Investing in a good Home Insurance policy signifies the importance of protecting your most expensive things!
Someone has said it rightly, ‘Home is where the heart is’. Your home will forever be the place you will deeply have affection for, no matter where you are. After all, you saved every penny, worked for long hours; to buy a house of your dreams considering it to be a one-time investment to enjoy the homely warmth with your loved ones. There might be countless on-going expenses to own a home such as getting the interiors done as well as any emergency repairs, etc. Therefore, securing your most important asset from any kind of man-made or natural calamities becomes imperative.
Calamities come uninvited. They can cause damages that are irreparable to your finances and home. Home Insurance in India offers coverage to your home and its contents from any risks of losses or damages due to any unforeseen situations. Home insurance is affordable and will give peace of mind to you and your family. Before buying a home insurance plan, it is important that you compare home insurance from different insurers and then zero down on the best home insurance in India. Home insurance in India is popular as a banking product. Apart from covering the structure itself, the best home insurance also offers protection to the objects, costly belongings as well as appliances in the home. So, opt for a home insurance plan that simply doesn’t secure your dream home, but also those precious memories and emotions that resides therein.
This type of Home Insurance offers coverage against fire outbreak and any special perils such as strikes, floods, bush fires, storms, lightning, riots, explosion, implosion, cyclones, hurricanes, overflowing water tanks, missile testing operations, any damages caused due to direct contact of vehicle, road, rail, etc. The best part of this type of insurance is that it can be bought by both the tenants (living in the house) and the landlord (house owner). Usually godown keepers, house owners, shopkeeper’s etc. opt for the Standard Fire and Special Perils Home Insurance Policy.
A comprehensive home insurance will offer coverage against fire, burglary, theft as well as larceny as well as allied perils. Here, the structure of the building and the contents within the home are also offered protection. All you need to do is declare your belongings at the time of buying the home insurance policy. The items covered here are jewellery, furniture, personal belongings, electrical items, important valuables, etc. The comprehensive home insurance can be purchased by both tenants as well as the house owners.
You may have guests visiting at your insured house. The public liability cover takes care of any losses or damages caused within the insured house to the third-party belongings or their property. Thus, you need not worry about any uninvited guests.
The structure of your house is covered against any risks and dangers under the Building Insurance/ Home Structure Insurance. The best part of this type of home insurance in India is that it offers protection to any permanent fixtures within the house such as bathroom fittings, roof of the house insured, sheds, in-house garages, etc
Any valuables stolen or damaged in the insured house is covered under the Burglary & Theft Insurance.
You may not want to insure your entire house. Perhaps, you may wish to insure only certain household articles. This is when Household Articles Insurance comes in to picture. Various household articles such as furniture, jewellery, household appliances, clothing, equipment, etc. are secured against any loss or damage. The insurance company calculates the value of these articles according to their market value.
As a tenant you would definitely not be bothered about the building cover. Instead, all you would be focusing is on protection of your contents. Therefore, the tenant’s insurance will be useful to protect the contents of your house in a rented house.
Being a landlord, you are expected to be responsible for the maintenance as well as the up keeping of the house/ structure/ apartment/ building etc. Usually a standard building’s insurance isn’t designed exclusively as per the requirements of the landlord. One of the reasons for this inconvenience is that every person’s requirement differs from one another. Therefore, a landlord’s insurance is typically customized to meet the requirements of a landlord offering coverage against the loss or damage of rent or public liability.
The Home Insurance offers coverage for the below:
The Home Insurance doesn’t offer coverage for the below:
Once the tenant stop paying the rent due to some reason, the loss of rent cover would help the owner of the insured house to cover the financial loss.
A comprehensive home insurance policy offers coverage for the below:
You cannot ignore home insurance since it is extremely important with the number of benefits that it offers:
You can enhance your base cover by opting for add-ons at a nominal premium. These add-ons differ from one home insurer to another. However, it works best by offering exhaustive coverage. Some of the popular add-ons are loss of rent cover, ATM Withdrawal Robbery Cover, Temporary living expenses cover, Dog Insurance Cover, etc. Certain add-ons can be purchased either by the house-owner or the tenant residing in the insured house or both.
Reinstatement cost is the cost that would incur for reconstructing the damaged property. This cost of reinstatement includes the value of foundation, but, the land cost is not included in the same.
Yes, home insurance companies permit you to increase the sum assured amount in your home insurance policy. All you need to do is make the payment of the premium for the increased sum assured at the time of increasing the sum assured for the remaining tenure.
Yes, she can buy a home insurance policy from two different insurance companies. Your sister will receive the claim amount on a proportionate basis in case of a claim.
The formula for finding the valuation of your home structure is calculated as per the area of your home multiplied by the construction rate per. sq. feet, as on the date of policy issuance. Say for instance, if your home is Rs.2000 sq. feet and the rate of construction per sq. feet is ` Rs.800/-, then the total sum insured for the building structure of your home will be `Rs. 16,00,000. The contents however are assessed depending on the market value of the items. In case of a loss, the claim would therefore be paid on the value of buying a similar new item, minus the amount of depreciation for the usage.
Yes, you may go ahead with an additional insurance since the home insurance that your society has opted for may provide you a limited cover and would cover only structure and not your home contents. Therefore, it is imperative for you to buy home content insurance cover for your belongings.
No, your home insurance premium won’t reduce your home insurance premium if you opt for fire extinguishers. This particular Fire Extinguishing Allowance [FEA] would be applicable only for the entire building, which the society can opt for.
In case of a burglary claim, an amount up to 75% of the claim would be payable depending on the report issued by the surveyor post receiving the copy of the first information report (FIR). Once the final police investigation report is submitted to the insurance company, the balance amount would be settled.
In case you wish to sell your property during the insured period, all you need to do is cancel the home insurance policy and request the insurance company to pay you back the premium.
Yes, all three of you’ll can buy a separate home insurance policy for your own part of the asset.
No, you do not get any tax benefits on the premiums that you pay towards a home insurance policy. But, your main motive should be to protect and secure the house of your dreams as well as your belongings against the financial implications of any loss or damage.
You very well know that you’ve paid for it but are hoping to never require using it! When you file an insurance claim, you probably have suffered some type of loss or damage that is insured by your Insurer. This is when your Insurer offers you coverage and compensation for the losses covered or for the damages after validating your claim. So it is vital to be familiar with the claim process to avoid any headache at the later stage.
You may have bought an insurance policy, yet have thousands of queries and doubts. Our ‘Your Policy’ section is the fastest way to resolve your insurance related doubts and queries. All you need to do is attach your active insurance policy and write to us about your queries. We never let our customers down.
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Many questions may come in your mind before buying an insurance policy. ‘How much insurance I would need, how many years I shall invest for, what would be the premium, etc.. Insurance Calculators are life-savers. They help you know your insurance needs and assess the potential costs. Grey Font brings to you various Insurance Calculators and interactive tools to help you calculate your insurance needs. In order to get better results, ensure to enter a value in all the possible fields.
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