BUILDING INSURANCE

Types of home insurance in India

To meet the varied needs of each individual client, the major insurance companies and banks in India offer a wide range of insurance policies for the home. These varied types of home insurance policies help clients understand the need for home insurance and choose the right policy according to their requirements. The main and most popular types of home insurance policies offered in India have been included holistically.

Standard fire and special hazards policy

Offered by each leading insurance company, as suggested by the name of the policy, it provides coverage against certain special hazards and fire outbreaks. This coverage can be purchased by the owners of the houses (for their own house) and also by the tenants who reside in a rented house. The sum insured, for this policy, is calculated as Building - Cost of reconstruction (excluding the value of the land). A standard policy against fire and special risks covers the insured home against losses and damages caused by the following causes:

Natural calamities such as lightning, fires, volcanic eruptions, forest fires, forest fires, earthquakes, storms, floods.

Damage caused by explosion / implosion, antisocial activities done by man such as strikes, riots, damage caused by malicious intentions

Damage caused by direct rail / road contact, vehicle. The damages caused by the insured house, with its own vehicle, are not included in this coverage.

Damage caused by the explosion or overflow of water tanks, pipes and appliances.

Subsidence including landslides and landslides

Missile test operations

Damages caused by leaks in automatic sprinkler installations

Structure of home / construction insurance

This type of home insurance covers the structure of your home from any type of hazards and risks. In addition to this, the policy also protects permanent fixtures inside the house. This includes the accessories of your kitchen and bathroom, and also the roof / ceiling of the house insured. Some houses have garages, a room / house in the open air or sheds. This type of insurance generally also extends to these structures.

Liability coverage

If any guest or third party experiences damage caused to them or their property within the insured's home, this type of home insurance policy provides coverage against it.

Personal accident

This insurance covers you and your family. Compensation is granted in case of permanent disability or death of the insured person due to accidental or physical injury, even if it has occurred anywhere in the world.

Theft and robbery

In the event of theft or theft in the insured house, if any valuable content is stolen or damaged, the policy covers you.

Content insurance

It is not only the house, what you have insured, but also the content inside the house in which you would have spent a great amount of time and money deserve equal protection. This type of home insurance policy protects the assets within your home against damages and losses due to theft, fire, flood and other similar mishaps. Your documents, portable equipment, jewelry, TV, refrigerator, etc. they are covered. It helps when you have to replace the interior of the house if your house is flooded, or it has burned to ashes due to a fire.

Renters insurance

As a tenant, I would obviously have rented a house or a flat. In that case, it is the smartest option not to opt for a building envelope, instead, it should focus completely on protecting its contents. This type of insurance is a must for each tenant. Although you live in a rented house, it is very much yours, at least, until the moment you reside in it.

Homeowners insurance

As the owner, the maintenance and maintenance of the building / apartment / structure of the house (which you are renting) are clearly your responsibility. A standard building insurance policy is generally not designed solely for the owners' need, because there are also other residents who live in the building. As the owner, you need something specifically designed for the owners. Therefore, an owner's insurance policy is ideal for you and also covers aspects such as loss of rent and public responsibility.

What is not covered?

Destruction of property voluntarily.

Property damage due to attrition.

Loss to property due to war.

Loss to unoccupied property for more than a certain specified period.

Money in the form of cash, antiques and collectibles.