Home Insurance Plan

Home Insurance Plan

These plans cover the financial losses that you suffer in case of your home damage due to man-made activities or natural calamities causing a loss to your house property. It gives protection for Home against Burglary, Loss/Damage of Jewelry, Fire and Natural Disasters.

Why Buy Home Insurance?

It is important as it protects your house from any damage or loss which may occur at any point in time.

If a third person suffers any kind of injury in your house, then the home insurance plan will secure you from any legal liabilities.

Provides cover in case of any damage caused to the house due to theft or robbery.

Key Features of Home Insurance

  • It provides comprehensive coverage not only to your house but also to your house contents from damage caused.
  • Available at lower premium rate than any other insurance policies.
  • Timely house insurance payouts help in rebuilding processes quickly.
  • In the process of repairing or reconstruction an alternate accommodation will be arranged for a specified time interval. The home insurance policy will cover all the expenses incurred.
  • Coverage offered by the comprehensive house insurance plan is higher than any other plan.

Types of Home Insurance

On the basis of Geographical Borders

Fire or special Perils Policy

It offers protection against the damage caused to the house due to any natural calamity like earthquake, volcanic eruptions etc and man-made activities like fire, missile testing operation, overflowing of water tank etc.

Public Liability Coverage

In case of any loss or damage caused to the guest or any third party within the insurer house then the home insurance comes for your rescue.

Building Structure

It provides cover against any damage caused to the permanent fixing of your house like fitting in kitchen, washrooms, ceiling etc.

Theft

In case of any theft causing harm to the contents of the insured house, the insurance company will provide the cover for the equivalent.

Personal Accident

In case of any physical injury incurred anywhere across the globe leading to permanent disability or demise of the insurer, then compensation is provided for the same.

Content Insurance

In case the interior of your house is destroyed due to flood or is burnt to ashes due to fire outbreak leading to loss of the house content then the house insurance will provide you with the cover for the same.

Landlord Insurance

This insurance policy will protect the landlord of the house from any loss of rent or public liability.

Tenant Insurance

The house insurance policy is a necessary buy for a tenant residing in somebody else’s house.

What is Covered in Home Insurance?

Fire and Perils covers Aircraft Damage, Lightning, Earthquakes,Riot and Strikes, Storms, Cyclones, Floods, Missile Testing Operations.

Thefts and Burglary Cover including jewellery and other valuable belongings.

What is Not Covered in Home Insurance?

Loss and damage caused by wear and tear and depreciation.

Loss of cash.

Loss and damage caused due to wars.

Loss, destruction or damage caused due to any electric equipment short circuits or breakage.

Loss occurred due to earth movement like in case of volcanic actions of erosions.

Any pre-existing damages like wear and tear.

How You can File a Home Insurance Claim?

  • Inform the insurer provider about the situation and claim within the specified time mentioned in the policy documents.
  • Once the FIR is lodged, submit all the bills of the incurred expenses to the insurance provider.
  • Once the insurance provider accepts your claim, a surveyor is sent to inspect your house loss within 48 hours.
  • After the submission of the surveyor report, the settlement of the payment is incurred towards any repair or renovation of the insured property.

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Frequently Asked Questions (FAQs)

Home insurance typically covers damage or loss to your home and its contents due to perils such as fire, theft, vandalism, natural disasters (like earthquakes, floods, and storms), and other specified risks.
Home insurance can cover various types of properties, including single-family homes, apartments, condos, townhouses, rental properties, and vacation homes.
Home insurance is not legally required in most places, but it is highly recommended to protect your property and belongings against unforeseen events.
Building insurance covers the structure of your home, including walls, roof, floors, and permanent fixtures, while contents insurance covers personal belongings inside the home, such as furniture, appliances, clothing, and electronics.
The amount of coverage you need depends on factors such as the value of your home, its contents, location, and specific risks you want to be covered for. It’s essential to evaluate your property’s value accurately and assess your coverage needs accordingly.
Yes, many insurance providers offer customizable home insurance policies that allow you to tailor coverage options, deductibles, and limits to suit your specific needs and budget.
In the event of damage or loss to your home, you should contact your insurance provider as soon as possible to report the incident. They will guide you through the claims process, which typically involves documenting the damage, providing evidence, and receiving compensation for covered losses.
Yes, home insurance policies may have exclusions for certain perils or circumstances, such as intentional acts, wear and tear, acts of war, and certain types of water damage. It’s essential to review your policy carefully to understand what is and isn’t covered.
Yes, many insurance companies offer discounts on home insurance premiums for various reasons, such as installing security systems, smoke alarms, fire sprinklers, having a claims-free history, and bundling multiple policies (like home and auto insurance) with the same insurer.
You can lower your home insurance premiums by increasing your deductibles, maintaining a good credit score, improving home security measures, avoiding filing small claims, and periodically reviewing and updating your policy to ensure you have adequate coverage at the best possible price.

What is Covered in Travel Insurance?

Your Travel Insurance will cover

Medical Evaluation & Expenses

Personal Accidents

Theft or loss of the Personal Belongings

Trip Cancellation or Delay

Loss of Baggage

Loss of Passport

Repatriation of Mortal remains

Hijacking

Medical Emergencies

Delayed Flights

Accidental Deaths/Illness/Injury

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