Frequent earthquakes prompting individuals to search for residence insurance coverage: Survey


New Delhi, August 10

Frequent low-intensity earthquakes are prompting individuals residing within the National Capital Region (NCR) to search for residence insurance coverage, says a survey performed by the e-insurance platform Policybazaar.com.

The firm mentioned it surveyed greater than 11,000 insurance coverage patrons who visited the cellular utility of the corporate between July 17 and 21, 2020. The survey was carried out to apprehend the notion and understanding of individuals in the direction of residence insurance coverage and to gauge their understanding of the advantages residence insurance coverage.

According to the web survey, 5 out of ten respondents in Delhi mentioned that earthquakes have made them anxious to consider shopping for residence insurance coverage.

“In an already uncertain time, the anxiety about earthquakes has triggered nearly 42 per cent of respondents’ pan-India and in Delhi, who don’t have a home insurance yet, to consider buying home insurance in the near future,” Policybazaar.com mentioned.

Pan-India, almost each fifth one that took the survey admitted to already having residence insurance coverage whereas within the National Capital Region, 35 per cent of the respondents have residence insurance coverage, it mentioned.

It additional famous that “unfortunately, home insurance is certainly not the first insurance product” on most individuals’s listing as 73 per cent of the respondents throughout India and 57 per cent in Delhi (NCR) mentioned that they’ve thus far not thought of shopping for residence insurance coverage.

“These numbers depict a major concern and this is because, according to a report by the National Disaster Management Authority, 59 per cent of India’s area is vulnerable to moderate-to-major earthquakes,” it mentioned.

The nation is split into 4 seismic zones — II, III, IV and V — that signify an growing order of depth and frequency of occurrences of earthquakes, it added.

As per the survey, round 10 per cent of respondents who do not need a house insurance coverage but mentioned that they have been planning to purchase residence insurance coverage within the close to future, whereas over 30 per cent thought of shopping for residence insurance coverage a chance.

“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 a second thought for protecting their home and property,” mentioned PolicyBazaar.com.

The survey additionally revealed the reason why individuals select to avert residence insurance coverage even after it being as essential a product as well being and life insurance coverage.

Approximately, 25 per cent of the respondents residing pan-India and 28 per cent of Delhi-NCR residents cited their residing in a rented residence as the rationale behind not choosing residence insurance coverage.

“The findings reflect that people still have low awareness about home insurance. However, the recent earthquakes have definitely made them think about its importance, with the pandemic situation also playing on their mind,” mentioned Sarbvir Singh, CEO, PolicyBazaar.com.

Under a complete residence insurance coverage coverage, although the insurer won’t pay you for the common put on and tear of your own home, it would cowl any harm attributable to pure calamity together with flood, earthquake or cyclone, PolicyBazaar.com mentioned within the launch. PTI



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