Best Home Insurance Policies Of 2016

There is no other place that can provide the comfort of home. It is a place where you and your loved ones spend time, rejoice, create memories that last for the lifetime. It is a fact that we put our savings and take loans to buy the perfect home. We spend our entire savings for the construction of the dream house. But we never give importance to the fact that our home too needs protection. We can provide the same by purchasing the best home insurance plan. By investing in a relevant home insurance policy that is also known as homeowners insurance, you can protect your beloved home from threats such as earthquake burglary, fire, destruction of house and many more that are common in India Don’t wait for a natural or man made calamity to make you realize about the importance of having a home insurance policy. You can easily see the results of Chennai Floods in which many buildings and houses got destroyed completely.  Home Insurance

The house is the symbol of achievements and independence and securing the same against natural and man made calamities is essential.

When we talk about India, having a home or property is like a investment. We should not forget the famous line- better to be safe than sorry. It is true that by securing our house, you can prevent yourself from being sorry in the future. Aside from the structure itself, a good home insurance policy offers protection to the items/ appliances and prized assets included in the home. The best home insurance policy not just the guards your treasured home, but also the valuable and unique memories and emotions that exist therein.

Benefits of Home Insurance:

Subscribing to a complete home insurance policy permits you to enjoy following benefits:

  • A home insurance provides complete coverage against financial liabilities  that occurs due to damage/loss of your home and its contents as well.
  • Consumers may also get the extra cover that includes burglary and theft cover, earthquake cover, etc. for excellent protection.
  • It provides complete peace of mind
  • In the case of need, the home insurance will provides massive payouts and helps family in getting their lives back as well.

You can easily get the best home insurance policy as there are many providers of the same that can assist you with easy documentation as well.

House Insurance PolicySource – ICICI Lombard

Top 5 home insurance Policies In India – 

In India there are many insurance companies that provide home insurance policies. You can easily get the best and cheapest home insurance policy for your house that provides maximum coverage and several additional benefits as well. For choosing the best, you can take help of an online insurance web aggregator that provides free quotes from top insurance companies to serve you with the best home insurance plan. For instant help, below is the list of top home insurance policies that you can consider for yourself.

1. HDFC ERGO Home Insurance Policy  

One of the best home insurance policy in the current scenario.  It not only protects the outside structure of the home, but also ensures the safety of all your belongings and prized assets that you bought from the hard earned money. It is a unique home insurance plan that provides long time coverage of up to 5 years at an affordable price. You can easily purchase the same online where you need to provide less documentation and the whole procedure will be hassle free.

  • Under this plan you will get coverage against Fire, Lightning , Explosion, Implosion, Flood, Inundation, Storm, Riot, Strike, Earthquake, Terrorism (optional), Burglary, Theft and Larceny
  • Offers coverage up to 5 years
  • Provides basic discounts of 25 percent and additional discount of 15% on security features
  • Long term coverage at affordable price
  • Less documentation.

2. My Home Insurance Cover: Bajaj Allianz  

It is a comprehensive home insurance policy. It is also known as All risk policy that protects not only your home, but also to the related belongings and protects coverage against fire, burglary and natural calamities among others. You can easily buy this home insurance policy online. The whole procedure of buying is very simple and will not take much time.

  • Offers complete protection for the property,its contents and much more.
  • Provide coverage to your home against loss from burglary, fire and natural calamities among others.
  • Provide coverage to the contents of home that include portable equipment as well.
  • Provides Additional benefit of rent for alternate housing
  • Add on coverage to customize your policy for total protection
  • Allows you to insure flat/apartment/building only or contents only or both
  • It offers better coverage at an affordable price.

3. Reliance General Home Insurance Policy 

The home insurance policy by Reliance General Insurance company is made up of several elements that protect your home completely. It is a comprehensive home insurance policy. This plan offers wide coverage at affordable prices. Maximum Sum Insured (SI) for the structure of your home is Rs. 25 Lakh. It also offers coverage for households goods.

  • Coverage for household goods like furniture durables, clothes, utensils etc against losses resulting from man-made and natural calamities.
  • Cover for jewelry and other precious items against any harm or loss due to an accident or calamity that occurred.
  • Cover for burglary and housebreaking
  • Coverage for domestic mechanical and electrical appliances up to 10 years against any mechanical and electrical breakdown.
  • You may receive a compensation in case of accidental death or permanent total disablement that may occur because of an accident. Under this you will get coverage for yourself and your family members as well.

4. Bharti Axa Home Insurance  

Bharti AXA Home Insurance protects your house and precious contents against fire, burglary and other perils. Just declare the value of your property to get home insurance that starts at Rs. 250 per year. To accommodate your home insurance needs, the company had  tailored 2 levels of coverage. The first is the basic insurance cover that offers coverage for the building/structure and contents. Whereas in the second you may get basic cover + burglary insurance cover in which it covers all the benefits of basic cover, burglary cover, fitting and fixtures and personal content as well.

  • Coverage for building, fixtures & fitting, and renovation against fire and allied perils
  • Coverage for home contents, valuable, appliances and jewelry among other, against fire, allied perils and burglary
  • Coverage against loss or damage of household goods in transportation within India

5. Chola Total Home Protect  –

Chola Total Home Protect is a home insurance plan that secures not just the house, but all the valuables within it. It protects your family and offers threefold protection. It provides comprehensive cover, hassle free process and easy claim process, among others.

  • Coverage for loss or damage to the building structure due to fire, lightning, implosions, explosions, strike, earthquakes, shock, landslide, flood, inundation, storm, typhoon, tempest, tornado, hurricane or cyclone and acts of terrorism among others.
  • The contents of the house can be insured against loss or damage
  • It also offers coverage for people
  • Additional coverage in the form of protection cover, domestic electrical appliance cover, etc.

Things to Consider While Buying Home Insurance Policy

If you are planning to buy home insurance for your house then it is advisable to keep few things in mind for getting the best home insurance plan that suits your requirements and offer wider coverage.Take care of a few things while purchasing home insurance so that the policy can be effectual.

  • Time period: As with every insurance policy there is a time limit for the home insurance coverage. Majorly, home insurance can be bought for at-least one year to a maximum of five years. Hence, for better coverage and on time assistance it is essential to renew the same on time. At the time of renewing, you can also get some discounts for a claimless year as well.
  • Select As Per Your Needs: There is no doubt that an insurance company or their agents try to sell the home insurance policy along with home loan and vice-versa. It is advisable for you to choose the appropriate one according to your needs and budget as well.
  • Apartments:If you are purchasing a home insurance policy for individual apartment, then in such case, it will not offer the desired coverage, if the whole building is not insured. In the case of a loss, if the building is insured on a decided value basis, the policyholder gets back the settled value and the rights of your house is transferred to the insurance company. It works, because if your house is in a multistorey building then you will need to wait for others to rebuild their house first. But if you have a home insurance policy, you simply take the decided value and you can buy a house anywhere else.
  • Tenants:If you are living in a house that is on rent, then you can simply provide the required insurance cover to the contents of the house and not the building as you don’t own it.

Keeping the above factors in mind, you can easily reap the benefits of home insurance to safeguard and protect your house from any unwanted incident.

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