'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.
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.
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:
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:
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.
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.
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.
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.
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.
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.
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.
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, Floods||Negligent usage, unnecessary work resulting in injury.|
|Earthquakes, Landslides||Property 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
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.
Before continuing ahead, one should be familiarized with the terminology associated with the home insurance policy.
If you want to purchase home insurance you will be required to own the property.
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.
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.
When deciding which home policy to shop for, coverage is amongst the foremost necessary factors as follows:
"Home is the shelter; and home insurance is the safeguard of that shelter to take care of your happiness"
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.
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:
The premium amount applicable to the subscriber is determined by two factors:
Ideally, home insurance will stretch from a minimum of 3 years to almost 30 years.
Last updated on 14-10-2020