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'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.
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.
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:
| Inclusions | Exclusions |
| 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). |
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