Why is home insurance important?

overage Against Natural/Man-Made Disasters
Natural disasters such as floods, cyclones and earthquakes, often cause extensive damage to life and property. A home insurance policy will provide compensation for the loss/damage caused to your home due to such causes. Besides natural disasters, a home insurance policy also provides compensation for damages caused due to manmade hazards such as fire, theft, vandalism etc. 
Compensation for Temporary Living Expenses
In case your home is deemed inhabitable due to severe damage, a home insurance policy will provide compensation for your temporary living expenses until your home is repaired or rebuilt. 
Compensation for Damage/Loss of Assets
Besides covering your home structure, a home insurance policy also covers assets such as clothes, ornaments, electronic appliances, furniture etc.
Protection Against Liability
A home insurance policy also protects you against any liability arising out of accidental damage caused by you to a third party member within the confines of your property.