What Are the Different Types of Home Insurance Policies in India?

What Are the Different Types of Home Insurance Policies in India?

November 16, 2022 | Indextapadmin

A home in itself the biggest investment of one’s life, both financially and emotionally. And getting your home insured gives you a guarantee of receiving compensation for your losses. For this reason, people nowadays are playing it safe and looking for different types of home insurance policies.

A thorough guide on the main and most common types of home insurance India has been jotted down. Let’s look at them:

Here are six types of home insurance India:

Fire and Special Perils Policy

As the name of the policy implies, it offers coverage against specific, unique risks and fire outbreaks and is provided by every major insurance provider. Both homeowners (for their own homes) and tenants living in rented homes can get this coverage. Building: The cost of reconstruction is the formula used to determine the amount insured under this insurance (exclusive of land value). A Standard Fire and Special Perils policy protects the insured home from the following losses and damages:

  • Lightning, fire, volcanic eruptions, bushfires, forest fires, earthquakes, hurricanes, and floods are examples of natural disasters.
  • Damages brought on by explosions or implosions, man-made riots, anti-social behavior, and intentional harm
  • Damage is caused by water tanks, pipes, and equipment that burst or overflowed.
  • Landslides and rockslides are examples of subsidence.
  • Damage brought on by automated sprinkler installations leaking.

Burglary and Theft

If there is a break-in or theft at the insured home, the insurance will pay for any pricey contents that are lost or destroyed.

Household Articles Insurance

The contents of the house, on which you would have spent a lot of time and money, as well as the house itself, which you have insured, all merit equal protection. This kind of home insurance policy guards your possessions against loss and damage caused by theft, fire, flood, and other similar calamities. Your paperwork, portable devices, jewelry, television, refrigerator, and other items are protected. If your home is flooded or has been reduced to ashes by a fire, it does help when you need to repair the interior.

Natural Calamity Insurance

Insurance against natural calamities, such as floods, earthquakes, and cyclones, covers damage to your home. Thus, to avoid having your premiums increase excessively, it is crucial to purchase coverage for only those calamities that you expect will harm your house. Therefore, it is a good idea to limit your policy to covering earthquakes if you live in an earthquake-prone area. In a similar case, if you live near a coastline, limit your policy to cover floods and hurricanes. Checking the types of natural disasters to which your area has historically and statistically been exposed is crucial.

Public Liability Coverage

This form of house insurance policy offers protection against harm to visitors or third parties that sustain it while on the premises of the insured.

Building/Home Structure Insurance

This sort of home insurance policies protects your home's structure from any threats and dangers. Additionally, the insurance covers any enduring components of the home. This covers the fixtures in your kitchen and bathroom, as well as the ceiling and roof of the insured home. Some homes have sheds, outdoor rooms or dwellings, or garages. These constructions are typically covered by this form of insurance as well.

In a nutshell, mentioned above are some different types of home insurance India that you can consider as per your preference to make a wise decision when buying a home, be it for a 1 BHK apartment in Grant Road, a 2 BHK flat in Mahim, or for a bungalow anywhere in India.

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