Home insurance provides coverage to the structure of the building and its content against damages caused by natural and man-made calamities. Whether your house is robbed by a thief or stuck down by an earthquake, home insurance will look after its damages.
To ensure the safety of your house, contents, and family members, home insurance is a must. Let's know more about it.
Like every other policy, home insurance delivers a set of benefits to its customers. Some of the notable ones are listed below-
To meet every need of the customer, insurance companies have come up with multiple types of home insurance plans. Let's take a look at them.
This is the mainstream plan. It not only covers the house but also covers the contents inside it. It's perfect for those who wish to protect their content and the house under the same plan.
The plan only covers the content of the house like appliances, furniture, jewelry, wardrobe, and other necessary items. If any of these items are damaged/lost due to man-made/natural calamities, the plan will take care of its expenses. Do remember that the contents are covered based on the market value i.e. the cost of purchasing a new item after deducting the depreciation based on the age of the item.
This plan provides coverage against any damage caused due to natural calamities like earthquakes or floods and man-made calamities like fire. Shopkeepers, godown owners, industry offices, etc. can purchase this plan for the security of the buildings.
As the name suggests, this plan takes into account the expenses incurred against damages caused to the house, flat, or apartment construction. Places like garages or sheds are also covered under the same.
If a third-person or his/her property is damaged inside or outside your building, this plan will look after its legal expenses.
As a landlord, you need to maintain the building in a good condition. Sadly, the standard home insurance doesn't help the landlord in any manner. That's why this insurance is designed to help the landlord in case of any damage to the building/public liability.
As a tenant, you reside in a rented flat/building. This insurance covers the damages caused to your content inside the building.
This is a special type of home insurance. In case you get injured (disabled) or die in an accident anywhere across the globe, this insurance offers compensation to your family.
**Last Updated on 28-12-2020
Home insurance guarantees the financial safety of your house. A wrong provider/plan can spoil that with ease. Before zeroing in on a plan, it's necessary to judge a provider in and out. Below are the factors that you should consider for it-
The amount of coverage you need for your house depends on the associated risks. For example, if you live in an area that is prone to landslides, make sure to choose a provider, which covers this type of risk. Also, the coverage is directly proportional to the premium amount. It is advised that policyholders should compare premium quotes and purchase home insurance policy wisely.
The claim settlement ratio means the time taken by the insurance company to settle the insurance claims. The higher the claim settlement ratio, the less will be the time taken by the insurance company to reimburse/settle the claim. Before purchasing a home insurance policy, carefully look after the claim settlement ratio of the insurance company, along with the terms and conditions of the policy.
A good company never lets its customers down. Such a thing is directly related to the reputation of the company. Make sure to judge the customer staff of the company. They should be capable enough to handle all your queries.
Why spend more money when there is a way to reduce the home insurance premium. Here are a few ways to do the same. Let's check them out.
Yes, of course. We live in a country that is home to floods, landslides, earthquakes, and robberies. As buying a home is a very special moment for an individual, it's important to safeguard it from the possible perils. For example, if you reside in a place that is prone to floods or a locality where thefts are common, home insurance becomes a necessity. It offers financial protection to your house and its contents, without giving you any trouble.
PolicyX.com is a trusted IRDAI approved online web-aggregator that has satisfied the needs of over 2 lakh people in India. To provide maximum comfort, it has designed an easy process to buy home insurance online. Follow the below-mentioned steps to purchase the same:
Multiple providers in the market sell home insurance. Each of them has its own claim procedure. However, there are a few general steps that policyholders have to follow. Let's take a look at it.
Here is the list of documents required to file home insurance claims:
There are certain situations where home insurance does not offer coverage to its policyholders. Given below are some of them:
A terrorism cover insures your home along with its interiors from any damages due to terrorist attacks. It is an additional coverage (with Home Insurance) available to enhance the policy. Yes, you can buy it, regardless of where you reside in India.
The 'Rent Loss' clause provides coverage against the monetary loss when the house owner faces the loss of rent from tenants for a longer period 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 (due to damage) and the individual has to temporarily move to another place.
Yes, filing an FIR is mandatory in case your house has suffered damage due to riots, burglary, terrorism, etc.
Yes, you can avail home insurance policy from two companies. However, while making a claim, both companies will pay you on a proportionate basis.
Below given is a list of contents that are covered under home insurance:
As soon as you sell the house, your policy will be canceled. The respective insurer will return the premium amount for the balance period.
Yes, all three people have to purchase home insurance for their part of assets/contents.
No, you can't get your home insured because homes used for business purposes are not covered under a home insurance policy.
Last updated on 28-12-2020