Home Insurance for New Homes in 2024

Be it a studio apartment or a mansion, a home is a special place that you cherish, and often, share with your family. Home is also the place that protects you and your loved ones, keeps you safe, and shelters you through all the ups and downs of life. It is often described as the place you come back to, and the place that protects you. But what protects your home?

Insurance for the house

“Why does your home need protection?”, or “From what?”, some may ask. The truth is that your home is also prone to damage and some other risks. At the end of the day, it is a structure that sees wear and tears as time passes by, making it susceptible to various risks. It may also see harm from external as well as some internal forces. To protect your home, you may be already doing a lot. Hiring security, installing surveillance systems, and looking into the upkeep of amenities are some of the ways you may be protecting your home. But there is one more step, often overlooked, that can add a strong layer of financial security to your home. It can help you deal with the aftermath of mishaps that may affect your home and deal with the financial burden that comes after. This step is home insurance. * When you buy a new house, there may be a lot on your mind. You may be wanting to take steps to turn the house into a home. One of the first things you ought to do to achieve this gets home insurance.

Why protect your house with insurance?

To know why you should get insurance coverage for your new house in the new year, you need to understand what this type of insurance offers, what it covers, and the benefits of getting one. Here are a few benefits of getting a house or property insurance for your new home:

1. It allows you to get financial protection for the structure of your home, as well as the belongings it houses within.
2. Depending on the type of policy you buy, you are offered protection against natural calamities such as earthquakes, floods, and more.
3. You may also be protected against human-induced mishaps such as fire, robbery, and such.
4. You can buy policies depending on your needs. You can either buy a comprehensive policy or buy specific policies such as a standard perils policy.
5. Your new home does not have to be owned by you to be protected by your home insurance. Even if you are a renter, you can purchase a tenant’s policy.
6. You can also be renting out a property and wanting insurance coverage for the same. It is possible to get it by opting for a landlord’s insurance policy.
7. You can not only protect the structure of your house, but also the belongings of your house. You can get the type of house insurance that covers your belongings, such as electronics, valuables such as paintings and jewelry, and more.

Buying insurance for the house

The first step to buying home insurance is understanding the various types of policies available. Here are a few basic variants of home insurance that you could choose from.

1. Standard fire & special perils policy
2. Theft or burglary coverage
3. Insurance for belongings or contents
4. Personal accident cover
5. Public liability cover
6. Tenant’s insurance
7. Landlord’s insurance
8. Bharat Griha Raksha

Of these, the Bharat Griha Raksha is a standard policy declared by the IRDAI and can be found with multiple insurance providers. You can visit the official website of IRDAI for further details. If you are not keen on getting separate coverages with these policies, you may also opt for a comprehensive plan. Once you know which policy you want to buy, you can look for home insurance quotes about your desired policy. One of the ways to get these is by getting in touch with an insurance agent, or a representative of the insurance provider. Another way to get these quotes is using a home insurance calculator. You can find these tools online. You will be required to input certain details, such as the value of your property, carpet area, city or pin code, the value of items within the household, and more. The calculator will then compute the details and throw up figures for your estimated property insurance premium. Home insurance calculators are usually available free of cost. Now that you know that insurance covers for your property are available, don’t delay in getting one. Whether you are buying a new home, or have already purchased one, the new year is a great opportunity for establishing a secure beginning with property insurance if your home isn’t already insured. * Standard T&C Apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.