What Happens If Your Home Is Under Insured?

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Mr Ravi had purchased a house of INR 50 Lakhs. He took a basic home insurance cover against structural damage for an amount of INR 10 Lakhs. Mr Ravi's house was badly damaged in a fire and rebuilding was necessary. As five years had past Mr Ravi discovered to his dismay that the reconstruction costs would now cost around INR 18 Lakhs. The severe shortage of sand had led to a massive price hike in the reconstruction costs. What advice would one give Mr Ravi?

After assessing the damage the Insurance Company stated that Mr Ravi would be compensated only an amount of up to INR 10 Lakh. Insurance Companies give a leeway of up to 10-15% owing to the change in prices of the construction. If one is underinsured it means that he has to bear the expenses up to the cost underinsured from one's own pocket. Mr Ravi had to bear a cost of INR 8 Lakhs from his own pocket. Surely a lesson for one to learn from this example .It is also important to note that if one stays in an apartment and if a flood were to destroy it then one cannot reinstate the apartment by oneself. Hence the whole society needs to get the apartment insured. Surely A Stitch In Time Saves Nine.

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