Home Insurance

Benefits & Features of Home Insurance

Here are several benefits and features of a home insurance policy:

• You can get comprehensive coverage for both content and structure of your house.
• Purchase the right home insurance plan and stay tension free from any unforeseen damage.
• Purchasing home insurance can help the insured go through the rebuilding process quickly.
• People who do not want to buy a comprehensive home insurance policy can buy a Fire Insurance Plan that will offer a cover against perils like fire, etc. Nevertheless, you should not forget that the coverage offered by a comprehensive house insurance plan is much higher.
• Moreover, many house insurance companies also offer riders like Temporary Resettlement Cover, Loss of Rent Cover, Dog Insurance Cover, etc.
• This is not it; the house insurance claim settlement process is hassle-free and quick in many cases.
• A home insurance policy provides coverage for valuable items such as jewellery, paintings, etc.

Home Insurance Policy Tenure

Home insurance policies are available for long-term as well as for a policy term of one year. Long-term home insurance policies come with a policy tenure of more than one year. Take a look at the following policy tenure options under home insurance:

List of Home Insurance Plans in India

The following table showcases a list of all the insurance companies offering home insurance plans in India along with their coverage and benefits:

Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

Types of Home Insurance Policies

Home insurance In India, generally, the following types of home insurance policies are offered, which are:

Standard Fire and Special Perils Policy

A Standard Fire and Special Perils essentially provide cover to the home against any loss/damage incurred due to any natural calamity such as earthquake, volcanic eruption, etc man-made calamity, any missile testing operations, overflowing of water from tanks, pipes, and so on.

Public Liability Coverage

On the off chance, there is a possibility that any of the guests or any third-party may encounter any loss or damage caused either to them or the property within the insured’s house. Under such circumstances, this house insurance comes at your rescue.

Burglary and Theft

In case of any robbery or theft that happens in the insured house causing damage to the contents present in the house, this house insurance policy provides cover for the equivalent.

Personal Accident

This house insurance protects you and your family. In an unfortunate event such as an accident or any physical injury incurred anywhere across the globe, which led to a permanent disablement or demise of the insured person then the compensation for the same shall be provided.

Contents Insurance

Remember, buying this house insurance assures that not just the house beside every content present in the home is valuable and it protects the goods from any damage or loss under perilous situations like fire, theft, and so on.

Right from the refrigerator, television sets to any important document are covered within this house insurance policy. When the interior of your house is destroyed due to mishap such as flood or has been burnt to ashes under a fire outbreak this house insurance will provide you with a cover.

Landlord Insurance

If you are a landlord, you need to maintain the building/flat and its structure. It is a big responsibility.

Besides, a standard building insurance policy is generally not designed catering the interest of a landlord. So having this house insurance policy is necessary, as it will protect you from any loss of rent or public liability.

Tenant Insurance

If you are, tenant it means that you might be residing in a rented flat or house. Therefore, if you are a tenant, opt for choosing a cover for the content that belongs to you.

Bharat Griha Raksha

Bharat Griha Raksha is a Standard Fire and Special Perils policy. This policy covers wide range of perils such as fire, natural catastrophes (Strom, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood, Inundation, Earthquake, Subsidence, Landslide, Rockslide) Forest, Jungle and Bush fires, impact damage of any kind Riot, Strike, Malicious Damages, Acts of terrorism, Bursting and overflowing of any of the aforesaid events.

Besides offering coverage for the home building, the policy covers General Home Contents automatically without any need for details declaration for 20% of the Sum Insured for the building subject to a maximum of Rs. 10 Lakhs. One can also opt for a higher Sum Insured for general contents by declaring details.

This policy also offers two optional covers. They are as follows:

• Insurance for Valuable Contents such as Jewellery and Curios.
• Personal Accident of the insured and spouse due to an insured peril under the policy.

Bharat Griha Raksha policy gives right to the policyholder to claim in case of underinsurance. In simple words, if the policyholder declares less Sum Insured than what was declared for the property then policyholder’s claim will get settled up to the Sum insured that was declared at the time of purchasing the policy.

Inclusions in Home and Property Insurance

Home and property insurance covers losses to the structure and content of your home/ property 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 the home are also covered against burglary or theft. This type of property insurance 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.

Exclusions in Home Insurance

• Loss or damage caused by wear & tear and depreciation
• Loss of cash
• Loss or damage caused by war, invasion, the act of a 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
• Earth’s Movement: Damages that occurred due to volcanic actions of erosion is in many cases not included.
• Anypre-existing damage such as wear and tear of any other defect.

Eligibility Criteria to Buy Home Insurance Plan

Anyone fulfilling the following criteria is eligible to buy a home insurance policy:

• Anyone willing to buy property insurance must be a resident of India.
• The policy can be bought by individuals as well as by companies.
• A house insurance multi-year policy can be bought either by the owner of the house or the flat.
• The person intending to buy property insurance must own the property or should reside in the property.
• In case you live in a society, then you must be a member of the society managing committee.
• To purchase house insurance for the society, the member of the society managing committee can make the purchase. The policy will cover the society as well as the utilities, which are in the common use of the society.

Why Should You Buy Home Insurance Policy?

When you are a homeowner, it is important to secure your home from every possible peril. Let us understand some reasons, which make buying house insurance a necessity:

• First things first, house insurance is important as it protects your dwelling from any damage/loss that may incur at any point in time. For instance, if a tree fell upon the roof of your house or a vehicle collided with the boundary wall of your home premises, the right type of property insurance will cover the incurred expenses.
• On the off chance, if you intend to take a loan to either construct a house or buy a house the bank will ask you to provide evidence that the property is insured on, which you are looking forward to taking a loan.
• In case, if a third-person suffers any kind of injury while on your property, having a home insurance policy will secure you from any legal and third-party liabilities.
• In case of damage occurs to the insured property, having the right property insurance will provide cover for the repair expenses.
• It also provides cover for the appliances such as air conditioners, refrigerators, television, microwaves and other electrical appliances, furniture and furnishings and at times the jewellery as well depending on the type of house insurance plan you choose.
• Choosing the right property insurance provides coverage even if you are not present at your home and you are at a distant place. Besides, in the process of repairment/reconstruction, alternate accommodation for a specified time will also be arranged. A home insurance policy will cover all the incurred expenses.
• The home insurance policy also provides cover for any damage/loss incurred either due to theft or robbery.
• Last and not least, a property insurance policy gives you a sense of satisfaction and peace of mind as it will secure you from any unwanted fiscal cost.

How to Apply for a Home Insurance Online?

The following are the basic steps involved in buying a home insurance policy online:

• Once you have chosen the home insurance policy that suits your needs, all you need to do is click either the ‘Apply Online or ‘Buy Online tab.
• While applying home insurance policy online, the following information will be required to understand the type of property you intend to insure. The following details might be asked:
• Whether the property is rented or self-owned
• The period of the policy required
• The policy will cover the structure of the property or will cover the structure and the contents.
• Location of the property
• Age of the property
• Type of the property
• Personal information along with contact details
• Once you give all the asked and relevant subtleties, you will get to know the premium amount that you end up paying while buying the home insurance policy.
• Before you make the payment, cross-check for the provided information. Besides, re-read the terms and conditions of the policy scheduled. Make the payment only when you are convinced with the plan.
• The payment can be made online either using any credit/debit cards or via net banking.
• Keep and save the fine print of the policy schedule.

How to Raise Home Insurance Claims?

In situations when the insured home becomes uninhabitable, the homeowners must raise the home insurance claim as soon as possible. Here is a comprehensive guide to filing home insurance claims online:

Step 1: Immediate Reporting

A significant step of any insurance claim process is timely reporting or informing the insurer on time. Register your claims with the claim assistance team round-the-clock if you have purchased your home insurance online from Policybazaar.com. Contact your insurance agent or your insurer's nearest branch office for offline purchases to raise claims.

Step 2: Notification to Authorities

Notifying the relevant authorities, such as the local police or fire brigade, is essential in misfortunate events such as theft or fire. Moreover, get a copy of the First Information Report (FIR) for subsequent claim settlement procedures under your policy.

Step 3: Evidence Collection

Gathering evidence is substantial for raising your claim. Whether through photographs, videos, or CCTV footage, make sure you have collected enough proof, as it is crucial in facilitating a hassle-free claims process.

Step 4: Third-Party Claims Management

If a third party causes damage to the insured building, promptly inform your insurer. They will then initiate a claim with the responsible party's insurer, streamlining the settlement process.

Step 5: Obtaining Expense Estimates

Before proceeding with repairs or replacements within your insured property, it is essential to procure estimates of the expenses involved. These estimates will serve as a basis for claim evaluation and reimbursement by your insurer.

Step 6: Surveyor Assessment

Next, the insurer will appoint a surveyor to assess the extent of damage. The surveyor investigates the circumstances leading to the loss, checks the gathered evidence, and calculates the overall damage. Additionally, they give suggestions for further loss prevention measures. In cases involving third-party claims, they examine the extent of policy coverage applicable.

Step 7: Document Submission

Once the assessment is completed and the claim is verified, it is mandatory to submit all requisite documents to the insurance provider. After all, these documents serve as evidence to support your claim.

Step 8: Claim Reimbursement

The duration of claim settlement may vary depending on the complexity of the case. In some cases, insurers may reimburse claim payouts in installments, particularly for intricate cases. On the other hand, reimbursement may be processed immediately for simple claims.

Documents Required to File Home Insurance Claims

Here is a list of documents required for filing home insurance claims in India:

• Claim form (duly filed and signed)
• Gathered evidence of loss/evidence, including photographs, repair bills, videos, contractor invoices, and FIR.
• If applicable, third-party claim note.

*Disclaimer: The documents above are general documents, and the damage caused may vary depending on the specific circumstances leading to it or the cause of the damage.

How to Lower Your Home Insurance Premium?

Strategies that can help in bringing your house insurance cost down are-

• Reduce your liability by agreeing to share the burden of repairing. It will help in reducing your premium.
• There are many such things in our house which are precious to us but there is no point in insuring them if they are too old. For instance, your 10 years old black & white TV might be working well, but there is no point in insuring it at a depreciated value. Be wary while making an inventory of products to be insured.
• Take two or more insurance covers to become eligible to get discounts.
• Like any other insurance plan, if insurers are convinced that you have installed all safety equipment at your home then you will become eligible to get discounted premium. If you have security guards posted 24x7 in the building and fire safety alarms installed at home, then you will get discounts on premiums.

Who Should Buy Home Insurance Plan?

Household insurance policy is for people who have a home whether own or rented. There is a myth that only home-owners should buy a home insurance plan. Let us tell you a case of Mr Vijay Rao and how having a property 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 the right type of flat insurance policy and he could manage to settle back to normal life again easily and without any financial stress.

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

Even, there are various house insurance providers, which provide exciting discounts to people who have bought over 3 home insurance covers. However, do not let discounts make you buy those covers, which you do not need. For instance, if you are a landlord then avoid buying a property insurance policy to cover the contents of the house. Leave that to the tenant.

There are various property and casualty insurance providers who offer discounts if you buy it for a longer duration. You can ensure the house for up to 10 years, which not only gives peace of mind but you also get a chance to earn lucrative discounts.

How to Raise Claim under Home Insurance

Here are the steps that you can follow to raise a claim under home insurance policy:

• Inform the insurance providers in regards to the claim by calling on the respective round-the-clock toll-free number.
• Once the Fir is lodged and the insurance provider is notified in regards to the same, the policyholder should provide all the important and relevant information in regards to the bought policy as well as the damage incurred.
• Once the claim request is been intimidated by the insurance provider, the claim request is validated and verified. After this, the claim settlement request is thereafter taken forward to the Claims department of the particular insurance company.
• Within the next 48 hours or so, a surveyor is sent to inspect the damage or loss and accordingly prepares a report.
• Further, all required documents are submitted to the surveyor. The Final Survey report is prepared by the surveyor, which will be submitted to the insurance provider along with the required documents and sent within 7 days.

Documents Required to Raise Home Insurance Claim

Here are the following documents that you need to submit along with the claim form to raise a claim under the home insurance policy:

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

Note: This is an indicative list and you may be asked to submit other documents at the time of claim settlement.

Handy Tips for Choosing a Home Insurance Plans in India

Various home insurance providers in India offer different plans as per individual needs. To ease your selection, we have listed down important points, which should be compared while choosing one home insurance provider over others:

Check Premium and Coverage

Firstly, evaluate risks, which your home is facing or might face in the future. For example, if you live in a flood-prone area then you should ensure that your property insurance policy is covering these risks also. While checking coverage, it is prudent to check if the premium fits within your budget or not.

For the same, you can use a property insurance calculator. Or you can solicit premium quotes of individual insurers or use the comparison chart to compare property insurance premium quotes and then accordingly opt for a property insurance policy.

Check Claim Settlement Ratio

A good company is judged by the turnaround time of settling claims. The very purpose of insurance will be defeated if you do not get a claim when it is required. Therefore, it is worthwhile to check the claim settlement record of property insurance providers before zeroing in on any house insurance providers.

Look at the Company’s Reputation

The first and foremost characteristics of a good company are that it has customer-friendly staff. Does your house insurance provider have competent customer service representatives who are capable enough to resolve your queries quickly? It is always important to choose a property insurance provider who is well equipped to assist you at any point in time.

FAQs About Home Insurance