Survey reveals interesting details about home policies

Chennai: The series of low-intensity earthquakes since April has jolted every second Delhiite into thinking about buying home insurance.

In an already uncertain time, the anxiety about earthquakes has triggered nearly 42 percent of respondents’ pan-India and in Delhi who don’t have a home insurance yet, to consider buying home insurance in the near future, an online survey revealed.

The findings are part of a survey conducted by Policybazaar.com to understand consumer perception towards home insurance and gauge their understanding of the product.

More than 11,000 insurance buyers who used the company’s mobile application between 17 and 21 July were surveyed.

Nearly 73 percent of the respondents across India and 57 percent in Delhi (NCR) said that they have so far not considered buying home insurance. According to a recent report by the National Disaster Management Authority, nearly 60 percent of India’s geography is vulnerable to moderate to major earthquakes.

The country is divided into four seismic zones — II, III, IV and V — that signify an increasing order of intensity and frequency of occurrences of earthquakes.

Around 10 percent of respondents who do not have a home insurance yet said that they were planning to buy home insurance in the near future, while nearly one-third respondents considered buying home insurance a possibility.

It may be assumed that considering the given scenario and the frequency of earthquakes, people have slowly and steadily started to realise the importance of home insurance and are giving it greater thought.

 

NT Bureau