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.
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.
Purchasing a home insurance policy comes with a number of benefits. These include:
While specific details may vary among insurance providers, the key features of home insurance policies in India include:
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:
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.
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:
The process of settlement of a home insurance claim occurs in the following steps:
Intimate your insurance company as soon as a mishap happens
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.
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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