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Home Insurance

Home insurance is an insurance policy that covers the costs and damage to your home or any insured property. It is a form of property insurance and one of the several types of general insurance products.

WHAT DOES IT COVERS

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

  • Structural Cover:

    • Structure insurance covers losses or damage against the structure of the home in case of natural or manmade calamities. It covers losses due to complete or partial damage of the building, foundation, windows, etc. due to extreme weather conditions, fire, building collapse, etc. and is usually applicable for homeowners.


  • Home Content Cover:

    • Damages caused due to fire, explosions, or implosions. Offers coverage benefits against damages caused by natural calamities like earthquakes, volcanic eruptions, lightning, etc. There are also additional perils like cyclones, tempests, Tsunami, floods, hurricanes, and more.


  • Fire Cover:

    • The fire and allied perils section of a home insurance policy covers the structure of property or the contents of the home including personal belongings or both against any loss or damage caused by fire. In case of a fire accident, a comprehensive home insurance will cover the costs incurred for repair, reconstruction and replacement of building structure and also the personal belongings.


  • Public Liability Cover:

    • If any guests or third party experience damage caused to them or their property inside the insured's home, then this type of home insurance policy provides coverage against the same.


  • Theft Cover:

    • Theft insurance is an insurance policy that protects against burglary, robbery and other. This insurance compensates the insured from loss incurred due to theft.


  • Landlord’s Cover:

    • Landlord Insurance is a special type of home insurance policy that covers the home owners from financial losses that they might incur with rental properties. This policy will cover standard fire and allied perils and also theft and malicious damage.


  • Tenant’s Cover:

    • A renter’s insurance policy is a policy which covers the loss or damage of the contents of the house in which a tenant lives. These policies are home insurance plans which cover only the contents of the home. They are called renter’s insurance because tenants usually buy a home insurance policy covering their household contents.

KEY ELEMENT OF HOME INSURANCE

  • Standard Fire & Special Perils (Building and Contents)
  • Breakdown of Domestic Electrical & Electronic Appliances
  • Burglary & Theft for home contents
  • Personal Accident
  • Public Liability
  • Loss of Cash Whilst in Transit
  • Plate Glass
  • All Risk Cover- Portable equipment, Jewelry & Valuables
  • Baggage
  • Key Replacement

Eligibility Criteria for Home Insurance


  1. Home insurance can be bought by:

    • Homeowners: If you are a homeowner, you can buy home insurance for your property

    • Individuals renting homes: If you are a tenant, you can buy home insurance to secure valuable possessions and belonging contained within the home

    • Cooperative societies: An authorised member of a cooperative society can purchase home insurance in the name of the society including common areas

  2. You must be a resident of India to buy the Insuarance.

  3. The property for which the home insurance is being purchased:

    • Must not be under construction

    • Must not be a ‘kutcha’ house

    • Must not be only a plot of land

    • Must not be a shop

    • Must not be a residential cum office space

  4. Credit history and prior claims are also evaluated as part of the application process for home insurance. If you have a low credit score and have filed home insurance claims in the past, it may disqualify you from availing of home insurance or require you to pay higher premiums.

  5. The geographic location of your home and the weather conditions surrounding the property is eligibility criteria. Proximity to the sea or a dense forest prone to cyclones or forest fires and other severe weather conditions are considered by the insurer.

  6. The existing condition of your homes such as the maintenance and upkeep will determine eligibility for home insurance. The overall age of the home along with the condition of the walls, roofs, plumbing system, electrical systems, etc. are inspected before home insurance is sold to a buyer.

  7. The home insurer will also look at the liability exposure of your home. The safety and surveillance around your home through existing alarms, detectors, cameras, etc. as well as compliance with safety codes in the region will influence eligibility.
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