Importance of Home Insurance

Why Is Home Insurance Essential?

How many times have you heard of or seen on the news channels about natural disasters like cyclones, earthquakes and floods damaging entire cities? Or have you heard of a burglary, fire or electrical breakdown in the neighborhood? God forbid any such thing happens to you where your house or essentials are damaged or taken away from you. But, it is essential that you be prepared for any such events to unfortunately occur. Now you may ask what we mean by ‘be prepared’. One of the most essentials ways is by having your home insured.

What is home insurance?

There isn’t much we can do against natural disasters. But, we can definitely take steps to reduce some of the hardships faced during such times with the help of a home insurance that protects your home and valuables against any damage. Basically, a home insurance policy covers damage caused by fire, lightening, flood and storm. You can get protection against earthquake by paying an extra amount for it. Home insurance policies may also cover burglary, mechanical breakdown and electrical breakdown. Other policies may also include protecting everything within your home including furniture and fixtures. All of this depends on the insurance company and its rules. If you invest in a great home from a reputed developer, you can approach the best insurance companies and have your policy request approved. One such prestigious name is Adisesh Projects who provides the best villas and Flats in Hoskote around Bangalore.

Why is home insurance essential?

Home investment is a big investment

Investing in a home is a huge one-time investment for many. Investing in a car or large appliances is also a significant investment but, such possessions start depreciating in value as soon as you start using them, while the value of a home tends to increase over time. Having a home insurance policy to help retain your investment funds should be at the top of your priority list.

It brings peace of mind

When you have your home insured, it brings you peace of mind. You can obviously not prevent disasters like floods and earthquakes coming but, you can rest assured that even after all these disasters affect your home, you have a safety net between you and the calamity, which is the home insurance policy that will cover for all the damage you have faced thus, helping you to maintain the same financial status level even after being hit badly by the ruins.

Replacement of valuables

Home insurance policies not only cover damage to your home but also to the valuables within your home. So, for any damage done due to burglary or theft, home insurance pays for your belongings. Similarly, in case of fire or any such calamity too, the policy will help to pay for repair or replacement of your expensive belongings. Thus, if you have a home insurance policy, you can rest relaxed in case of any burglary, theft, fire, etc.

Home loan lenders ask for it

If you are looking for a mortgage of refinance, the lender will ask you to provide proof which shows that your house is effectively insured. They want to make sure that their financial stakes are protected. Nobody will want to take a risk at lending money. If you don’t have a home insurance and don’t purchase one within a given time frame, the lender has the right to cancel the deal or purchase insurance for your home while adding the premium to your monthly payment. But, it is always better to purchase a policy on your own base d on your needs and budget rather than leaving it in the hands of your lender.

How Green is your Property?

With the population in India rising drastically from time to time, and the urbanization also rising up, there is a radical growth in power consumption. It has become very necessary to conserve power and energy, due to which eco-friendly or 'green' buildings are coming up in various parts of the country. At present, India has around 267 certified green buildings, and the government is supporting the plan of more eco-friendly buildings to be built up in the country.

How Green Is Your Property

A green building is one that conserves natural resources by using less water and reducing the use of plastic and waste material. It reduces water consumption by 30-70% and energy consumption by 30-50%. Green projects include water treatment and waste treatment plants, rain water harvesting system, solar air-conditioning, solar heating, good ventilation and strategically planted trees. Hence, they optimize energy efficiency, generate less waste and provide healthy spaces.

These days, there are many builders who tag their buildings as 'green' only because they provide landscape gardens or lawns. But, this is not right. In order to tag your property as eco-friendly or green, you need to have specific certifications by certain committees assigned for the duty like Indian Green Building Council (IGBC), Bureau of Energy Efficiency (BEE) and Green Rating for Integrated Habitat Assessment (GRIHA), who give certifications or ratings based on parameters like design, construction materials, ventilation, lighting, water management, waste management and energy efficiency. Let us see how.

Indian Green Building Council (IGBC)

The IGBC has rating programmes for both residential as well as commercial buildings. For residential properties, it gives ratings based on the following categories.

·        Site Preservation & Restoration

·        Site Planning & Design

·        Water Efficiency

·        Energy Efficiency

·        Materials & Resources

·        Innovation & Design Process

For commercial or factory properties, the following categories are considered.

·        Soil erosion control measures in future

·        Changes in design to accommodate requirements like lifts, rest rooms, etc.

·        Change to low flow water fixtures

·        Rainwater harvesting

·        Limit turf areas

·        Policy for use of green materials in future

·        Minimum fresh air ventilation

·        Comfort conditions

·        Eco-friendly housekeeping materials

Here is a summary of how IGBC rates residential and commercial properties.

Certification                      Context                                Projects with                     Projects without              Factory

level                                                                                      interiors                              interiors

                                                                                                (for owners)                      (for builders)

Certified                              Best                                       32-39                                     30-36                                     51-60

Silver                                     Outstanding                       40-47                                     37-44                                     61-70

Gold                                      National excellence        48-59                                     45-55                                     71-80

Platinum                              Global leadership             60-80                                     56-75                                     81-100

Bureau of Energy Efficiency (BEE)

The BEE is an agency that was created in March 2002 under the provisions of India's 2001 Energy Conservation Act. It has been created to develop programs which will increase the conservation and efficient use of energy in India. As far as properties are concerned, it is applicable for those buildings that have a connected load of 100 KW or more. The ratings are done on a 1 to 5 star scale, with 5 star labelled buildings being the most efficient. This rating is applicable only for a period of 5 years from the date of issue. The ratings are done based on the use of the building, hours of operation, climatic zone and the space.

Green Rating for Integrated Habitat Assessment (GRIHA)

GRIHA is conceived by the Center for Research on Sustainable Building Science (CRSBS), TERI (The Energy and Resources Institute, New Delhi) and developed jointly with the Ministry of New and Renewable Energy (MNRE). It is currently operating under ADARSH (Association for Development and Research on Sustainable Habitats) and is supported by the National Advisory Council (NAC) and Technical Advisory Committee (TAC). The GRIHA certification is eligible for buidlings that are spread over 2500 square meters or more. GRIHA rates the buildings from 1 to 5 stars, based on 34 parameters, which are divided into four groups, that are -

·        Site selection and site planning

·        Building planning and construction

·        Building operation and maintenance

·        Innovation

Let us see how buildings are rated by GRIHA.

Points achieved          GRIHA ratings

            50-60                         1 star 

            61-70                         2 stars

            71-80                         3 stars

            81-90                         4 stars

            91-100                      5 stars

Now that you know quite a bit about certifications of green buildings, when you think of purchasing one, do ask for the right certification from the builder or owner of the property and then decide on how eco-friendly the property is. One of the best green projects in Bangalore is the AdiseshGreen City, which is spread over 60 acres of land and is built in a non-pollution zone of Narasapura, with a wide range of amenities including water treatment plants, sewage treatment plants and rain water harvesting. You can also check for other properties by Adisesh Projects around this beautiful area like villas in Hoskote, Malur and Devanahalli.