Best Home Insurance Policy In India – Home insurance, also known as homeowner insurance or property insurance, safeguards your home’s structure and content against unwanted events like theft, fire, flood, landslide, or man-made activities (riots and terrorism).
What is a Home insurance Policy?
Home insurance is an insurance policy that covers the costs and damage to your home or any insured property. A sort of property insurance to protect against losses to private dwellings is homeowner’s insurance. A house insurance policy has a very broad range of coverage.It not only covers the structure of the home. It also covers the valuable assets of the home. Home insurance is of two types:
1. Structure Insurance: It covers the losses due to structural damages of the home from natural calamities such as flood, landslide, earthquake, etc.
2. Content Insurance: It covers the loss or damage of contents inside a home such as Electronics, Jewelry and furniture.
Features Of Home Insurance Policy?
Home insurance policy will provide all-round protection which covers you, your house, your family members and also any liability which may arise. If your home gets damaged due to a calamity mentioned in the policy document, then the insurance company will provide you with a lump-sum amount to cover the cost of repairing or replacing the damages in your home.
The most important features of a home insurance policy may be categorized into two parts, based on the kind of cover they provide. These are (i) Cover For Damages and (ii) Cover for Liabilities.
Cover For Damages
1.Cover For Personal Property
A home insurance policy also covers your personal property like television sets, personal computers, microwaves, refrigerators, air-conditioners, jewelry etc.
2.Cover For The Structure:
This is the basic coverage part of every home insurance policy. It covers the structure of the house which essentially includes the building, electrical apparatus, heating, air-conditioning, plumbing, etc.
3.Cover for Alternate / Additional Accommodation:
It is also one of the features of a home insurance policy. It covers additional rent, travel, food and any other living expenses which might be borne by the homeowner towards their alternate living arrangements.
Cover For Liabilities
Covers for Liability
It basically protects you from any legal liabilities which may arise in case of any damage or bodily harm caused to any if there occurs any bodily harm / injury or damage being caused to any third person or property, on your premises or by you.
Medical Payments Cover to Others
The final component of a home insurance policy is coverage for any medical expenses the homeowner would have to pay to a third party should they sustain bodily harm while on your land or in your home.
Types of Home Insurance Policy In India
In India Insurance companies offer a broad range of home insurance policies to suit the variety needs of different customers.These varied types of home insurance policies help customers to understand the necessity of home insurance and choose the right policy according to their requirements.
There are many types of home insurance but some basic types are discussed below:-
1. Home Structure/Building Insurance
It is also known as building insurance. It protects the structure of your home from all types of risks and dangers like kitchen and bathroom fittings, ceiling and roof, garage, motor shed, gardening shed, etc.
2. Personal Accident
Home insurance plan not only protects your home but also offers coverage for you and your family members. In case of permanent disablement or death of the insured person due to an accident then home insurance policy offers compensation whether accidents happen in home or anywhere in the world.
3. Standard Fire and Special Perils Policy
It is also one of the basic home insurance policy offered by different insurance providers in India. Under this policy insurance company coverage for your home against fire and other special perils.The sum assured for this policy is calculated based on the cost of reconstruction of the building but it does not include the cost of the land.This plan can be purchased by homeowners, landlords and tenants to protect the structure of their property and to protect household goods and other possessions.
Standard Fire and Special Perils Policy includes:
- Natural calamities like fire, lightning, earthquakes, floods, cyclones, storms, forest fires, bush fires, volcanic eruptions, etc.
- Damage caused due to leakage from automatic sprinkler installations.
- Damages due to landslides and rockslides
- Damage caused due to bursting of plumbing pipes and overflowing of water tanks.
- Damages caused due to impact with vehicles in a road accident but damage caused due to the insured house, with your own vehicle, is not included in this cover
- Damages due to landslides and rockslides
4. Burglary & Theft
In this policy, if any valuable contents are stolen or damaged due to theft or burglary, the policy offers compensation for it.
5. Public Liability Coverage
If a guest, visitor, or any third-person experiences accidents or other damages inside your home then this type of home insurance policy provides coverage against the same.
Top 5 Home Insurance Companies in India
Nowadays, homeowners have a lot of choices to purchase home insurance plans. They can choose a right plan by evaluating the features and benefits of the plan offered by different home insurers. Here, we discussed Top 5 home insurance companies in India, along with different home insurance plans offered by them.
1. Shriram General Home Insurance
Shriram home insurance plan is also called a Householder umbrella home insurance plan. Shriram General Insurance Company offers plenty of benefits to home insurers by providing Dwelling Coverage, Structural damage like guest house, out house,gardening shed.