You must have seen many people taking home loan to build a new house but very few people take home insurance to protect the house and get a claim in case of damage to it. If you have got home insurance and there is any damage to your house due to any natural or artificial/human event, you can get the claim and get your house rebuilt. In this article, we will tell you what is home insurance? How to get Home Insurance?
What Is Home Insurance?
There are so many natural events like earthquakes, landslides, floods, cyclones, etc., which cannot be predicted in advance how much damage they can cause to your home. Apart from this, there are many such incidents, which can be done by humans, such as: terrorist incident, riots, arson, etc. Your home can also be damaged in these types of incidents.
But if you have got your home insured then you do not need to worry at all, because in these situations the insurance company will compensate you and provide assistance to bring your house back to its old condition.
What are the types of home insurance?
There are 3 types of home insurance that can be provided to you by the insurance company.
Structure Value Insurance: In this, you buy insurance to protect the structure of your house like floors, tiles, walls, etc.
Comprehensive Home Insurance: If you take this type of insurance plan, then you get the facility to cover the structure of the house as well as the valuables kept inside the house. In this you can add valuables according to you in the list. In case of any unforeseen event, you are compensated by the company for those goods.
Content Home Insurance: In this type of insurance, the items kept inside the house are insured. Structure is not covered in this plan.
For how many days is home insurance?
Most of the insurance companies in India offer home insurance for a tenure of 1 to 5 years. There are also some companies that provide the facility of home insurance for a longer period.
What does home insurance cover?
Home insurance covers loss due to fire, earthquake, landslide, flood, cyclone, theft, burglary, riots, terrorist incidents, electronic equipment and house rent in case of house damage, etc.
For which house insurance can be taken?
You can buy a home insurance policy for any apartment, flat, private house or rental house. If you want to insure yourself, then Structure Value Insurance and Comprehensive Home Insurance are done in it. Apart from this, you can get Content Home Insurance if you live in a rented house.
How much premium is to be paid for taking home insurance?
The premium for home insurance depends on various factors. For example, if you insure a higher amount, you have to pay a higher premium. Along with this, the premium also depends on the insurance plan, the addons included in it, the geographical location of the house, etc. Before buying home insurance, all the premium related things are explained to you by the insurance company.
What can be the Sum Assured of Home Insurance
The Sum Assured of Home Insurance is determined according to the cost of your house and the things available inside the house. For this, the insurance company takes into account the area of your house, cost of building the house, age of the house, cost of the things kept inside the house, etc.
What are the benefits of having home insurance?
If you buy home insurance, then you get many benefits in it. For example, in case of any kind of unforeseen event, if there is any damage to your house, then the amount of insurance is provided to you by the company so that you can face your loss and bring your house back in its old condition. Not only this, after taking home insurance, you also get sure about the valuables kept in your house. You get claim for valuables in case of theft/burglary etc. Apart from this, if there is any damage to the structure of your house, you still get a claim by the insurance company.
Home insurance companies:
If you want to keep your home safe and get reimbursed for any kind of damage, then below we are going to list some of the leading home insurance companies in India.
SBI General Home Insurance
• Cholamandalam Home Insurance
• Bharti AXA Home Insurance
• Bajaj Allianz Home Insurance
• IFFCO Tokio Home Insurance
• National Insurance Home Insurance
• New India Assurance Home Insurance
• Oriental Home Insurance
• Reliance Home Insurance
• Royal Sundaram Home Insurance
Apart from this, there are many other companies in India that provide the facility of home insurance. But the companies included in the above list are considered to be the trusted home insurance companies in India. You can insure your home by choosing one of these companies and be worry free.