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Our views on important risk issues and emerging risks.

Only 30% people insure their homes

June 18, 2015

Around 30% of people polled in a survey bought home insurance even though 75% of them were aware that home insurance is important, according to Bajaj Allianz General Insurance which carried out the survey. .

Around 1,200 people from major cities like New Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Ahmedabad, and Pune, as well as smaller cities like Jaipur, Surat, Nagpur, Jalandhar, Chandigarh, and other towns, took part in the survey last month, reported the Press Trust of India. Of the 1,200 respondents, 60% were home owners while the remaining 40% were property tenants. .

Around 64% of homeowners felt that earthquakes and other natural calamities were the biggest risks their homes were exposed to, followed by fire (28%) and theft/burglary (8%). Among property tenants, 56% believed natural calamities were the biggest threat to their homes. Around 30% of them said that fire was a major risk while 14% cited theft/burglary. Overall, country-wide, home insurance penetration stands at 0.07%.

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