The survey found that even though 62% of the respondents were aware of the benefits of a home insurance policy, only 7% had actually purchased one necessary insurance cover. Apart from that, in India, home insurance is one of the most under-penetrated products. According to a recent survey conducted by ICICI Lombard General Insurance Ltd, 93% of the respondents in the survey did not have a home insurance policy. Though such policies offer cover for what is possibly an individual’s costliest asset, only a few are aware of its benefits and even fewer opt for measures to mitigate the risk of damage to their homes.
There is negligible acknowledgement that damage to homes is not only emotionally damaging but also has a far reaching financial impact on an individual’s life.
The survey was conducted across a user base of 2,000, half of whom were in the age group of 36-40 years. And 66% of the respondents had acquired their homes in the past three years.
Here are some key findings from the survey with regards to home insurance and how it is perceived.