Home Insurance

Home insurance, also known as property insurance or homeowner insurance, protects both the structure and contents of your home from unexpected loss or damage caused by events like theft, natural disasters, or fires. It covers various types of residences, including your own house, rented home, apartments, and luxury mansions.

Benefits & Features of Home Insurance

• Comprehensive Coverage: Protects both the structure and contents of your home.
• Quick Rebuilding: Facilitates a faster rebuilding process after damage.
• Flexible Options: Allows purchase of specific coverage, such as fire insurance.
• Valuable Items Coverage: Covers jewellery, paintings, and other valuables.
• Hassle-Free Claims: Streamlined claim settlement process.
• Multiple Add-Ons: Options like loss of rent and pet insurance.
• Peace of Mind: Ensures security against unforeseen damage.

Home Insurance Policy Tenure

Home insurance policies are available for both short-term and long-term coverage. Here are the typical tenure options:

Types of Home Insurance Policies

1. Standard Fire & Special Perils Policy: Covers damage from natural calamities like earthquakes and volcanic eruptions, as well as man-made events like missile testing and water overflow.
2. Bharat Griha Raksha: Covers a wide range of perils, including fire, storms, floods, and earthquakes. Includes automatic coverage for general home contents up to 20% of the building’s sum insured, with a maximum of Rs. 10 lakhs.
3. Public Liability Coverage: Protects against third-party claims for damages occurring on your property.
4. Tenant Insurance: Covers personal belongings for renters.
5. Burglary & Theft Insurance: Protects home contents from theft or burglary.
6. Landlord Insurance: Provides coverage for rental properties, including loss of rent.
7. Personal Accident Insurance: Offers compensation for accidents or injuries to the insured or family members globally.
8. Contents Insurance: Covers household goods from damage or loss due to events like fire or theft.

Inclusions in Home and Property Insurance

• House Structure and Contents: Coverage for damage to the building and household items.
• Natural and Man-Made Calamities: Protection against earthquakes, storms, floods, riots, strikes, and more.
• Burglary and Theft: Covers loss of valuables like jewellery and precious stones kept in a safe.
• Fire and Perils: Includes damage from fire, lightning, and aircraft impact.

Exclusions in Home Insurance

• Regular wear and tear
• Depreciation
• Loss of cash
• Damages due to war or nuclear events
• Pre-existing damage
• Electronic equipment failure due to overuse
• Damage from volcanic eruptions

Eligibility Criteria to Buy Home Insurance

• Must be an Indian resident.
• The property owner or residing in the property.
• Society managing committee members can purchase for common-use areas.

Why Should You Buy Home Insurance?

• Protection Against Damage: Secures your home from damage or loss due to unforeseen events.
• Loan Requirement: Required by banks for home loans.
• Third-Party Liability: Covers legal liabilities for injuries occurring on your property.
• Asset Protection: Covers appliances, furniture, and valuables.
• Travel Coverage: Provides protection even when you’re away.
• Theft Protection: Covers losses from theft or robbery.

Home Insurance Claim Process in India

1. Inform Your Insurer: Report the incident promptly to your insurance provider.
2. Notify the Police: File a report with local authorities for theft or fire incidents.
3. Gather Evidence: Collect proof of damage or loss, such as photos and videos.
4. Third-Party Claims: Inform your insurer about any third-party claims.
5. Expense Estimates: Obtain cost estimates for repairs or replacements.
6. Surveyor Assessment: An appointed surveyor will evaluate the damage.
7. Document Submission: Submit the necessary documents to support your claim.
8. Claim Reimbursement: Receive reimbursement for covered losses.

Documents Required to File Home Insurance Claims

• Completed claim form
• Evidence of loss (photos, videos, repair bills)
• FIR (if applicable)
• Third-party claim note (if applicable)

How to Lower Home Insurance Premium?

• Co-pay: Agree to share repair costs.
• Avoid Insuring Old Content: Don’t insure items with low value due to age.
• Safety Equipment: Install water sprinklers, fire extinguishers, and CCTV.