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Home Insurance

About Home Insurance

Home insurance is a type of property insurance that protects individuals home from threat situations or accidents like fire, burglary, earthquake, destruction by riots etc. It covers the losses and damages to the insured’s house and the valuable assets in it. Also, known as Homeowners insurance, it provides legal responsibility for any accidental injuries of the insured and their family members and for the property damage.

Homeowner’s insurance policies generally cover four incidents on the insured property – interior damage, exterior damage, damage of assets and accidental injuries while on the property. There are various home insurance policies offering different plans as per individual needs, so before opting for the policy an individual should compare multiple offers and choose the plan that suits best as per their needs.

Key Features of Home Insurance Plan
  • It provides complete coverage for the structure of the house and the assets present in it.
  • These policies have comparatively lower premium rates as compared to other insurance policies.
  • Reduces stress that might arise due to any unexpected events.
  • After a policy is claimed, the company provides temporary expenses for living, if the home is uninhabitable.
  • Various optional coverages are also available that can be included as per the insured’s need in the policy.
Home Insurance – Inclusions and Exclusions

The basic inclusions in this plan are as follows:

Fire and perils coverEarthquake coverBurglary and Theft Cover
This includes lightning, riot, cyclone, storm, flood, strike, fire, aircraft damage, missile testing and terrorist attack.
This inclusion can be added in some policies which protects against the loss or damage to any of the insured property by flood or rise of sea, rivers, etc. due to earthquake.
This provides coverage against theft and burglary of the assets present at the insured property

The basic exclusions in this plan are as follows:

  • Loss and damage caused by wear and tear and depreciation.
  • Damage caused by act of foreign country, war, invasion and nuclear war.
  • Destruction due to over running or excessive pressure caused to any electronic equipment.
  • Damage of the under-construction property.
  • Loss of cash, documents and jewelries.
How to File for a Home Insurance Claim

Before filing for a claim, an FIR should be lodged and copy of which is to be submitted to the insurance company. Every company have their own deadline within which the claim about loss or damage has to be done. Apart from FIR report, other documents necessary are:

  • Investigation report by police
  • Fire brigade report
  • Medical certificate for disability or death
  • Invoice of owned assets
  • Original invoice for replacement from suppliers
  • Repair estimates
  • Court order
List of Companies providing Homeowners Insurance
  • SBI General Home Insurance
  • Bharti AXA Home Insurance
  • HDFC Ergo Home Insurance
  • National Home Insurance
  • Future Generali Home Insurance
  • Cholamandalam MS Home Insurance
  • L & T Home Insurance
  • Iffco Tokio Home Insurance
  • Oriental Home Insurance
  • New India Home Insurance
  • Reliance Home Insurance
  • Universal Sompo Home Insurance
  • Shriram Home Insurance
  • Royal Sundaram Home Insurance