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Home Insurance, where to buy, features

Home insurance is a type of property insurance that provides coverage to the policyholder from the unforeseen loss or damage caused to the house structure as well as its content.
Home insurance is popularly known as homeowner’s insurance.
It is a sort of property insurance covering private residences.
It covers your residence against natural calamities.
It’s natural to want the best for your home, because home is where the heart is.

Why should you buy Home Insurance?

With the arrival of unexpected incidents, it is advisable for you to invest in a home insurance policy, as your assets is one of the best things to do during this festive time. Unforeseen risks can come knocking at any time that can cause irreversible damage, leading to vulnerable financial losses; hence, it is wise to buy property insurance.
For Example: In the past few years, natural calamities like Uttarakhand flood, Amphan cyclone, Gujarat earthquake have come unannounced and caused irreparable damage to homes across India. Just one incident can cause a lot of damage to your house and its contents. Even if you live in a region that’s not prone to any natural disaster, your home may still be exposed to other risks.

What are the features of Home Insurance?

As mentioned above, it covers the costs of damages due to any unfortunate event. Home insurance can be claimed for damage due to the following causes: Natural calamities such as windstorms, hails, fire or lightning. Man-made problems like riots, theft, vandalism, or property destruction due to any civil commotion.

What are the Types of Home Insurance policy?

There are literally many types, however top 7 which almost covers everything are as follows:

  • Standard Fire and Special Perils Policy: This is one of a kind of property and casualty insurance policy, which is offered by most of the property insurance providers within the country. It offers protection against special perils and fire-related outbreak. The owners of a house usually buy this policy or the tenants as the situation may be. A Standard Fire and Special Perils essentially provide cover to home against any loss/damage incurred due to any natural calamity such as earthquake, volcanic eruption, etc man-made calamity, any missile testing operations, overflowing of water from tanks, pipes, and so on.
  • Public Liability Coverage: A home is a place where you reside and it is obvious that your friends or relatives will visit you. On the off chance, there is a possibility that any of the guests or any third-party may encounter any loss or damage caused either to them or the property within the insured’s house. Under such circumstances, this house insurance comes at your rescue.
  • Building Structure/Home Insurance: This house insurance policy offers protection to the structure of your home from any hazard or perils. Besides, it also provides a cover against any damage caused to the permanent fixings of the home such as fitting in the kitchen, washrooms, ceilings and so forth. Of course, there are houses, which have garages or rooms/shed on the outdoor premises. This type of property insurance also provides extended cover to such structures as well.
  • Burglary and Theft: In case of any robbery or theft that happens in the insured house causing damage to the contents present in the house, this house insurance policy provides cover for the equivalent.
  • Personal Accident: This house insurance protects you and your family. In an unfortunate event such as an accident or any physical injury incurred anywhere across the globe, which led to a permanent disablement or demise of the insured person then the compensation for the same shall be provided.

  • What are the Top 3 Health insurance Companies?

    Top 3 best complete Health insurance Companies:

    • HDFC Ergo Home Shield Plan
    • New India Insurance Griha Suvidha Plan
    • Royal Sundaram Gruh Suraksha Plan

    • What are the Factors to Consider When Choosing a Home Insurance Company?

      Consider these factors for sure before enrolling into one. Detailed data can be found on each and every Sub-Insurance category.

      • About the Company
      • Why should you buy specially from them?
      • Features, that are going to benefit you in long term
      • Types of policies they provide.
      • What all they Cover in their policies.
      • What is excluded or not covered in the policy.
      • Premium Calculation
      • Documents required
      • Steps to renew the policy
      • Claim procedure, it should'nt be Hectic

      What is Covered under Home Insurance?

      A home insurance plan offers:

      • Fire and Perils Cover: Damage caused by Aircraft crash, Fire , Lightning, Riot, strike , Storm, cyclone, flood, Missile testing operations.
      • Earthquake Cover: The policy offers coverage against loss or damage to any of the insured property. However, many policies do not cover flood or overflow of the sea, rivers and lakes due to earthquake.
      • Burglary and Theft Cover: The contents of the home are also covered against burglary or theft. This type of property insurance coverage will also be extended to silver articles, jewellery, precious stones and other valuable items, provided these are kept in a locked safe within your home premises.

      What is NOT-Covered under Home Insurance?

      The following are not covered in a home insurance plan:

      • Loss or damage caused by wear & tear and depreciation.
      • Loss of cash Loss or damage caused by war, invasion, the act of a foreign country.
      • Loss or damage caused by nuclear war.
      • Loss, destruction or damage caused to any electronic equipment due to over-running or excessive pressure.
      • Earth’s Movement: Damages occurred due to volcanic actions of erosion is in many cases not included.
      • Any pre-existing damage such as wear and tear of any other defect.

      Home Insurance Premium and Premuim Calculator.

      Your home insurance policy premium is calculated based on some of the below factors;

      • Property is owned and occupied by whom.
      • Property is a Flat or an independent building.
      • Age of the property.
      • Coverage for the contents or only the structure of the house or both.
      • Place or location, size and type of construction of the house.

      Though the premium varies with Company, Age, location and many more, you still can get a basic idea by calculating here.

      What are the benefits of Home Insurance Policy?

      There is no denying of the fact that house insurance is necessary; however, there are other benefits of buying the best home insurance policy. Have a look below:

      • Comprehensive coverage to both the content and structure of your home.
      • Secure your every asset from any mishap by opting for a right property insurance plan.
      • People who do not want to buy a comprehensive home insurance policy can buy a Fire Insurance Plan that will offer a cover against perils like fire, etc.
      • Coverage offered by a comprehensive house insurance plan is much higher.
      • Many companies also offer riders like Temporary Resettlement Cover, Loss of Rent Cover, Dog Insurance Cover, etc.
      • Claim settlement process is hassle-free and quick in many cases
      • Buy home insurance policy at comparatively lower premium rates than other insurance policies.
      • Reduce stress and tension level for you will have property insurance to fall back to, in case of unforeseen circumstances.
      • Timely house insurance pay-outs allow families to go through the rebuilding process quickly, helping them to move on and get back to their normal daily lives.

      Things to consider before buying a Home Insurance policy.

      Top tips for Choosing Home Insurance:

      • Coverage provided by the insurance.
      • Damages by natural disaster.
      • Compare deductibles.
      • Review your policy every year.

      What are the documents required Home Insurance Policy?

      The policyholder needs to submit certain documents as mentioned below:

      • Duly filled in claim form.
      • Plan of the building.
      • FIR or fire brigade report in case of theft or loss.
      • Bills/receipts
      • KYC documents.
      • Cancelled cheque leaf of your bank account for receiving claim amount.
      • Bills of doctors’ consultation
      • Copies of the Insurance policy from the previous year and the current year/copy of ID Card of TPA
      • Any other document(s) asked by the TPA

      What are the steps for Renewal of Home Insurance Policy?

      Renewal step vary from broker to broker, however they don’t differ much. Follow these steps

      • Visit the official website of the broker.
      • Go to the ‘Renew Your Policy’ option on the menu bar and click on 'Home Renewal'
      • Log in to the website by entering your registered mobile number or policy number
      • Fill up other required details regarding your policy
      • Add/remove any coverage, family member or change the sum insured if desired
      • Make the payment for the renewal premium online via debit card/ credit card/ net banking
      • Once your payment is successful, you will be issued a digitally signed copy of the policy. The policy document can be downloaded and printed anytime.