Natural calamities like floods, earthquakes etc have made people add home risk cover insurance

The five elements that balance the cycle of nature comprise of air, water, earth, fire and ether. They are the basic essentials of our very existence and hence all powerful. They have even appeared in the Vedas as the “panchamahabhutas" or "five great elements."

Just like two sides of the same coin, Mother Nature has a flip side and these elements can create havoc with devastating destructions like floods, earthquakes, storms, lightning, cyclones, etc. Thus, it’s safe to say that nature is unpredictable and these natural calamities can strike anyone, anywhere and anytime.

For instance, let’s take the recent earthquake in North India or floods in South India. People had to be evacuated and crores of money was spent to put things back in order after the mass destruction. Nobody foresaw that Chennai will witness the wrath of nature. Continuous rains for several days brought the city to a standstill, and people were stranded in their homes or offices and life was crippled for over a month. With no respite in sight, the houses were water logged for 20 days! Even though the probability of these eventualities occurring is low, you still cannot take it for granted. So one of our prudent investors, Mr. Rajesh, immediately sought a home insurance cover and is now prepared to face such eventualities.

Also read: MHA experts warn the government of big earthquakes in the Himalayan region

A huge part of your savings and income is spent on a "dream home". It is your space and an extension of you. Then we wonder why many people don’t go for home insurance? Have you thought of what will happen if nature suddenly strikes NOW and your priced possession is destroyed? Can you estimate the extent of damages and the suffering you have to undergo to make do the huge loss of money, time, effort and other resources?

Hence, from the financial perspective, it is important to secure your home from these possible risks and it makes sense to take a good home insurance cover that will secure your financial future.

Also read: 10 tips to get the best home loan offer

We cannot control nature but can certainly invest in a product that gives you the peace of mind so that and you can be rest assured not to be worried about the consequences. After all, prevention is better than cure!

About the author: Mimi Partha Sarathy is the Managing Director of Sinhasi Consultants

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