What are the Inclusions Under Home Insurance in India?

Buying a home is one of the biggest achievements of life. However, the formalities and documentation process are tedious and overwhelming. So, during the process of buying a home, keep a checklist handy so that you do not miss anything important. A home insurance policy should be at the top of the checklist.

Why Home Insurance?

A home insurance policy gives the home long-lasting protection. It would act as a shield against every calamity whether natural or man-made. Often home insurance is underestimated, yet is a vital contingency plan that should remain in place. It provides comprehensive coverage against any loss or damage incurred that would need financial assistance. Any individual who is either the owner or occupant of a property should consider buying a home insurance policy. Besides, if a person has rented the property can also apply for the same.

How Important is the Home Insurance?

A home is a place where the heart belongs.  A place that remains so close to you and remains an unrivaled asset. Yet, we cannot deny the fact it does remain vulnerable to risks. Hence, it becomes important to safeguard your home. Let us explore the inclusions offered under home insurance:

1. Protection Against Natural Calamities: A natural calamity is disheartening and causes so much loss, damage, and chaos. One of the biggest losses in a natural calamity is losing a home. During any such crisis, a key difference is between the insured losses and incurred economic losses. Choosing a home insurance plan is a wise way to safeguard the home against natural calamities. It also helps to protect both the structure and content of the house*.
2. Protecting the Valuables and Content: With home insurance in place, one can also the contents at home such as the furniture, appliances, etc. One can also insure the valuables such as jewelry. The Bajaj Allianz Home Insurance policy covers the accidental loss/damage to jewelry and valuables across the country. The cover can easily be extended by paying an extra home insurance premium globally*.
3. Flexible Valuation: The policy gives the flexibility to choose the preferred type of home insurance. It means whether it is on the agreed value basis wherein the insurer settles the loss upon the value. Or, the content agreed by the insured at purchasing time of the policy. It could also be on the premise of reinstatement. Under it, the insurer will settle the loss by simply replacing the damaged property or item with a new one. Or it could also be on an indemnity basis. Here the insured will have the compensation received. It would be as per the market value of the house damaged after the wear and tear deduction*.
4. Coverage Against Fire and Theft Risk: Under such incidents like fire, the house insurance helps with the construction expenses as per the policy terms and conditions. It also offers add-ons like resettlement cover for circumstances when one needs to relocate because of severe damages at the home. In case of theft at the insured home, the policy also covers the damage or stolen content*.
5. Securing towards Liabilities: Let us understand this with a simple example. ‘A’ and ‘B’ are two neighbors. Repair work is happening in the home of ‘A’. This repair work is causing a loss to the neighbor's property who is ‘B’. Such a contingency is covered under the home insurance when public liability coverage has opted*.

*Standard T&C apply

The Bottom Line

While buying the plan understand the home insurance benefits. Protecting your home is in your hands and it should be a priority. Home is that one precious thing that is built during life. Before you zero down a policy, assess the needs and circumstances. And then add value to the home insurance cover.   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.