Home has always been a special place for every individual and every customer in India knows that value. So we need to protect ur homes from every disaster whether it be natural or man-made and there can be no better option than having a home insurance. A home insurance protects our homes from any unforeseen events. Home insurance in India generally comes in two forms:
Building Insurance –
Building Insurance covers only the structure of the house and not the contents of the house. The policy covers the reconstruction cost and it is calculated only for the built-up area, as per the construction rates fixed by insurance company. The policy provides protection against natural disasters like flood, earthquake, storm, cyclone etc. and also for man-made disaster like strikes, riots etc.
Contents insurance –
Contents insurance comes with an insurance cover that protects the valuable belongings of an individual in a house. This may include precious jewelry, electrical appliances, furniture etc. This is particularly beneficial for those living in rented accommodation. But an important thing that one should keep in mind while opting for such type of cover is that the policy does not include cash, stocks, bonds and antique items in their insurance cover. The insurance cover can be taken for protection against earthquake, burglary, damage due to fire, short- circuiting etc.
In addition to the above two policy covers the insurance companies also provide additional covers. This type of cover is beneficial when one needs to move into a rented accommodation due to earthquake, fire, storm etc. The insurance company will cover for the expenses that one may have accounted while living there. However an insurance company may not provide any compensation if it finds that home was unoccupied for a long period of time or if they find that the house is/was used for commercial purposes and also if it finds that the destruction was done willfully.
Although having an insurance for home is not mandatory in India, but it is always advisable to have one. Moreover having a policy does not cost much but the benefits the policy may provide is far more valuable. So this is required that you need to keep in mind some points when you are going to apply home insurance in India.
There are a number of companies offering home insurance policies. However, one should compare the insurance policies before opting one as different companies may have a different policy cover and different premium amount based on it. You can easily apply home insurance as per your needs and budget.
Some of the companies that offer home insurance in India are as follows: