaster strikes to recover the damage inflicted, if you took the wise decision of opting for it earlier. Otherwise you are left to fend for yourself.

Lets us take a look at some of the home insurance claims that are commonly made by insurers:-

1. Damage due to fire inside the house:

Tarun’s mother lit a diya and did her evening puja as usual. She left soon after. Tarun’s brother came into the same room and switched on the fan unaware of the burning diya. He left the room to attend a call on his phone. The flame spread to the curtains nearby. When Tarun’s brother came into the room after a few minutes, he saw that the curtains next to the diya were burning profusely. He immediately poured a bucket of water and then got some more. Should such a similar situation arise, you can claim home insurance for household articles that are a part of your home and recover your losses, in case a home content insurance is bought earlier.

2. Fire to the property:

In this case, the entire home can be burnt to ashes and not just its contents. Home insurance claims where a house is under fire could primarily be due to faulty electrical wiring, often loose, leading to a short circuit. If you stay in an area which experiences frequent voltage fluctuations and the installed cable wires are not of good quality, the chances of a fire eruption are more. Left unnoticed, the fire becomes uncontrollable and spreads further burning windows, doors, ceiling, furniture and flooring. On Finserv MARKETS, you can enjoy a swift home insurance claim process for any damage arising to the structure of your home by replacing the damaged property with a new one that is almost equal in value to the former.

3. Flooding and landslides:

More than 2.23 lakh people were left homeless in Kerala after the state experienced incessant rains this year during monsoons. The heavy rains in August 2018 led to 6,970 landslides, out of which 5,191 were in Kerala, 993 in Karnataka and 606 in Tamil Nadu. The fury of floods in Jammu and Kashmir and Chennai in 2014 also caused a lot of damage. Such a natural calamity can strike all of a sudden and render you defenceless. However, you can claim home insurance on Finserv MARKETS even after being displaced, thanks to the entire process being online. You need to opt for an insurance that covers both the building and household articles in it, especially if you reside in an area prone to flooding.

4. Theft:

Mr and Mrs Sharma, an elderly couple in their 70s were staying alone in their ancestral house in a posh Delhi neighbourhood. Both their sons were settled in the U.S. One day Mr Prasad, a friend of Mr Sharma paid him a visit in the evening. As they started sipping tea, Mr Prasad recounted how a gang of thieves looted a house in the adjoining street in the wee hours of the night and left with no trace. Mr Sharma got worried. Mr Prasad told him that one can easily claim home insurance in such a situation to recover losses. The crime graph is rising not only in metro cities but also in smaller towns. 130 robberies, 200 burglaries and 150 house thefts were recorded in Delhi in September alone. Insurance against burglary is godsend to ensure financial stability.

5. Other damages:

A pressure cooker is a staple cooking utensil in most Indian households. However, it is found that buying an inferior grade cooker can sometimes lead to an explosion damaging articles in the house. Trees can also inflict damage to your house especially during windy weather. There could also be water leakage due to repair being conducted in the adjoining apartment that may lead to seepage in the walls and ceilings. This may cause electric currents and can be dangerous to the electric circuits operating in your house.

All these home insurance claims and even more are covered when you buy home insurance available on Finserv MARKETS. Choose a policy term of 3 months to 20 years as per your preference and secure your house against unforeseen circumstances in the future. A 93% claim settlement ratio ensures a fast home insurance claim process so that you are not left stranded financially during such a situation.

Get a cover up to Rs. 10 crore as per your needs with home insurance available on Finserv MARKETS. If you stay on rent, you can opt to insure your household items and if you are the proud owner you can opt to secure your abode as well as its contents for complete safety against any disastrous situation in the future.

 

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.