Indians spend their savings over a lifetime to get a house and equip it with appliances, furniture, etc. However, significantly less than 1% of them have any kind of home insurance. In conditions of value, significantly less than 2% of the business of non-life insurers comes from home insurance.
In the absence of climate risk insurance, natural catastrophic bonds, etc., home insurance is the only cover which can provide some decent compensation to persons whose properties are destroyed because of this definitely of a natural calamity or acts of vandalism. In the event a house property is damaged beyond repairs and the policyholder has to relocate to a different location, home insurance has such add-ons like resettlement cover to permit him to settle down at the new place without incurring additional expenses. If a guest, while residing in the premises of the policyholder, is injured, then all expenses related to medical treatment will be reimbursed under a home insurance coverage, referred to as Public Liability Coverage. Even tenants meet the criteria to go back home insurance cover.