Home Insurance

A ‘House’ is a dream for many. Those who are fortunate enough to have their own house enjoy the homely warmth and the cozy feeling of their home with their near and dear ones. Owning a house is a proud moment for any individual and is perhaps the biggest investment ever done in his/her lifetime as it involves huge expenditure of money, time and emotions. Keeping all these in mind, it becomes imperative that you ensure your house and its belongings against threats like burglary, natural disasters, fire etc. The insurance will come at a fraction of the cost of your house but will ensure peace of mind for you and your family.

There is no such place like home in the entire Universe. After all, it is a place where you and your loved ones can rejoice, weave thousands of memories that last for a lifetime. While we put our life’s savings into buying or constructing a home but we rarely realize that our home needs a protection in the form of insurance too. By investing in a good home insurance policy, also referred as home owners insurance, you can protect your home from threats. Situations like burglary, fire, earthquake or destruction of house due to riots are quite common in India.

Don’t wait for a calamity to remind you the need of buying a home insurance, opt for it beforehand!

Home Insurance Coverage and Premium

When deciding which home policy to shop for, coverage is amongst the foremost necessary factors. The policy you selected should provide coverage against all the risks that your home is liable to. You must ideally select a home insurance policy that provides comprehensive coverage against all perils.

Features of Home Insurance

Subscribing to a comprehensive home policy permits you to certain features :

  • Complete coverage against monetary liabilities arising from the damage/loss of your home and/or its contents caused due to natural or unnatural reasons.
  • 100% mental peace once there’s a solid security to fall back on, mainly in these times of social strife and environmental upheavals.
  • Applying for a home insurance policy is easy, the turnaround times are fast and most banks in India provide this dynamic product.

How To Choose The Best Home Insurance Plan In India

Before continuing ahead, one should familiarize with the terminologies associated with home insurance policy

  • Ownership of property-To buy a house/property insurance, one should have a stake in the property i.e. it should be in possession of his/her own.
  • Types of Home/Property Insurance-Usually in house/property insurance, there are 2 types. The primary one is “Standard fireplace and Allied Perils Policy”. This covers perils the property is exposed to such as the fire, riots, flood or storm. The second type is “Burglary and House Breaking Insurance Policy”. This mainly covers burglary or theft.
  • How to fix total Insured value for home/property or valuables you own?-You will not like to underinsure your home because if you do, you may suffer great loss in time of causality. Thus, shopping for correct valued insurance is extremely important. There are two ways to identify it, namely market value technique and reinstatement value.

You must pay attention to free online home insurance quotes that help you in comparing policies available from top insurers. It will help you in choosing the best home insurance policy.

  • You can compare home insurance plans from the top-most insurance companies within minutes
  • You can buy the policy that fits your requirement within 5 minutes without much documentation
  • Unbiased and specific home insurance comparison service
  • Get the best quotes through our home insurance premium calculator
  • We provide expert advice with related articles and news to keep you posted on latest development and plans by home insurance companies in India

Benefits and Features of Home Insurance in India

Top advantages of Home Insurance

There is no denying of 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 content and structure of your home.
  • Secures your assets from any mishappening.
  • Reduces your stress and tension level as you will have a home insurance to fall back upon in case of any unforeseen circumstances.

Features

  • 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 burglary section
  • Online purchase option with minimal documentation

Why Compare Home Insurance With Rupaiya Vasool

A typical home insurance, provided by an Indian insurance firm, can offer the insured (house and its contents) protection against the following-

Natural Causes- Storm, Hurricane, Tornado, Flood, Earthquakes, Lightning, Inundation, Landslide, Rockslide, etc.

Man Made Causes- Explosions, Riot, Strike, Terrorist acts, Implosion, Malicious harm, Missile tests resulting in harm, Leakages, etc.

The premium quantity applicable to the subscriber is determined by two factors- 1) Place of the insured property, and 2) Applicable tenure of insurance. Ideally, home insurance will stretch from a minimum of three years to at most thirty years. Again, these conditions are specific to the house insurance underwriter in question.

Home Insurance – Inclusions & Exclusions

A good home insurance provides protection to your house against unforeseen calamities. The basic inclusions and exclusions are as follows-

Covered by the Policy (Inclusion)

  • Damage by fire, riot, strike
  • Damage by lightning
  • Hurricane, Storm, Cyclone, Floods
  • Earthquakes, Landslides
  • Damage by aircraft, missile and terrorist act

Not covered By Policy (Exclusion)

  • Consequential loss, Wear & Tear, Depreciation
  • Damage by War, Nuclear War, Invasion, etc.
  • Negligent usage, unnecessary work resulting in injury
  • Property that’s still under construction
  • Harm or loss of things like jewellery, sensitive documents and cash (unless specified).

Frequently Asked Questions on Home Insurance

1Is home insurance completely necessary?

While not mandated by law, a comprehensive home insurance protects your cherished home and its contents against most types of threats and contingencies. However, purchasing the same will help you in avoiding monetary liabilities and revel in peace of mind.

2I purchase a terrorism cover? I live in a secure part of India.

Basically, a terrorism cover insures your home (with its contents) against damage/loss caused by acts of terrorism. It is an optional cover that you can buy if you wish. Regardless of wherever you reside in India, acts of terrorism can find its ways to your home. Be ready for all such eventualities, with an awfully nominal increment to your applicable premium.

3What is the loss of rent cover?

Loss of rent clause can cover the financial loss that the owner may suffer once tenants doesn’t pay rent any longer due to any reason

4What is Temporary relocation cover?

Temporary relocation cover is the amount that the insured can get if their insured property is becomes uninhabitable and that they need to relocate temporarily to another place.

Home Insurance: Choose the best home insurance policy with us and safeguard your house from natural and man-made disasters.

  • A house is made of walls and beams; a home is made with love and dreams.”

home insurance benefits

Top 5 Benefits of Home Insurance

There is no denying of the fact that house insurance is a must, however, there are other benefits and riders to buying such a policy that will add convince you totally. Have a look below:

  • Get comprehensive coverage to both content and structure of your home.
  • Secure your assets from any mis-happening.
  • Buy home insurance policy at comparatively lower premium rates than other insurance policies.
  • Reduce stress and tension level for you’ll have a home insurance to fall back to, in case of unforeseen circumstances.
  • Timely insurance payouts allow families to go through rebuilding process quickly, helping them to move on and get back to their normal daily lives.

Inclusions in Home And Property Insurance

Home insurance covers losses to the structure and content of your home due to natural and man-made calamities.

Fire and perils cover-

      • Aircraft damage
      • 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 home are also covered against burglary or theft. The 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.

home insurance benefits excludes

Exclusions in Home Insurance

      • Loss or damage caused by wear & tear and depreciation
      • Loss of cash
      • Loss or damage caused by war, invasion, act of 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

why home insurance from policybazaar

Who Should Buy a Home Insurance?

Home insurance is meant for anyone who has a home whether own or rented. There is myth that only home-owners should buy a home insurance plan. Let us tell you case of Mr Vijay Rao and how having a home insurance policy saved him during a crisis.

Two months after Mr Rao moved to a rented apartment in Mumbai, a catastrophic fire engulfed furniture and other appliances worth Rs 8 lakh. Thankfully, he had a home insurance policy and he could manage to settle back to normal life again easily and without any financial stress.

It’s a misconception that only house owners should buy a home insurance. Although, house may belong to a landlord but it has contents which belong to you. Irrespective of the fact that whether you are a tenant or owner, buying home insurance should be your top priority.

Even, there are various insurance companies which provide exciting discounts to people who have bought over 3 home insurance covers. However, don’t let discounts make you buying those covers also which you don’t need. For instance, if you are a landlord then avoid buying a policy to cover contents of the house. Leave that to the tenant. Companies also offer discounts if you buy it for a long duration. You can insure the house for up to 10 years, which not only gives peace of mind but you also get a chance to earn lucrative discounts.

home insurance claim

How to File for a Home Insurance Claim?

Almost every insurance company is having its own deadline within which you have to inform about your loss. These can vary between 7-15 days so make sure you do it as soon as possible. Some companies even let you do with an email or SMS. Before you file for a claim, you will have to lodge an FIR and the copy of which you need to submit with insurance company. Apart from FIR report, the other documents which you need to submit are-

      • Fire brigade report
      • Medical Officer’s Certificate for death or disability
      • Investigation report by police
      • Suppliers original invoice for replacement
      • Invoice of owned articles, if any
      • Repair estimates
      • Court summons