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Home Insurance

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  • Cover damage due to fire and allied perils
  • Coverage against burglary, theft and terrorism
  • Get quotes from top home insurance companies in India like HDFC Ergo, ICICI Lombard and Tata AIG
  • Cover the structure and contents of your home
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Advantages of Home Insurance

Comprehensive Cover
Home insurance policy offers comprehensive coverage to both, the structure and contents of your home, against a wide range of risks such as fire, lightning, earthquake, theft, riot and other hazards.
Replacement Cost Cover
Homeowner insurance policy will pay for the expenses of replacing your personal belonging which got damaged in an unfortunate event with the brand new items of the same quality.
Affordable Premium
Home insurance comes at comparatively low premium rates. Also if proper safety equipment like burglary alarm are installed at home, then insurers also offer attractive rebates on your premium.
Quick Claim Settlement
Householders insurance policy claims are usually promptly settled, allowing families to start the reconstruction process quickly and helping them to reduce stress and move back to their normal lives.

Benefits of Home Insurance

Fire and Allied Perils Covered

  • House insurance policy covers damage to the home and its contents against all the 12 perils specified under standard fire insurance policy including fire, lightning, explosion, aircraft damage, and impact damage.
  • Damage to the property due to earthquake, flood and other natural disasters are covered by the policy.
  • The policy also offers protection to the contents of your home against loss due to theft and burglary.

Liability Protection

  • Homeowner insurance offers protection against legal liability arising from personal injuries to the guests or third party which they might have incurred while residing in the insured house.
  • This policy also covers third party property damage which may occur due to an incident in an insured house.
  • All the legal fees and settlement costs arising from this legal liability will be reimbursed by the policy.

Additional Benefits

  • House insurance comes with lots of additional coverages like costs of the key and lock replacement, loss of rent, loss of cash, compound wall damage and coverage for short-circuiting.
  • The policy will also cover the temporary resettlement costs by paying for the transport and packing costs.
  • Loss or damage to the rare works of art and paintings stored or lying in a damaged house will also be indemnified by the policy.

FAQs

Home insurance policy offers coverage to home contents like furniture, precious valuables like jewellery, expensive belongings, furnishing items, electronic devices like refrigerator, television and washing machine and portable items like laptops.

Yes, you can insure the house if it is let out for rent for residential purpose. Also, you should make sure that you are not renting it for commercial purposes like shops or resident cum offices. Also property under construction and kutcha construction will not be eligible for the personal property insurance policy.

Householder insurance is designed to cover the damage to the house. Hence this policy will help you in reconstructing the damaged part of the home and replacing your belonging. But before reconstruction, debris of the damaged part of the house has to be removed. This process is called debris removal. Certain insurance companies do pay for removal of debris up to the specified limit.

There are certain exclusions which are not covered under the policy. This includes loss or damage due to war, invasion, nuclear contamination and pollution. Cost of land, loss or damage due to wear and tear, gradual deterioration or slowly developing flaws and consequential loss are not covered. The policy will also not pay if the claim results from willful misconduct or negligence.

The claim settlement process of home insurance is simple and hassle-free. In the event of a claim, you need to intimate the insurance company and register the claim. Then you need to submit a claim form with basic details like nature of loss, location of loss, the approximate amount of loss and policy number. Once all the documentation is received, your claim will be analysed and processed within a specified time.

Documents play an important role while filing the home insurance claim. Apart from duly filled claim form, some of the important documents which need to be submitted to the insurance company are - FIR copy, fire brigade report, a brief summary of the incident, KYC form, repair estimates and original invoice for replacement. This list might vary according to the nature of the event and the clauses as per your policy.

In loss settlement on reinstatement basis, when the property is damaged due to fire or other covered incident, the personal property insurance will reimburse that loss by paying for the reconstruction of damaged property or by replacing the item with the new one. This reinstatement value includes the cost of foundation and excludes the cost of land.

If your house is damaged, you should never undergo reconstruction or repair work without intimating the home insurance company, as it may cause claim denial. Instead, you should inform the insurance company about the damage and register your claim. Their surveyor will visit your house to access the extent of damage and accordingly will ask you to repair the damages. Once the work is completed, the surveyor will revisit, then you can submit all the documents and bills to him so as to process the claim further.

Generally, the home insurance premium will be calculated based on the built-up area of the house (square feet), cost of construction in your locality and the cost of contents or valuables at market price. Policy tenure also plays an important role while calculating the cost. The premium may also vary depending upon the coverage included in the policy.

While home insurance premium is usually economical, its cost will vary depending upon the type of coverage you have opted. For example, structure cover of Rs 30 lakhs and content cover of Rs 1 lakh covering fire, burglary and terrorism will not cost you more than Rs.2000 per annum. The premium will be much lower if you just want to cover the structure of the home.

In order to reduce your home insurance premium, you can increase the deductible amount. It is the amount that you have to pay towards your loss and hence premium amount will be lower if you opt for a higher deductible. Also, you should consider installing safety equipment like a fire alarm, sprinkler system, burglary alarm and dead-bolt locks. This will also help you in getting discounted premium rates for home insurance.

Home insurance generally covers the structure of the house for its reconstruction value, which is the cost incurred to reconstruct the damaged part of the home. While selecting the sum insured you should consider the built-up area of the house using the construction rate per square feet in your locality. For example, if the built-up area of your house is 1500 sq.ft. and the construction cost is Rs 2000 per sq. ft. then you should buy insurance with sum insured of Rs.30,00,000

Home is the place where thousands of memories with your family and friends last for a lifetime. Hence protecting this home against accidental damage is of utmost importance. Homeowner insurance protects your house by covering its structure and content against all kinds of damages due to natural calamities and fire perils.

Any Indian resident who is an owner or occupant of the property can buy a householder insurance policy to cover their house or flat. In the case of a residential society, an authorised member of the society's managing committee can buy house insurance in the name of the society to cover buildings and utilities of the society.

If you live on rent, the landlord is responsible for the maintenance of the building. Hence its up to them to cover the house structure under home insurance. But you would be responsible for those contents which belong to you while you are living in the rented house. If any accidental damage happens to them then you will have to bear all the cost of replacement. Hence it is recommended to buy home insurance with content cover if you live on rent.

The agreed value in homeowner insurance means any loss or damage to the property due to the covered risks will be settled by the insurer on the value of the property and its contents agreed by the insurer at the time of buying the policy till value is generally fixed for the whole policy tenure.

Insuropedia

What is Property Insurance?

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What is the average clause in fire insurance?

A fire insurance policy has an average clause mentioned in it which takes care of the cases of the under-insurance. In the fire insurance policy, if the assets are insured for less than their full value, the insured is required to bear a proportion of the loss according to the average clause mentioned in the policy document...
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What are the different types of House Insurance for home owners?

House Insurance Policies can be of two types:
i. Building Policy
ii. Package Policy

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