Despite home insurance benefits awareness, 93% respondents do not own policy: Survey

Around 93% of respondents of a recent survey conducted by ICICI Lombard do not own a home insurance policy. This, despite the fact, that 62% of those surveyed were aware of the benefits of a home insurance policy, a company statement said.

It revealed that most home owners did not feel the need to get their homes covered and 59% of the respondents said that they would buy a home insurance policy if the premiums were lower and the claims process was made easier.

"Home insurance, as a segment, is hugely under-penetrated. Although a home insurance policy can help ease the financial burden that arises out of severe disasters such as floods, storms, earthquakes and riots," ICICI Lombard chief Underwriting and Claims Sanjay Datta said.

The survey was conducted across a user base of 2,000, half of whom were in the age group of 36-40 years. 62% of the respondents had acquired their homes only in the last three years.