Home Insurance Policy : Even for valuable assets like house, the rate of people buying home insurance is only 1 percent in India. The news of fire and theft around the house is very common. Home insurance protects you against all unforeseen events. Tarun Mathur, Chief Business Officer – General Insurance, Policybazaar.com, says that while buying home insurance, you should look for plans that offer coverage against unfortunate events like fire, theft and natural calamities that are beyond your control. Thus buy a policy with a higher sum assured to get the maximum benefit.
However, before buying a policy, always compare the possible plans, features and discounts on premium offered. Most importantly, also know about the claim settlement ratio of the insurance company. Let us know the types of home insurance policies and what is covered under them.
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Different Types of Home Insurance Policy
– Comprehensive Home Insurance: This type of insurance can be called a plan for all your needs as it protects the structure, contents and occupants of the building.
– Home Contents Insurance: As the name suggests, in case of loss or damage to the contents of the house, it reimburses the policyholder an amount based on the market value. For example, jewellery, electronics items, gizmos, TVs, refrigerators, etc.
– Structure Insurance: It protects the house against structural damage caused due to natural or unnatural calamities. It also protects against robbery, theft, terrorist attacks and basic issues like damage to roof or terrace, kitchen and bathroom fittings etc. The policy also offers riders that protect additional structures such as backyards and garages.
– Landlord’s Insurance: This insurance is beneficial for the owner who is not living in his house. Because it also entitles the owner to insure against loss of rent or public liability.
– Renters Insurance- This can purchase by renters and covers their personal belongings. Such as jewelry, furniture, electronic equipment, and clothing kept inside their rented space.
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Liability Cover
– Fire Insurance- Diwali fire is common all over the country. The consequences of a house fire can be devastating. Hence, it is essential to secure yourself with fire insurance as it protects your home from accidental fire and short circuits that can lead to massive destruction.
– Public Liability Cover – This coverage compensates for the expenses or damages caused to third parties or guests due to unforeseen events like accident. Tree fall etc.
– Burglary and Theft Insurance: It protects in case of loss due to domestic burglary by reimbursing stolen articles and valuables.
