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Home Insurance

'A Home of My Own' is a dream for every individual. Home insurance is meant for our own properties that offer liable cover against any type of risk in payment of a single premium. Home insurance is a boon to cover your home against all the uncertainties. The most interesting part of this policy is that it provides coverage not only to the house but also to the things and materials inside the house, i.e., furniture, goods, appliances, etc.

Importance of Home Insurance

Health Insurance Example

Buying and owning a house is really worthy for a hard-working person, the one who is working in a breathe to earn and save money to purchase or build a house for his/her family. This is a big investment of a person’s life in which he/she has spent almost every penny from the savings during the lifetime. That is why it is the responsibility of the person to take care and keep it away from any harm or danger. Insure your house and its contents from hazards like fire, storms, burglary, etc. This is where home insurance comes in at the cost of your house and ensure peace of mind for you and your family.

Home insurance is important as it protects your house from different types of damages, it includes even the minor damage and leakage also. For example, if the roof of your house gets damaged due to wind, storm, etc. and need urgent repair, you can directly claim for the benefits of home insurance. Or if there is any leakage found in the roof or walls due to heavy rains and hailstorm, or any other loss due to any exceptional events like fire, theft, etc.

Besides the structure of the building, the home insurance policy provides protection to the appliances, various contents and prized belongings included in the home. A trustworthy home insurance policy not only is the protector of your cherished home but also takes care of the cherished and special memories and emotions that reside therein.

Features of Home Insurance

Different insurance companies are offering attractive features to the policyholders to keep their houses safe and secure from various hazards. On purchasing a home policy permits you to certain features:

  • Full cover from the expenses of any damage or loss caused to the house and its interiors arising because of natural and man-made activities.
  • You can stay calm and enjoy the benefits once your house is insured by the policy.
  • Purchasing the home insurance is quick and simple, the benefits are impressive along with the resultant duration.
  • Nowadays, almost every bank is offering home insurance as the product is much more effective and advantageous.

Benefits of Home Insurance in India

There is no denying the fact that home insurance is vital as there are several advantages related to purchasing such a policy. Have a glance below:

  • Gives comprehensive coverage to the interiors and building of your home.
  • Provided security to your property and resources from any damage or loss.
  • Reduces the strain and anxiety as you are away from home and look after in case of any unexpected circumstances.
  • Covers for fire & allied perils and burglary under one policy.
  • Covers building & household contents.
  • Flexibility to pick between best-suited plans for your home.
  • Discount for accessibility of security system underneath the burglary section.
  • Online purchase option with minimal documentation.

Types of Home Insurance Plans

Insurance companies offer a range of products to their customers and that is why categorized the policy into a variety of plans by keeping in mind the basic insurance needs of the people.

Comprehensive Home Insurance

This type of plan offers you a complete basket full of benefits and cover all the uncertainties which may harm your house. The plan not only covers the house but also covers its interiors and contents inside the home. All types of appliances, electrical equipment, jewellery, personal items, furniture, and other precious assets. Although you need to give a detailed description of the articles damaged during claiming and purchasing an insurance plan.

Household Articles Insurance

An insurance cover that provides coverage only for the contents of the house like appliances, furniture, jewellery, wardrobe, and other necessary items. If any of the materials inside the house got damaged or lost this policy will take care of its expenses. The only condition is that the cost of contents will be decided on the basis of the present market rate of that particular product/material.

Standard Fire and Special Perils Insurance Policy

This plan provides coverage against any damage to the household building that might be due to natural calamities, unforeseen events or any other related hazards like storms, riots, strikes, floods, fire, earthquake, etc. Different House including shopkeepers, godown owners, industry offices, etc. can purchase the plan for the security of the buildings.

Additional Covers

Many insurance companies are providing additional benefits to make the policy more comprehensive. Every company is offering different types of add-ons to the customers. The following are some of the additional benefits offered by a majority of companies. Coverage for rent loss, temporary living, replacing the lock and keys, burglary of ATM money, pets at home e.g. dogs, etc.

Building Insurance

As the name suggests, this plan is to cover exclusively your house, flat or apartment construction. Any type of house is covered under the plan except the houses made of mud, straw, dry leaves and wood. The interiors of the house are not covered under the plan. The sum assured of this policy is determined as per the restoration worth of the house.

Public Liability Coverage

This plan adds essence to the policy as it covers any type of losses or damages that you might have to suffer in the third-party's house or property, i.e. any injuries or death or accidents that might have taken place in the other person’s house is covered under the plan. Any type of handling costs or extra expenditure that the policyholder had to face is also included in the plan.

Inclusions & Exclusions of Home Insurance

Home insurance offers security to your home from uncertainties and natural calamities as well. Let's check out what it covers and what it not covers:

Damage by fire, riot, strike.Consequential loss, Wear & Tear, Depreciation.
Damage by lightning.Damage by War, Nuclear War, Invasion, etc.
Hurricane, Storm, Cyclone, FloodsNegligent usage, unnecessary work resulting in injury.
Earthquakes, LandslidesProperty that's still under construction.
Damage by aircraft, missile and terrorist act.Harm or loss of things like jewelry, sensitive documents and cash (unless specified).

Table Data updated on 14-10-2020

Why Compare Home Insurance Online?

Prior to purchase a complete home insurance policy that meets your expectations, it is important to compare all the plans from different insurance companies. It is also essential to note that you have to choose the finest deal in a simple way via various online insurance websites. On comparing the deals you will be able to differentiate between the plans and get the best out of it.

In India, home insurance is popular as a banking product that is why it is necessary to go through its features and benefits once you choose the one for your sweet home. Comparing the plans is advantageous in every sense to secure your home and its contents within a comprehensive plan at an affordable and economical premium cost.

How To Choose The Best Home Insurance Plan In India?

Before continuing ahead, one should be familiarized with the terminology associated with the home insurance policy.

Ownership of property

If you want to purchase home insurance you will be required to own the property.

Types of Home/Property Insurance

Usually, in house/property insurance, there are 2 types. The primary one is "Standard fireplace and Allied Perils Policy". This provides coverage when the house is hit by fire, riots, flood or storm. The second one is "Burglary and Housebreaking Insurance Policy". This mainly covers burglary or theft.

Total Insured Value for home/property or valuables

You will not like to underinsured your home because if you do, you may suffer great loss at the time of need. Thus, shopping for correct valued insurance is extremely essential. You can choose from two options, namely market value technique, and reinstatement value.

You must pay attention to free online home insurance quotes that help you in comparing policies available from top insurers. It will help you in choosing the best home insurance policy.

  • You can compare home insurance plans from the top-most insurance companies within minutes
  • You can buy a policy that fits your requirement within 5 minutes without much documentation
  • Unbiased and specific home insurance comparison service
  • Get the best quotes through our home insurance premium calculator
  • We provide expert advice with related articles and news to keep you posted on the latest development and plans by home insurance companies in India

Things To Know Before Purchasing Home Insurance

When deciding which home policy to shop for, coverage is amongst the foremost necessary factors as follows:

  • The policy you selected should provide coverage against all the risks that your house is liable to.
  • You must ideally select a home insurance policy that provides comprehensive coverage against all perils.
  • Whether the policy is providing third-party liability coverage or not.
  • Need to check the claim settlement ratio (CSR) of the company.
  • Check if the insurance will provide accommodation charges during the reconstruction/repair of the house.
  • Remember to add a few more benefits for making the policy more useful when required.

"Home is the shelter; and home insurance is the safeguard of that shelter to take care of your happiness"

Why Compare Home Insurance With PolicyX?

Compare plans online on PolicyX as it will help you in choosing the best home insurance policy that can save a large amount of your money in case of a mishap.

PolicyX.com is an IRDA registered portal and follows the norms for accurate and reliable home insurance comparison.

  • Compare Home Insurance absolutely free of cost at PolicyX.
  • Provides instant quotes from leading brands in India.
  • Buy home insurance within seconds by submitting an online form.
  • Fill in some basic details and purchase the online policy without delay by making an online mode of transaction.


No, this insurance is not mandated by law, this can be purchased by choice to secure your cherished home along with its interiors from different types of hazards and contingencies. However, purchasing the same will help you in avoiding financial responsibilities.

A terrorism cover insures your home along with its interiors from any damages due to terrorist attacks. It is an additional coverage and available as an extra option to enhance the policy. Yes, you can buy it, regardless of wherever you reside in India, acts of terrorism can find its ways to your home. Be ready for all such eventualities, with an awfully nominal increment to your premium.

‘Rent Loss’ clause provides coverage against the monetary loss when the house owner faces the loss of rent from tenants for a longer period of time because of any possible cause.

Temporary Relocation coverage is provided to the policyholder when the insured house or property is no longer suitable for stay and the individual has to move some other place temporarily.

Yes, home insurance provided by an Indian insurance firm can offer the insured (house and its contents) protection against the following causes:

  • Man-Made Causes- Explosions, Riot, Strike, Terrorist acts, Implosion, Malicious harm, Missile tests resulting in harm, Leakages, etc.
  • Natural Causes- Storm, Hurricane, Tornado, Flood, Earthquakes, Lightning, Inundation, Landslide, Rockslide, etc.

The premium amount applicable to the subscriber is determined by two factors:

  • Place of the insured property, and
  • Applicable tenure of insurance.

Ideally, home insurance will stretch from a minimum of 3 years to almost 30 years.

Last updated on 14-10-2020