Different Types of Home Insurance Plans in India


Whether we own or rent our homes, we take great care in maintaining them and decorating them with carefully chosen objects in certain areas. To protect your home and its belongings against unforeseen disasters like earthquakes, floods, burglaries, etc., you need to manage your budget accordingly. In this article, we help you understand the main and most popular Home Insurance plans.

What is a home insurance policy?

Home insurance protects the structure and contents of your home against fire and theft, natural disasters (cyclones, storms, etc.) or human activities (riots and terrorism). It is also known as homeowners insurance or property insurance. Buying home insurance is a good idea since it will protect your home and allow you to have a peaceful time at home with your family and loved ones.

Different types of home insurance policy

To meet the diverse demands of its customers, each home insurance provider in India has carefully crafted a wide selection of plans. You can better understand the needs of your home and choose the appropriate font according to your needs. Here is a list of the most common types of home insurance plans available in India:

  1. Standard Fire and Hazards Policy

Many general insurance companies in India offer this basic home insurance plan. As the name of the policy suggests, it provides protection for your home against fire and other specific perils. To protect the structure of the property, homeowners and landlords can acquire this plan. Renters can also get this coverage to protect their property and other items. Depending on the costs of rebuilding the building, the guaranteed amount for this insurance is determined. It excludes the price of the land.

The standard fire and hazard policy generally covers the following:

  • Natural disasters include forest fires, bushfires, lightning, floods, volcanic eruptions, earthquakes, cyclones, hurricanes, etc.
  • Damage to your home caused by explosions and other man-made calamities, including riots, strikes and malicious intent.
  • Damage resulting from collisions with other cars in a traffic accident. But remember that this insurance does not cover damage your car causes to your home.
  • Damage to your home caused by broken pipes, overflowing water tanks, etc.
  • Losses resulting from landslides and landslides
  • Losses from Operational Missile Testing Incidents
  • The damage caused by the water leaks resulted from bursting sprinklers, bursting overhead tanks, etc.
  1. Personal accident

It’s a comprehensive home insurance plan that protects you and your family, as well as protecting your home. The insurer will compensate you if you or a member of your family are injured at the covered location and suffer death or permanent disability. Moreover, some home owners insurance the plans include personal accident coverage, covering incidents outside the insured residence.

  1. Home Insurance

This is sometimes called building insurance. As the name suggests, building insurance cover only covers damage to the structure of the building itself, including fitted kitchens, fitted wardrobes, floors, doors and ceilings. Additionally, it includes a few different buildings, such as outdoor garages and sheds. Household appliances, crockery and available furniture are not insured.

Note that fences, gates, boundary walls and major supply lines are often not included. The policy covers fires, falling trees, gas explosions, earthquakes, water main breaks, etc. without the protection for household items inside may be appropriate.

  1. Flight insurance

The valuable contents of your home are covered by this insurance, as the name suggests, and are compensated in the event of loss or destruction following a theft or break-in.

  1. Civil Liability Insurance

If a disaster in your home, such as fire or water damage, causes damage to the property or persons of third parties, such as your neighbours, the general public or someone living below your apartment, you could be held responsible. Apart from financial loss, this situation also involves reputational damage and legal costs. Your liability insurance protects you against these monetary and legal costs up to a predetermined level based on the premium you have paid. Please note that this insurance does not cover losses caused by war, force majeure, natural disasters such as floods, earthquakes, etc., or losses caused by the planned activities of the policyholder.

  1. Household goods insurance

This home insurance policy covers your home and all its belongings. You can protect the belongings in your home against theft-related loss and damage with contents insurance. This insurance generally covers jewellery, papers and other household items and equipment such as television, washing machine and refrigerator. This insurance coverage helps you repair your home when a disaster or accident damages the exterior or interior.

It is crucial to remember that the value of the items would be determined by the prevailing market value at the time the claim was filed, not the price at which it was acquired. Additionally, various items covered by the insurance often apply maximum coverage limits. In the situation of tenants who will wish to protect their belongings, having essential household items covered by insurance may be appropriate. Be aware that if there is intentional or negligent damage to the property, the landlord can always take legal action against the tenant.

  1. Owner’s insurance

The homeowners insurance plan is created specifically to cover their needs when renting their property to tenants. In addition to covering the structure of the building, this insurance also covers loss of rent and civil liability. However, homeowner’s insurance does not protect against damage resulting from acts of God, acts of terrorism, willful destruction, or damage to property left empty for an extended period.

  1. Tenant insurance

As the name suggests, this home insurance coverage is for renters only. Tenants do not bear the cost of safeguarding the structure of the building. The protection of goods and objects in the house should be their first concern. Renters can secure their furniture, electronics, and other personal belongings for a nominal fee with renter insurance.

Home insurance coverage comes in a variety of additional forms. What is crucial, however, is that your home insurance is tailored to your home and your needs. Last but not least, after choosing your insurance policy, read the policy documents from start to finish to avoid any complications at claim time.

Disclaimer: The above information is provided for guidance only. For more details, please refer to the wording of the policy and the prospectus before closing the sales


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