Home Insurance

Home Insurance

IT PROTECTS YOU, YOU PROTECT IT

Definition

Home insurance refers to the financial agreement between an insurance provider and a policyholder that protects the home and belongings of the latter from any untoward incidents. Home insurance covers the house, its contents, and your personal belongings.

Why should you buy Home insurance?

As an old proverb goes: 'A house is made of walls and beams, a home is made with love and dreams.' A home is built with love and care, a place where a lifetime is spent and memories are built. If you have put your life's savings into building your house, you must realise the importance of having it financially secured against damage and loss. Damage to your home and property may occur due to earthquakes, fire, riots, burglary, etc. In such cases, having a home insurance assures you the peace of mind in knowing that your losses will be covered by the insurance.

Benefits:

Purchasing a home insurance policy comes with a number of benefits. These include:

  • Comprehensive protection to the structure as well as the contents of your house.
  • Provides financial security to your property and assets.
  • Policy premiums comparatively lower than other insurance policies.
  • Removes anxiety and stress as you have the insurance policy as a safety net in case of unforeseen mishaps.
  • No delay in payouts to ensure you and your family can get back to your feet and move on from mishappenings as soon as possible.

Key features:

While specific details may vary among insurance providers, the key features of home insurance policies in India include:

  • Home insurance plans cover losses caused due to natural as well as man made factors.
  • They provide you with comprehensive financial coverage of the expenses you have to incur due to damage to or loss of your house, as well as the contents inside.
  • A large number of add-ons are available to boost your insurance coverage beyond the basic plan.

Types of home insurance:

A variety of home insurance policies are available from different insurance providers in India so that you can purchase a policy to suit your specific needs. The most popular types of home insurance plans in the country are as follows:

  • Fire and Perils Policy
  • Building Insurance
  • Public Liability Policy
  • Personal Accident Coverage
  • Burglary & Theft Coverage
  • Household Articles Insurance
  • Tenants' Insurance
  • Landlords' insurance

Type of coverage:

A comprehensive home insurance policy typically covers the following: The structure of your house (foundation, walls, and roof) and of structures adjoint to the house.

  • Other structures on your property separate from the main house.
  • Personal belongings and other contents inside your house.
  • Personal liabilities caused due to damage while on your property to the belongings or person of those do not live with you, but may have come to visit.

Add-ons:

The extent of coverage of your home insurance policy can be greatly extended with add-ons to the basic plan. Some of the most commonly applied add-on plans include:

  • Loss of Rent Cover: Provides coverage to your property if it becomes uninhabitable due to damage, against the amount of rent you lose as a landlord.
  • Additional Living Expenses Cover: Covers the cost of accommodation and living expenses for the period you are you are temporarily displaced from your home.
  • Key Replacement Cover: Covers the cost of replacing your keys and locks if they are stolen or lost due to mishaps.
  • ATM Assault Robbery Cover: Protects you from the losses due to robbery and assault while withdrawing money at an ATM.
  • Pet Insurance Cover: Coverage against death, injury, or incapacitation of your pet, as well as the cost of treatment for diseases contracted during the policy tenure.

Inclusion & exclusions:

INCLUSIONS EXCLUSIONS
Loss or damage due to fire, and perils like lightning strike, aircraft damage, riots, etc. Incorrect representation of facts related to your property.
Loss of property due to earthquake Pre existing damage to structure or property.
Loss and damage to property due to theft, burglary, or robbery. Defects in the mechanical or electrical items.
Buildings older than 30 years.
Loss or damage caused due to war or external aggression.
Loss or damage caused due to nuclear warfare or accidents.
Loss or damage caused due to regular wear and tear
Damage caused due to misconduct or willful negligence
Buildings under construction

Claim process

The process of settlement of a home insurance claim occurs in the following steps: Intimate your insurance company as soon as a mishap happens

  • Lodge an FIR with your local police station and submit the copy along with the other documents
  • A surveyor will be appointed by your insurance provider to verify your claim
  • Submit all documents necessary and asked for, which commonly includes the FIR copy, medical documents, deeds of your house, etc.
  • The surveyor evaluates your claim, and if it is found valid, a report is sent to the insurance provider
  • If the insurance provider finds the claim to be valid, it is duly processed, and the money disbursed accordingly
Home Insurance - FAQs

Let’s Clear Your Doubts

No, tax benefits are unavailable on a home insurance policy, it protects your house and belongings from mishaps.

Home insurance providers generally do not cover buildings and properties more than 30 years old. However, some insurance policies allow add-ons for such properties. Check out the details of the policy you want to purchase for details.

Vacant buildings and properties are more prone to damage as well as have a high risk of being burgled. Thus, insurance policies do not cover empty or vacant properties.

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To increase insurance penetration in India, government recently has allowed a new type of distribution system to market the most basic insurance policies called as point of sale or POS. Now you can become a POSP (point of sale person) of Eureka Insurance Broking Pvt. Ltd.

 

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