Home insurance provides cover against unforeseen incidents such as natural calamities (storms, floods, landslides) and man-made disasters such as (burglary, riots, theft, etc.). Be it your own house, a rented one, an apartment, or a luxury mansion this insurance policy will provide cover for any kind of loss or damage.
Protect your house from calamities & valuable contents from thefts starting @ ₹125/month*
App & Website
24X7 Support
Compare Features
15+ Insurers
Dedicated Team
Easy Claims Process
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*For 50 lakhs Structure Value
Protect your house from calamities & valuable contents from thefts starting @ ₹125/month*
Home insurance is a type of property insurance that provides coverage to the policyholder from the unforeseen loss or damage caused to the house structure as well as its content. Home insurance is popularly known as homeowner’s insurance. It is a sort of property insurance covering private residences.
In recent times, the incidence of natural calamities, such as storm, floods and cyclones, have increased manifold. In the first half of 2020 itself, India has witnessed two cyclones – one each in the Bay of Bengal and the Arabian Sea. When such a natural calamity strikes, it not only damages the trees, vehicles and external properties but also ends up damaging several houses. Your house is one of your most prized possessions and thus, you need to protect it against any loss or damages arising out of such natural calamities. If you have a house insurance policy, your house will be protected from all kinds of unforeseen dangers, including storms, floods and cyclones.
Home insurance will provide you cover against any ‘Acts of God’. Moreover, even with the latest safety equipment accessible in the market, there are chances of burglary or robbery taking place. Therefore, it is essential to take extra care and opt for house insurance policy coverage, which will provide you cover against any damage/loss incurred due to any natural or man-made calamity.
Stay insured by opting for house insurance for a longer period in a hassle-free and cost-effective way. Home insurance is popularly known as homeowner’s insurance. It is a sort of property insurance covering private residence.
Having property insurance essentially assures you of security and certainty in an otherwise uncertain world.
By investing in a good home insurance policy, you can protect your home from threats. Do not wait for a calamity to remind you of the need for buying property and casualty insurance opt for it beforehand!
Home insurance policies are available for long-term as well as for a policy term of one year. Long-term home insurance policies come with a policy tenure of more than one year. Take a look at the following policy tenure options under home insurance:
Coverage |
Policy Tenure |
Building Structure Only |
1 to 30 years |
Home Contents Only |
1 to 5 years |
Building Structure and Home Contents |
1 to 5 years |
Home insurance plans offer coverage of the liabilities that arise out of damages to the house and/or the contents due to man-made reasons like burglary, theft, etc. as well as natural calamities like fire, floods, lightning etc. Here are some of the key features of the best home insurance policy:
Cover for Damages:
The fundamental constituent of a home insurance policy is the coverage it offers against different damages. Home insurance policies not only protect your house but its surroundings, and the contents of the house.
Covers the Building:
Cover for the building/structure is the basic coverage that every home insurance plan offers. This protects the physical structure of the building/house/dwelling against different risks and perils. The coverage offers protection to the structure including electrical apparatus, air-conditioning, building, plumbing, heating etc.
Covers Additional Structures:
Apart from coverage to the building, home insurance policy also offers coverage to the additional structures around the house (that might not necessarily be attached to the building). Some of the examples may be fence around the house, detached garages, retaining wall, backyard shed, mailbox, the driveway, pool etc.
Covers Personal Property/Possessions:
Home insurance policies also offer cover for personal possessions/property or the house’s contents against different perils and risks. House insurance policy might include electrical appliances personal computers, television sets, refrigerators, microwaves, air-conditioners, etc. It includes furniture such as dining tables, couches, beds, together with furnishings such as rugs, curtains etc. Most often, expensive assets including jewellery are also covered.
There is no denying of the fact that house insurance is necessary; however, there are other benefits of buying the best home insurance policy. Have a look below:
The following table showcases a list of all the insurance companies offering home insurance plans in India along with their coverage and benefits:
Home Insurance Providers |
Eligibility |
Benefits |
Coverage |
Optional Covers |
Bajaj Allianz Home Insurance |
Homeowners/ Tenants |
- |
- Fire & allied perils - Loss of documents - Home burglary - In-transit loss or damage to household goods - Personal accident cover - Loss of rent - Coverage for pedigree pets - Alternate accommodation expenses - Loss of baggage - Third party and employee liabilities |
Terrorism cover |
Bharti AXA Home Insurance |
Homeowners/ Tenants |
10% automatic increase in sum insured on newly purchased goods |
- Fire & allied perils - Loss of documents - Home burglary - In-transit loss or damage to household goods - Personal accident cover - Loss of rent - Coverage for pedigree pets - Alternate accommodation expenses - Loss of baggage - Third party and employee liabilities |
Terrorism cover |
Cholamandalam Home Insurance |
Homeowners/ Tenants |
- |
- Fire & allied perils - All risk cover for jewellery - Burglary & housebreaking - Breakdown of home appliances & home utility - Loss/ damage to personal baggage - Damages to fixed plate glass - Personal accident cover - Temporary/ total permanent relocation - Coverage for pet animals - Garden cover - Education benefit - Employee benefit |
Terrorism cover |
Future Generali Home Insurance |
Homeowners/ Tenants |
- |
- Fire & allied perils - Protection of jewellery/ valuables - Burglary/ housebreaking/ theft - Breakdown of the portable computer - Protection of household electrical/ mechanical equipment - Protection of electronic equipment - Tenants legal liability - Personal accident cover - Domestic workmen compensation - Enhanced protection covers, including baggage loss, pedal cycle, misuse of credit card, plate glass and ATM cash withdrawal - Public liability - Veterinary costs - Home loan EMI |
- |
IFFCO Tokio Home Insurance |
Homeowners/ Tenants |
Worldwide coverage of personal liability |
- Fire & allied perils - Personal accident cover - Burglary & Housebreaking - Jewellery & valuables - Domestic appliances & electronic equipments - All risk for fine arts - Breakdown of domestic appliances - Fixed glass & sanitary fittings - Pedal cycle - Loan payment protection - Personal & public liability - Baggage loss - Employees compensation - Increased living expenses - Tenants liability - Coverage for contents of children studying outside |
- Escalation clause - Professional fees - Debris removal - Loss of rent - Pets cover - Money cover - Tress and plant cover - Documents & cards - Accidental medical benefit |
National Insurance Home Insurance |
Homeowners/ Tenants/ Housing Societies |
- |
- Fire & allied perils - Jewellery/ valuables - Burglary - Plate glass - TV sets - Breakage of domestic appliances - Pedal cycles - Personal accident cover - Baggage loss |
- |
New India Assurance Home Insurance |
Homeowners/ Tenants |
Savings options on opting more sections |
- Fire & allied perils - Jewellery & valuables - Burglary & housebreaking - Breakdown of domestic appliances - TV/ desktop insurance - Baggage insurance - Pedal cycle - Personal accident cover - Public liability |
Earthquake & terrorism cover |
Oriental Home Insurance |
Homeowners/ Tenants/ Housing Societies |
Savings options such as long-term policy discount, section discount, security arrangement discount, etc. |
- Fire & allied perils - All risks for jewellery & valuables - Housebreaking - Plate glass - Personal computer & laptop - Domestic appliances - Pedal cycle - Personal accident cover - Loss of baggage - Public liability - Workmen compensation |
Terrorism cover |
Raheja QBE Home Insurance |
Homeowners |
- |
- Fire & allied perils - Burglary & housebreaking - Debris removal - Architect/ Consulting Engineer/ Surveyor Fee |
- Earthquake cover - Loss of rent - Leakage & contamination cover - Terrorism damage cover - Spontaneous combustion - Impact damage due to own vehicle |
Reliance Home Insurance |
Homeowners/ Tenants |
No paperwork |
- Fire & allied perils - Jewellery & other valuables - Burglary, housebreaking & theft - Domestic machinery breakdown - Personal accident cover - Fixed plate glass |
- |
Royal Sundaram Home Insurance |
Homeowners/ Tenants |
- Escalation benefit for long-term policies - Zero depreciation cover under the Diamond plan - No documentation - Tenure discount |
- Fire & allied perils - Jewellery & valuables - Burglary - Electrical & mechanical breakdown - Temporary resettlement - Loss of cash - Accidental damage - Baggage loss - Mobile equipments - Third party liabilities - External equipments - Personal liability - Employee compensation - Paintings and work of art |
- Rent for an alternate accommodation - Personal accident cover - Loss of rent - Employee compensation - Terrorism cover |
SBI Home Insurance |
Homeowners/ Tenants |
- Worldwide personal accident cover - Savings options such as tenure discount, section discount, etc. - Global coverage for jewellery/ valuables & baggage - Cumulative bonus under PA cover |
- Standard fire & special perils - All risk cover for jewellery, portable equipments & valuables - Burglary & theft - Baggage loss - Breakdown of domestic appliances - Loss of in-transit cash - Public liability - Plate glass - Personal accident cover - Key replacement cover |
- Rent expenses for an alternate accommodation - Terrorism cover - Debris removal - Impact damage by own vehicle - Loss of rent - Surveyor/ architect/ consulting engineer’s fee - Temporary resettlement expenses |
Shriram General Home Insurance |
Homeowners/ Tenants |
Terrorism & theft exclusion discount |
- Standard fire & special perils - Personal accident cover - Burglary/ housebreaking - Employee Compensation - All risk cover for jewellery, valuables & portable equipments - Plate glass & sanitary fittings - Breakdown of electrical & mechanical appliances - Baggage loss - Electronic equipment insurance - Public liability - Removal of debris - Surveyor, architect & consulting engineer’s fee |
- Escalation clause - Earthquake cover - Impact damage - Terrorism cover - Loss of rent - Rent for an alternate accommodation - Theft cover - Third party liability - Purchase protection extension - Extra facilities extension
|
Universal Sompo Home Insurance |
Homeowners |
- |
- Fire & allied perils - All risk cover for jewellery & valuables - Burglary & robbery - Plate glass - Breakdown of domestic appliances - Electronic equipment - Personal accident cover - Workmen compensation - Baggage insurance - Public liability |
Terrorism cover |
Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
When you are a homeowner, it is important to secure your home from every possible peril. Let us understand some reasons, which make buying house insurance a necessity:
To meet different requirements of customers from every walk of life, the house insurance providers in India offer various insurance policies.
The various types of house insurance policies help the customers to comprehend the importance of having an insurance policy and zero down a policy on the premise of the specific requirements.
In India, generally, the following types of home insurance policies are offered, which are:
This is one of a kind of property and casualty insurance policy, which is offered by most of the property insurance providers within the country. It offers protection against special perils and fire-related outbreak.
The owners of a house usually buy this policy or the tenants as the situation may be. A Standard Fire and Special Perils essentially provide cover to home against any loss/damage incurred due to any natural calamity such as earthquake, volcanic eruption, etc man-made calamity, any missile testing operations, overflowing of water from tanks, pipes, and so on.
A home is a place where you reside and it is obvious that your friends or relatives will visit you.
On the off chance, there is a possibility that any of the guests or any third-party may encounter any loss or damage caused either to them or the property within the insured’s house. Under such circumstances, this house insurance comes at your rescue.
This house insurance policy offers protection to the structure of your home from any hazard or perils. Besides, it also provides a cover against any damage caused to the permanent fixings of the home such as fitting in the kitchen, washrooms, ceilings and so forth.
Of course, there are houses, which have garages or rooms/shed on the outdoor premises. This type of property insurance also provides extended cover to such structures as well.
In case of any robbery or theft that happens in the insured house causing damage to the contents present in the house, this house insurance policy provides cover for the equivalent.
This house insurance protects you and your family. In an unfortunate event such as an accident or any physical injury incurred anywhere across the globe, which led to a permanent disablement or demise of the insured person then the compensation for the same shall be provided.
Remember, buying this house insurance assures that not just the house beside every content present in the home is valuable and it protects the goods from any damage or loss under perilous situations like fire, theft, and so on.
Right from the refrigerator, television sets to any important document are covered within this house insurance policy. When the interior of your house is destroyed due to mishap such as flood or has been burnt to ashes under a fire outbreak this house insurance will provide you with a cover.
If you are a landlord, you need to maintain the building/flat and its structure. It is a big responsibility.
Besides, a standard building insurance policy is generally not designed catering the interest of a landlord. So having this house insurance policy is necessary, as it will protect you from any loss of rent or public liability.
If you are, tenant it means that you might be residing in a rented flat or house. Therefore, if you are a tenant, opt for choosing a cover for the content that belongs to you.
This house insurance is a necessary buy for every tenant.
Bharat Griha Raksha is a Standard Fire and Special Perils policy. This policy covers wide range of perils such as fire, natural catastrophes (Strom, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood, Inundation, Earthquake, Subsidence, Landslide, Rockslide) Forest, Jungle and Bush fires, impact damage of any kind Riot, Strike, Malicious Damages, Acts of terrorism, Bursting and overflowing of any of the aforesaid events.
Besides offering coverage for the home building, the policy covers General Home Contents automatically without any need of details declaration for 20% of the Sum Insured for the building subject to a maximum of Rs. 10 Lakhs. One can also opt for a higher Sum Insured for general contents by declaring details.
This policy also offers two optional covers. They are as follows:
Bharat Griha Raksha policy gives right to the policyholder to claim in case of underinsurance. In simple words, if the policyholder declares less Sum Insured than what was declared for the property then policyholder’s claim will get settled up to the Sum insured that was declared at the time of purchasing the policy.
House insurance is an important aspect to secure your home against any unforeseen event. Anyone fulfilling the following criteria is eligible to buy a home insurance policy:
Various home insurance providers in India offer different plans as per individual needs. To ease your selection, we have listed down important points, which should be compared while choosing one home insurance provider over others:
Firstly, evaluate risks, which your home is facing or might face in the future. For example, if you live in a flood-prone area then you should ensure that your property insurance policy is covering these risks also. While checking coverage, it is prudent to check if the premium fits within your budget or not. For the same, you can use a property insurance calculator. Or you can solicit premium quotes of individual insurers or use the comparison chart to compare property insurance premium quotes and then accordingly opt for a property insurance policy.
A good company is judged by the turnaround time of settling claims. The very purpose of insurance will be defeated if you do not get a claim when it is required. Therefore, it is worthwhile to check the claim settlement record of property insurance providers before zeroing in on any house insurance providers.
The first and foremost characteristics of a good company are that it has customer-friendly staff. Does your house insurance provider have competent customer service representatives who are capable enough to resolve your queries quickly? It is always important to choose a property insurance provider who is well equipped to assist you at any point in time.
Home and property insurance covers losses to the structure and content of your home/ property due to natural and man-made calamities.
The policy offers coverage against loss or damage to any of the insured property. However, many policies do not cover flood or overflow of the sea, rivers and lakes due to earthquake.
The contents of the home are also covered against burglary or theft. This type of property insurance coverage will also be extended to silver articles, jewellery, precious stones and other valuable items, provided these are kept in a locked safe within your home premises.
Home insurance policy is for people who have a home whether own or rented. There is a myth that only home-owners should buy a home insurance plan. Let us tell you a case of Mr Vijay Rao and how having a property insurance policy saved him during a crisis.
Two months after Mr Rao moved to a rented apartment in Mumbai, a catastrophic fire engulfed furniture and other appliances worth Rs 8 lakh. Thankfully, he had the right type of property insurance policy and he could manage to settle back to normal life again easily and without any financial stress.
It is a misconception that only house owners should buy home insurance. Although, the house may belong to a landlord it has contents which belong to you which makes it imperative to buy a property and casualty insurance. Irrespective of the fact that whether you are a tenant or owner, buying home insurance should be your top priority.
Even, there are various house insurance providers, which provide exciting discounts to people who have bought over 3 home insurance covers. However, do not let discounts make you buy those covers, which you do not need. For instance, if you are a landlord then avoid buying a property insurance policy to cover the contents of the house. Leave that to the tenant. There are various property and casualty insurance providers who offer discounts if you buy it for a longer duration. You can ensure the house for up to 10 years, which not only gives peace of mind but you also get a chance to earn lucrative discounts.
Buying home insurance online is a quick and easy process. With a plethora of options available in the market, it is always better than before you zero down a house insurance policy, do the research work and select the correct type of property insurance plan that suits your requirements. For finding out the premium that you have to pay for your home insurance policy, you can also use a home insurance calculator.
The following are the basic steps involved in buying a home insurance policy online:
One of the most important aspects of buying the best home insurance policy is the claim settlement process. The following are some pointers, which you might consider while making a claim:
Once the respective insurance company receives the claim form, the insurance company will be sending a surveyor who will inspect the damage incurred of the insured property. In all likelihood, the insurance provider does not usually reject a claim; however, the inspection report submitted by the surveyor holds weight on the decision-making in regards to the claim.
After the insurance provider has accepted the claim, the settlement of payments is incurred towards any repairmen/renovation of the insured property, which suffered any loss/damage. In case of any queries or clarification related to the claim settlement process, it is always suggested to get in touch with the insurance provider with all relevant details.
Almost every insurance company is having its deadline within which you have to inform about your loss. These can vary between 7-15 days so make sure you do it as soon as possible. Some companies even let you do with an email or SMS. Before you file for a claim, you will have to lodge an FIR and the copy of which you need to submit with the insurance company. Apart from the FIR report, the other documents which you need to submit are-
Note: This is an indicative list and you may be asked to submit other documents at the time of claim settlement.
Strategies that can help in bringing your home insurance premiums down are-
From free home insurance policy quotes to compare among best home insurance providers in India, we at PolicyBazaar are here to secure your home from all damages/losses. With us, insuring your valuable possession, ‘Home’ is now a matter of a few clicks. One can buy or renew an existing policy through our viable platform.
Moreover, if the presence of various property and casualty insurance providers has perplexed you, then talk to our customer support staff that will guide you on all aspects of home insurance and help you in making a wise and an informed choice.
It takes years to build a house so extend, its life with a right home insurance plan!
Sum assured for the structure
Sum assured= Built up area x cost of construction per square foot
It is computed on the basis of reconstruction value and not on its market value. For instance, if the built up area of your house is 1500 sq. ft and the construction rate decided by the insurer is Rs 1000 per sq. ft., sum insured for your home structure would be Rs 15,00,000.
Sum assured for the content
It is calculated either from the actual cash value (ACV) of the asset or from the replacement cost, i.e., Current Market Value – Depreciation
Impact damage due to accidental losses