After you buy a home, you also need to protect its structure and contents against any unavoidable damages due to natural or man-made causes. Home insurance offers exactly this kind of protection. Read on to learn the key features and benefits of home insurance in India and the kinds of damages included or excluded in its coverage.
Top Features of a Home Insurance Policy
- Cover for structure: Every home insurance plan offers this basic coverage. This protects the physical structure of a dwelling, house or building against various insured risks and perils.
- Cover for content: A home insurance plan also covers personal property, possessions or the contents of the house against diverse insured risks and perils. For instance, the insurance policy covers furniture and electrical appliances.
- Cover for both structure and content: This is a combination of the above two kinds of coverages.
Benefits Offered by the Best Home Insurance Policy Provider in India
- Expert advice on product selection and a curated set of product offerings
- Long-term coverage at affordable rates
- Best home insurance plans offered due to partnership with the top general insurance in the industry
- Protection against both natural calamities (like lightning, earthquakes, floods, etc.) and man-made destruction (like riots, terrorism, etc.)
- Offering the means to rebuild the insured home
- Covering the rent (up to the upper cap limit) if your house is destroyed and has to be renovated and in the meantime, you need to rent another house
Dangers Against Which a Home Insurance Plan Usually Offers Protection
- Explosion or implosion
- Lightening
- Fire
- Impact Damage
- Aircraft Damage
- Malicious damage, strike, riot
- Storm, inundation, flood, tornado, hurricane, tempest, typhoon, cyclone
- Subsidence, landslide, rockslide, earthquake
- Bush fire
- Overflowing and/or bursting of pipes, apparatus and water tanks
- Leakage from an automatic sprinkler installation
- Missile testing operations
- Terrorism
Things not Covered by Home Insurance
- Any act of foreign enemy hostilities, invasion, war or war-like operations
- Contamination by radioactivity from any nuclear waste or fuel or ionising radiation
- Damage or loss to unset precious stones, plans, manuscripts, securities, drawings, documents or obligations of any sort, paper money or coins, cheques, explosive substances or vehicles unless expressly stated otherwise in the policy
- Any addition or reduction in the market value of any insured property after its reinstatement or repair
- Expenses, fees or costs for preparing any claim
- Alterations like extension or addition to any structure of your building or house that increase the carpet area by over 10% of the existing carpet area at the date of the renewal of the insurance or the Commencement Date unless the alterations are added by Endorsement
- Any pre-existing damages like wear and tear or other defects
When you choose a reputed lending bank to apply for a home loan, try to get home insurance as well from the bank. Make sure to go through all the documents related to the insurance policy and only after that, apply for the same. Then you’ll know in case of which kinds of home-related damage, you can request insurance coverage from the lender.