Home Insurance

Home insurance is an insurance that protects you from all the uncertainties that could take place in the future. It is a property insurance which ensures your safety and well being in case of any uncertainties like theft, fire, floods, explosion etc.

One of the greatest achievements for individuals today is getting themselves their own private homes. It requires years of saving and hard work to be able to afford a home for themselves. A home serves as a shelter and a storage for saving all your priceless and valuable possessions. But have you ever thought of what if something happened to your home? Are you prepared for it? How do you plan on tackling the situation?

Buying a home alone is not enough. In order to safeguard yourself from all the harmful aspects of life, one must always be prepared. Protect yourself and your home today by getting home insurance and ensure the safety of your beloved ones and your valuable possessions.

Why should I get Home Insurance?

Nothing is assured and certain in our lives and the same goes with your home. Your home is the most valuable asset of yours and you would not want anything harm to happen to it. However, certainties may strike every minute and it is best to stay insured and protected by getting home insurance. If you still have questions on why you should get home insurance, the following benefits can help you get one today.

  • Protect yourself against liabilities
    There may be cases where you may or or the guests incur damages while residing at your place. Home insurance covers all the expenses caused due to the damages.
  • Protection from all natural and man-made calamities
    A home insurance provides coverage and assists in managing all the expenses and damages done to your house due to man- made or natural calamities. It provides coverage for calamities such as earthquakes, floods, lightning, storms, typhoons, etc.
  • Your temporary living expenses is covered
    Home insurance provides coverage and assistance for the expenses caused to you for your temporary living expenses. Citing a scenario where your insured house is damaged and requires maintenance and renovations. In this case, you may require to move out temporarily while your home is renovated. Home insurance covers all the expenses incurred while you temporarily stay in rented houses.
  • Your personal assets and possessions are also protected
    Home insurance companies understand the valuable assets you store at home. These assets could include valuable documents, jewelleries and other important belongings. Home insurance companies thus provide coverage and insurance for all the damages or loss of your personal belongings. 

Types of Home Insurance Plans

Home insurance consists of different plans and policies to provide you various options to choose from. It solely depends on you to select the best one according to you. Following are the different types of Home Insurance plans:

  • Contents Insurance
    This type of Home insurance covers all the damages incurred or loss of your personal belongings or valuable assets . Your valuable assets may include important documents, jewelleries and other valuable belongings. Content Insurance provides coverage for all your personal assets in case of uncertainties.
  • Building Insurance
    In this type of Home Insurance, your physical home is protected and insured in case of any damages caused due to natural or man- made calamities. The home insurance provides coverage and assistance to you by providing assistance and coverage for the damages done to your property. Natural and man-made calamities may strike anytime, calamities such as floods, earthquakes, fire etc may cause damages to your property and it is best to stay prepared and protect yourself and your property by getting a building insurance.
  • Content + Building Insurance
    This type of Insurance provides coverage for all types of damages and losses. In cases where both your property and your personal belongings incurred damages and losses then this type of Home insurance covers for all the losses and damages caused. This type of home insurance is the most preferable home insurance since it covers up all your properties both the infrastructure and your personal belongings.

What’s Covered in Home Insurance?

Home Insurance provides coverage for all your property related losses and damages. Hence, it is best to stay insured and prepared by getting home insurance and stay protected from all these uncertainties. Home insurance covers all the following:

  • Your infrastructural home
    Home insurance covers for all the expenses and damages caused to your home due to natural or man- made calamities. Home insurance ensures maximum protection and coverage from all kinds of damages be it big or small. You don’t have to worry when calamities strike because a home insurance will make up for the damages caused to your home.
  • Your personal belongings
    It is obvious that your home stores all the important and valuable assets. You wouldn’t want any harm to happen to your personal belongings. In today’s era, theft and burglaries have become a major problem, and no one is safe from all these problems. However, you can protect yourself from all these harms by getting home insurance. Home insurance ensures you are protected from all these scenarios and provides coverage and assistance by making up for all the losses and damages to your personal belongings.
  • Your Physical well being
    Instances where unfortunately you may incur damages and injuries to your health owing to your physical deterioration of your home. If your home is insured then the insurance policy covers for all the damages and expenses caused to you. You are therefore protected and covered from all the medical expenses you ought to incur.

Eligibility for Home Insurance 

To avail home insurance, there are certain terms and conditions required to be met by the homeowners. You may be required to provide official and valid documentation and evidence of your ownership. The eligibility factors to avail home insurance consists of the following:

  • Homeowners
    In order to avail home insurance, you have to be the right homeowner and must provide proof of your ownership.
  • Rented homes
    If you’re a tenant then you can avail home insurance to protect your valuable assets and belongings.
  • Nationality
    You must be an Indian by nationality to avail home insurances.
  • Proper infrastructure
    Inorder to get a home insurance, your house must be infrastructurally strong and must be solely used for home purposes and not as offices or workplace.
  • Credit score
    Your credit score is also necessary and evaluated to be eligible to avail home insurance.

Documents required for Home Insurance:

A duly filled-in claim form, building plan, FIR or fire brigade report in case of theft or loss, bills/receipts, KYC documents, and a cancelled cheque for receiving claim amount electronically are a few of the documents you might need depending on the type of claim

Home Insurance Premium 

Your home insurance premium is the sum of money you pay each month to maintain the status quo of your insurance contract. You can usually pay your homeowner’s insurance premiums in three different modes: monthly, quarterly, or annually. If you have a mortgage, your mortgage company will frequently require that your home insurance premium be paid annually to your property insurer by including it in your monthly mortgage payment to protect their investment.