Most of us are averse about making an additional investment for home insurance after paying a significant amount as the cost of the home. But after the major destruction caused by the earthquake in Nepal, we are forced to reflect over the tremor bearing capacity of our homes. However, what most of us don’t realize is that the cost of insuring our home is much lesser than we think.
Home insurance does not cover the value of the building but the cost of rebuilding it in case of any casualties. It is as low as Rs 1,800 per square feet for a simpler structure and Rs 3,500 per square feet for a complicated construction. According to a report by Economic Times, a house destroyed by earthquake can be rebuilt at only Rs 6-12 per day. [Read more...]