Types of Home Insurance in India

In order to suit the varied needs of a diverse set of individual customers, major home insurance companies and banks in India offer a broad range of home insurance policies.

These diverse & specific types of home insurance policies help their customers understand the necessity of home insurance and choose the appropriate policy according to their needs & requirements. In this article, the country’s primary and most popular types of home insurance policies have been listed comprehensively.

Contents Insurance Policy

This one covers not just the house you have insured, but also the contents inside the house on which you would have spent a lot of time and money deserve equal protection. This type of home insurance policy protects the possessions inside your house from damages and loss owing to landslides, floods, and other such mishaps. Your documents, portable devices, equipment, jewelry, refrigerator, home theatre, etc., are covered. It does help you when you have to replace the house’s interiors if your home is flooded or burnt to ashes by breaking out of the fire.

Landlords’ Insurance Policy

For a landlord, the maintenance and upkeep of the building or any other property that he’s renting out are your responsibility. A standard buildings insurance policy usually isn’t tailormade to suit landlords’ needs because other residents live in the building. As a landlord, you need something specifically meant for landlords. So, a landlords’ insurance policy is ideal for you in case you’re looking for one, and it also covers situations like loss of rent and public liability.

Tenant’s Insurance Policy

This covers only the contents of the house since a tenant does not own the building’s structure. However, you should try to rent an apartment or a house covered by the landlord’s insurance as a tenant as it will save you from future potential tussles with your landlord if the property or its contents incur some losses or damage.

Public Liability Cover

Public Liability Insurance offers the proper protection to the house in case any third-party liability arises out of injury or property damage. Public exposure or liability affected by law can destroy the structure or any other possessions within the house. With this insurance policy, you can mitigate the financial burden that may arise due to third-party liabilities, due to this reason, it can also be called third-party liability insurance.

Structural Insurance Cover

It is often regarded as the most standard form of insurance policy offered by the companies. These policies cover the structure of your home in case it gets severely damaged. The policy generally covers the costs you might incur to reconstruct or repair the damaged parts. Such policies are most often acquired with add-ons that cover supporting structures like post-boxes, backyards, garages, & so on.

Fire Insurance Cover

Other insurance policies are explained by ‘what is covered by the policy.’ Fire Cover provided coverage for a common source of damage i.e., fire. A fire insurance policy covers incidents like unforeseeable natural calamities and accidents. It can be used to get coverage for your home, its contents, or both. One can also avail fire insurance for your goods stored in distant warehouses with fire insurance policies.

Other Optional Home Insurance Types:
  1. Flood insurance – It protects your house and belongings from flood-related damages. It is a separate policy with a deductible. If you live in a state or area prone to flooding, this coverage is a good idea and may even be required depending on your location.
  2. Earthquake insurance – This covers your home in an event of damages caused by an earthquake. This policy also has its deductible.
  3. Water backup of sewer – This protects your home in the event of sewer backup, which is an unfortunate yet common problem faced by homeowners.
  4. Other structures insurance – This covers unattached property to your homes, such as a stable, shed, or detached garage. If you have these or other structures on your property, it’s a good idea to insure them to avoid the risk of paying out of pocket if an accident occurs.
  5. Personal umbrella liability insurance – It provides additional coverage for bodily injury, property damage, and personal injury to others – beyond the policy limits outlined in your main homeowner’s policy.
  6. Medical payments coverage – This will provide payment for a medical expense resulting from an accident on the customer’s property. This coverage is intended for the immediate medical treatment of your guests on the customers’ premises without determining fault.

There are multiple other types of home insurance policies. However, what’s important is that your homeowners’ insurance should be unique to your home and your requirements. Last but not least, once you decide on your insurance policy, make sure to read the policy document from one end to another to avoid any issues from arising at the time of claim!

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.


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