To meet the different needs of each client, large home insurance companies and Indian banks offer a wide range of home insurance policies.
These different types of home insurance policies help clients understand the need for home insurance in India and select the right policy for their needs. The most important and popular types of home insurance policies in India have been listed in full.
1) Fire and special risks policy
It is one of the best types of home insurance companies in India 2019 and, as the name implies, is insured against certain risks and specific fire events. This coverage can be purchased both from the owner (own house) and from the tenants living in a rented house.
The home insurance against fire and special risks cover the Insured’s home against loss and damage for the following reasons:
- Natural disasters such as lightning, fires, volcanic eruptions, forest fires, earthquakes, storms & floods.
- Damage caused by an explosion/implosion, antisocial activities caused by man, such as strikes, riots or damage caused by malicious intentions.
- Damages due to direct rail/road contact, vehicle. Damages to your home insured with your own vehicle are excluded from this warranty.
- Damage due to explosion and/or overflow of water tanks, pipes, and equipment
- Subsidence, including rockslides and landslide
- Missile test operations
- Damages due to leaks in sprinkler systems
Also read: Home Insurance: Buy Online Home Insurance
2) Construction insurance
This type of home insurance policy in India covers the structure of your home against all risks and risks. In addition, the guide also protects all permanent facilities in the house.
This includes the kitchen and bathroom accessories, as well as the roof of an insured house.
Some houses have garages, outdoor space or shed. This type of home insurance policy usually covers these structures.
3) Liability insurance
If guests or third parties suffer damage to themselves or their property within the insured’s home, this type of home insurance provides protection against such damages.
Also read: Features And Benefits Of Home Insurance
4) Personal accident
This type of home insurance policy in India covers you and your family. The compensation will be paid in case of permanent disability or death of the insured person due to an accident or personal injury, even if this happened somewhere in the world.
5) Theft and robbery
In case of robbery or theft in the insured house, theft or damage to valuables, you are covered by a contract.
6) Content insurance
Not only it secures your house, but the contents of your house, for which you would spend a lot of time and money, deserve the same protection. This type of home insurance policy in India protects your property against damages and losses due to theft, fire, flood and other similar incidents.
Your documents, portable devices, jewelry, televisions, refrigerators, etc. they are covered. This is useful if you need to change the interior of a house if it is flooded or burned to ash.
7) Insurance for tenants
As a tenant, I would obviously have rented a house or an apartment. In this case, it makes more sense not to decide on the roof of the building. On the contrary, you should focus on protecting your content.
This type of home insurance policy is essential for all tenants. Even if you live in a rented house, it is yours until you live there.
8) Landlord’s insurance
As an owner, the maintenance of the building/apartment/structure of the house (the one you rent) is clearly your responsibility. Generally, standard construction insurance does not suit the needs of the owners, as well as the other residents who live there.
As an owner, you need something special for the owners. Therefore, owner insurance is ideal for you and also covers aspects such as loss of rent and liability.
What is not covered in home insurance?
- Destruction of goods voluntarily
- Material damage due to wear and tear
- Loss of property through war
- Loss of unoccupied property for a certain period of time
- Silver in the form of cash, antiques, and collectibles
Also read: Homeowners Coverage Insurance
FAQs on types of home insurance in India 2019
However, the average deductible is between $ 500 and $ 1,000 per year.
State Farm is the best option for homeowners looking for the cheapest home insurance policy rates. Low State Farm rates along with national coverage mean that homeowners in the country are likely to find the cheapest homeowners insurance company.
In general, you will have to pay around $ 35 per month for every $ 100,000 of property, depending on your city and state. And, of course, costs vary from insurance companies to insurance companies. That’s why it’s advantageous to look for a cover.
First things first: compare the references
Customize your coverage options
Be sure to get quotes from apple apples
Be sure to receive all available discounts
Investigate the financial situation of the company
Visit the website of your Department Of Insurance (DOI)
Think of customer service. Talk to a relevant person
Insurance companies must increase the amount paid by their customers to cope with the increase in costs.
You may see an annual increase in your home insurance due to inflation and higher business costs. As the CPI increases, insurance companies increase premiums accordingly.
The most common expenses, where you can often choose between annual or monthly payments, are insurance premiums.
Regardless of whether it’s your car or home insurance, most companies charge premiums annually or bi-annually.
But to make it easier for your customers, you can also pay your premiums monthly.
The 5 best affordable homeowners insurance
Amica – Best customer ranking.
Allstate – Ideal for new owners.
State Farm – The most personal budget.
Progressive approval – extended.
MetLife – Better replacement coverage.
Unlike driving, you can legally own a home without an owner’s insurance. However, if you finance your home with a mortgage, you will most likely need home insurance to protect yourself from damages caused by unforeseen circumstances, such as fires or natural disasters.
Top 3 of the cheapest insurance companies:
Amica Mutual Insurance: ideal for customer comments.
State Farm: ideal for working with a local agent.
Allstate: Ideal for a variety of discounts.
Tips to choose home insurance policy:
Buy a blanket If you own a house, it is likely that your mortgage lender will ask you to take out home insurance.
Check the qualification of the company
Consider the location
Know the costs
Compare the franchise
Get to know the house and leave
Bajaj Allianz provides one of the best home insurance policies in India.
This article is written by
Abhishek A. Kamble (Digital Marketing & SEO Expert)