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.
