Each and every person is insured; every vehicle that runs on Indian roads is insured. In fact, even homes have insurance plans today. And, why not? Insurance offers compensation against unforeseen risks in life.
But, did you know there are multiple things around us that need insurance in current times? Yes. Thanks to the unpredictableness of life, you need to be covered against everything. And one such thing is landslides in house insurance
It's no news that landslides can be lethal. If they can affect the water quality and fish habitat, the impact of landslides on human construction is simply unimaginable. Now you might think that you can protect your house against the adverse effects of landslides using a home insurance plan. However, do home insurance policies cover landslides? Let's find out.
Does your house insurance plan cover landslides?
Here's the short answer: No, it doesn't. Now let's look at the lengthier version:
Home insurance policy documents clearly state that damages caused due to the movement of the earth won't be covered under this insurance plan. As natural calamities like landslides are infrequent and fatal, insuring them becomes challenging. However, if you feel you need coverage against landslides and other similar natural disasters, you can go for the Difference in Conditions policy (DIC). A DIC plan covers those types of property losses/damages that aren’t covered in a standard insurance policy. It will protect your house against perils like earthquakes, landslides, floods, and more. *
Why do you need landslide insurance?
Banks and NBFCs ask for house insurance while extending home loans. However, they do not make landslide covers a mandate. Yet, if you stay in a high-risk zone, you must get landslide insurance. Here are a few reasons why:
Landslides are infrequent
Since these calamities are rare and come unannounced, you most probably won’t be prepared for them. With a landslide cover at your disposal, you can breathe a little easy.
Mental well being
The cost of redoing your entire house due to the lethal destruction can be mentally straining. Such incidents can drain all your savings. Since a landslide insurance plan will have you covered, you can stop worrying about worst-case scenarios.
Landslides can crush your entire house and redoing it can burn a hole into your pocket. Rebuilding your home will also consume all your savings. However, a landslide insurance cover will provide compensation for the damages caused by landslides.
What is covered under landslides cover?
While we know landslide insurance protects you against damages caused to your house due to a landslide, let us understand what else it covers:
Along with landslides, this insurance cover protects you against floods as well. It acts as a financial shield against circumstances beyond our control.
The landslide insurance cover offers compensation for jewellery and other valuables damaged in the calamity.
Fire and accidental damages
House on fire is not something any of us want to think about. But it's a real possibility. Major causes of fire and other accidents are candles, appliances, and cooking gas/stove. This insurance plan will help you redo your house post any fire or accidental damage.
* Standard T&C Apply
Should every homeowner have a landslide cover?
No. Not every homeowner must have insurance against landslides. However, if you reside in any of the below-mentioned areas, you need landslides insurance:
- Areas where landslides have occurred in the past
- Places where construction and wildfires have destroyed vegetation
- Slopes that have been used for the construction of roads and buildings
- Areas with steep slopes and lands right at the bottom of these slopes
- Channels by the river or stream
* Standard T&C Apply
We use up our savings as well as take loans to get our dream homes. And letting landslides destroy our house will not only crush our hearts but also put us under unimaginable financial stress. Buying or rebuilding your house will cost you a fortune. Hence, it is best to stay prepared for the worst with a landslide cover in a home insurance plan. This insurance cover is especially necessary if you live in high-risk zones with respect to landslides.
However, if and when you buy house insurance
, do not forget to do your share of research online. Go through online reviews and compare different plans using a home insurance calculator
. Shortlist policies that suit you best based on their inclusions, exclusions, and the claim settlement process. Collating different home insurance quotes
will help you pick a suitable plan for yourself.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.