Best guide to buy home insurance plans in India

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Best guide to buy home insurance plans in India

There are many banks and financial institutions in India that are offering home loans. Each has its unique benefits and features, which cater to different financial needs.

Today’s banks and lending companies need to insure the property. If Talking about home insurance, there are many things in it apart from premium installments and tenure.

Best guide to buy home insurance plans in India

Our home is one of the most valuable assets. Like securing your life and health with insurance, today the home insurance is required to take to secure your home.

Table of content

  1. why we need a home insurance
  2. What is cover in home insurance?
  3. How to choose the right home insurance?
  4. Features of home insurance 
  5. Benefits of home insurance
  6. Type of home insurance
  7. Eligibility criteria
  8. Faq/Frequently Asked Questions

Home insurance is a required part of the life of a homeowner.

It acts as a protective cover which not only secures your home but also protects your personal belongings from any possible damages, which caused by any human-made or natural causes,

1- why we need a home insurance

It is most important to get the right cover for your assets, and our home is one of the most valuable assets. Having  best home insurance plans reduces the financial stress in case of a bad accident.

With the help of a robust Best home insurance plans, you can protect yourself against most natural calamities like earthquakes, hurricanes, floods, landslides, etc.

Along with this, the cover is also available on fire, explosion, etc.

2- What is cover in best home insurance plans?

Best cover provide in home insurance plans in India

In general, the following things are covered in a home insurance policy:

  • Home Structure: The Best home insurance policy pays for repair or reconstruction of the house in case of damage caused by any event covered under the policy. While buying insurance for the structure, one should think of getting enough cover to build it.
  • Personal belongings: Your furniture, clothing, household items are covered. In case of loss due to fire or theft, or any other disaster. Expensive items like jewelry, art, etc. Also, get cover to some extent. 
  • Home policies in India are package policies that have several sections that offer multiple covers. A comprehensive home policy also covers fire, riots, theft, damage to household items, and domestic accidents.

You can claim for a personal accident under the home insurance package. With this, you can take payment for partial or permanent disability due to an accident.

3- How to choose the best right home insurance plans?

Things to keep in mind while choosing best home insurance plans

  1. The first is to find out about the performance and reputation of the insurance company regarding its service. If the track record is not good, then it is suggested not to take the risk of taking home insurance from such a company.
  2. It is also required to find out what the company is offering under home insurance. One should look into the policy providing coverage for personal items like jewelry, clothing, appliances, etc., and cover for claim settlement, documents, etc.
  3. Take insurance against the value of rebuilding the house. You don’t see how much you paid to buy it. It can take a lot of money to rebuild.
  4. Make sure that the insurance company pays for everything that has been damaged, not just the things you want to buy again.
  5. At the time of insuring the price of the goods, whether it is true or false, and keep the evidence.

4- Features of best home insurance plans

best Features of Home insurance in india
  1. Damage cover- Under this, you are given cover for your home structure.
  2. Building Cover – A home insurance policy pays for repair or reconstruction of the house in case of damage caused by any event covered under the policy.
  3. Personal property cover – Your furniture, clothing, household items are covered in case of loss due to fire or theft or any other disaster
  4. Additional Structure cover– In the extravagant cover, you will get cover for your valuables stuff, like jewelry, washing machine, and refrigerator, etc.

5- Benefits of best home insurance plans

Home insurance means insurance of buildings, machinery, stocks, etc. There are many benefits of having home insurance. The main advantages of which are-

benefits of best home insurance in india
  1. It provides Complete protection against damage to property and property during accidents and natural calamities.
  2. It protects against damage caused by theft of property or any other accident.
  3. Home insurance policies are much cheaper and within your budget as compared to other insurance policies.
  4.  By having home insurance, there is no worry about the house. There is no big financial burden on you in case of theft, disaster, or accident.

6- Type of home insurance

Every company has a different insurance plan, we will tell you about some common options.

  1. Standard fire perils policy: Under this policy, you get cover from special hazards and fire-related outbreaks.
  2. Public liability coverage: Under this plan, the company provides cover to the insurer in case of loss of valuables kept in your house by any other person.
  3. Burglary and theft– Under this policy, the cover is provided to the entire loss caused during theft, and dacoity in your house.
  4. Content Insurance- In this, the cover is provided against damages caused by theft, burglary, and fire to the immovable goods and property inside your home.
  5. Landlord Insurance- design for a landlord, if you have given your house on rent, and during this time there is any kind of damage to your structure, then you are provided cover for your loss.

7- Eligibility criteria

1- The proof of the country he is a resident of should be there.
2- The house you want to insure should be in your name.
3- For the society, he should be a member of that society.

7- Faq/Frequently Asked Questions

Q.1. What are the items covered under a home insurance policy?

  1. Furniture
  2. jewelry, gemstones
  3. laptop, computer desktop, television
  4. Refrigerator, washing machine
  5. Expensive items

Q.2. Is necessary to buy home insurance?

No, it’s not, but If your house is built with a lot of costly content like jewelry, a laptop, then you should buy home insurance.

Q.3. How to add sum assured in home insurance?

How to add sum assured in home insurance?

they are using basic formula – 

Sum assured = built-up area X cost of construction per square foot

Q.4. can I increase the sum assured

Yes, many companies provide you the facility to increase your sum assured in their policies.

Q.5. Is FIR necessary for home insurance cover?

Yes, if you want to get your cover, then it is required that you get the FIR done in case of theft, dacoity, damage.

Q.6. Can we take insurance policies from two companies?

Yes, you can get home insurance from two companies, the advantage of this is that both these companies provide you cover at the time of need.

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