5 COMMON MYTHS ABOUT HOME INSURANCE BUSTED

Finance

Home insurance plays the most vital role in your house aspects. Your house can any day fall prey to any form of damage or destruction by fire or natural calamities. In such cases, it is extremely important for you to protect the financial aspect of your house and invest as a precaution for a better future. 

Hence, home insurance is the need of the hour for you and your family. 

You must not opt for big decisions related to home insurance and its policies without knowing the crux of the plans that are being offered to you. A simple wrong decision can take a heavy toll on you and your family. It can hinder your financial structure and you may incur  losses in the future too.

Do you have doubts and insecurities regarding your house insurance? Here, we bust some of the most believed myths about the insurance among people!

1) HOUSE INSURANCE IS ‘NOT THAT NECESSARY’

HOUSE INSURANCE IS ‘NOT THAT NECESSARY’

Wrong! Insurance is basically providing a sense of future security to your large financial investment. Calamities do not strike every day, but it is also true that they may strike any day! 

Why cry after the damage is done if you can protect yourself pre-hand?

Many-a-times, it so happens that the ‘calamity’ is not a big one. For example, a tree or pole falling on your wall and destructing it. In such times you will have to shell out huge bundles of money to re-construct your house or re-build it. 

It is not a compulsion either. If you wish to live a life on the edge and are ready to risk the security of you and your family, then you need not opt for an insurance policy.

On the other hand, a recommended smarter option for you will be to take up a home insurance rather than spending lakhs of rupees after a calamity strike. This way, you can live fear free when it comes to your house’s future security!

2) THE FLOOD MYTH

THE FLOOD MYTH

Even though flood is also a natural calamity, it hardly has any relation with your home insurance. It is often assumed that the destruction caused by floods to your property is covered by the home insurance policy you choose.

This is one highly common myth that insurance holders blindly believe and fall trap to.

Property damage caused due to flooding or cloud bursts or water outbursts are not covered by the home insurance. In fact, the damage caused by sewage malfunction too is not covered in your home insurance plan.

Instead, there is a separate insurance policy for covering up flood damage of your property, called as ‘flood insurance policy’.

Therefore, if you are purely in search for the flood damage control policy for your house, then home insurance is not the right option for that issue.

3) HOME INSURANCE COVERS YOUR INJURIES

HOME INSURANCE COVERS YOUR INJURIES

A big NO! This concept is often confused by masses which leads to ugly misunderstandings in the long run.

Home insurance does not cover for ‘your injuries’ that take place within the property.

However, if any guest enters your property and gets injured within the premises of your property, then in that case the repair costs are covered by your home insurance. MedPay is a common facility provided by home insurance companies to cover the injury loses of your guests under your property area.

Unfortunately, if you or your family member get even the slightest injury within the property, you will have to pay for your own expenses. The insurance company can not be held liable in such circumstances. 

These little pointers matter a lot while signing up for your home insurance policy as complicated sentences might create an incorrect perspective in you head regarding your insurance plan.

4) INSURANCE COVERS YOUR VALUABLE ITEMS

INSURANCE COVERS YOUR VALUABLE ITEMS

Your home insurance does not cover or take responsibility of the valuable items in your house. Valuables include jewellery, expensive items and electronics, etc.  

Some valuables are covered in your insurance, but only to a limited percentage extent. In addition, it also depends on the home insurance you are opting for. 

If you wish to have insurance for the valuable assets you own, you must opt for their respective jewellery insurance policy.

5) YOU CAN RETRIEVE ANYTHING AND EVERYTHING LOST

YOU CAN RETRIEVE ANYTHING AND EVERYTHING LOST

In a situation where you have lost certain belongings of your house, you contact the insurance helper or carrier. This person will then ask you to submit a long list of the particular details of each and every item you claim to have lost.

Details such as the cost of the item and associated serial sequence is asked. Additionally, you also need to mention the location, day, date, and the time of purchase.

If you do not possess these essential details of the lost items, your retrieval request is rejected by the insurance company. You need to preserve the bills and details of every valuable item you possess.

Hence, it is not true that every belonging of yours that is stolen or lost will be retrieved. 

IN CONCLUSION

House insurance, no doubt has a lot of intricate details which might confuse you and lead to several misleading aspects. It is your responsibility to review every nook ad corner of the insurance that you opt for.

 We have busted a few famous myths that run along house insurance. However, there still exist numerous myths associated with house insurance. It is essential for every individual to plan a long term security approach. 

Home insurance is not mandatory according to government laws. However, it is a highly recommended solution and investment for your livelihood and secure future. 

A house and its valuable aspects constitute major bulk of your purchase and have a huge impact on your income.

It is good to have a sense of security and smartness when you are responsible for the lives of your loved ones.

Safety must be placed before because there is no after.

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5 common myths about Home Insurance busted
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5 common myths about Home Insurance busted
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Do you have doubts and insecurities regarding your house insurance? Here, we bust some of the most believed myths about insurance among people!
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