Homeowner’s insurance, which is a type of property insurance, is a way to safeguard all of the homeowner’s possessions. Any damages to the home’s interior or exterior are covered. The canopy of cover can be expanded to include any kind of accident at home and violent intrusions by criminal groups as well.
A straightforward home insurance policy will protect your nest from unforeseen circumstances and natural disasters. However, the price increases when you add more and more coverage elements, such as natural disasters. This device is unique because it safeguards both the structure of the house and its contents.*
Be sure you comprehend the terms before purchasing a policy. Your premium payments—likely acquired via hard work—could be a huge waste if the coverage umbrella does not satisfy your needs. Carefully read the exclusions. Wear and tear, malicious property destruction and damage brought on by war are typically not covered.* From insurance company to insurance company, the list of exclusions differs.
This policy is called “Home Insurance” or “Home and Contents Insurance,” as the cover provides defence against theft, fire, earthquake, lightning, storm, vandalism, and more risks. With this cover, you may sleep soundly regardless of where you are—in your home or a distant holiday home.*
Numerous household objects, including jewellery, luxury clothing, electrical equipment, furniture, and artwork, can be insured as part of the home’s contents. Along with mental tranquilly, it provides a huge financial safety net in case of disasters. The insurance provider also covers the cost of the additional temporary housing if a theft or accident forces the family to move to a different location. Make sure the pay is adjusted for inflation in addition to the terms. Especially in an inflationary climate, a low salary that doesn’t account for inflation can make your earnings seem insignificant.*
The various types of home insurance are as follows *
- Home structure insurance protects the permanent structure of the home, including the roof and the fixtures in the kitchen and bathrooms.
- Contents insurance protects the items inside the home, such as books, gadgets, and jewels, from theft, fire, water, and other perils that could cause damage or loss.
- Fire and burglary insurance protects your home and its contents from damage caused by fire. The fire insurance coverage covers events such as accidents and natural calamities.
- Theft insurance protects you against any losses brought on by robberies. As far as the insurance can determine, it pays you for stolen items and valuables.
- Landlords insurance is a specialised property insurance that protects homeowners from monetary losses they can suffer due to rental properties.
Home insurance is vital in protecting homeowners in India against various risks and uncertainties. The five types of home insurance commonly available in India cover different aspects of a home, ranging from structural damages to personal belongings and liabilities. *^
A home insurance calculator is a convenient tool you can utilise online to check the coverage required based on your needs.
^ Claims are subject to terms and conditions set forth under home insurance policy .
*Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.