Characteristics of a Best Home Insurance Cover 

Getting a home insurance cover is one of the best ways to protect a house from unforeseen risks. Usually, it gives you all-around protection by extending the coverage beyond the house structure. Unlike any other type of policy, it gives you protection against damages to the valuable content of the house and its related structure.

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*The premium of ₹ 9/month is for a pucca building with sum insured of ₹ 5 lakh at selected locations, for property age less than 40 years and policy term of 1 year. Additional premium is payable for the optional covers including contents opted.

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**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*The premium of ₹ 9/month is for a pucca building with sum insured of ₹ 5 lakh at selected locations, for property age less than 40 years and policy term of 1 year. Additional premium is payable for the optional covers including contents opted.

What are the Characteristics of a Best Home Insurance Cover?

In India, we have several home insurance companies selling different types of plans according to the need and preferences of the customer.  A home insurance policy is divided into two categories based on the kind of cover they offer- whether it is for damages or for liabilities. Let's find out about them in detail-

Cover for Damages

The primary component of any insurance policy is to provide cover for damages. It offers a shield for the house, personal property, and other structures. It also offers alternate accommodation arrangements if needed. Below we have discussed the several damages covered in a home insurance policy-

1. Cover for the Structure 

It protects against damage to the physical structure of the house or building. It also gives cover to the building from damages due to heating, electrical apparatus, air-conditioning, plumbing, etc. However, the land where the house has been laid up is never a part of the home insurance cover. 

2. Coverage for Additional Structures

Additional structures refer to the surrounding structures which are not attached to the house. Some additional structures are- garages, a backyard shed, swimming pools, a driveway or ramp, a mailbox, etc. All these are also covered in your home insurance cover.

3. Cover for Personal Property 

Your home insurance policy also gives protection to the personal possessions or the contents of your house from various risks. It includes a refrigerator, television, personal computer, AC, washing machine, toaster, microwave, etc. 

Moreover, you can also add upholstery like- curtains, rugs, tablecloths, carpets, mats, cushions, etc. However, generally, home insurance companies exclude jewellery from this list. We suggest you read the policy inclusions first and then buy a cover.

4. Cover for Additional Accommodation Expenses

Another important coverage given by a home insurance policy is the additional accommodation expenses. In this, you will receive all the living expenses if the insured house is damaged by any external forces.

The expenses include rent of the accommodating house, travelling expenses, food bills, and other living expenses. Also, make sure you have all the receipts of the expenses incurred during this time for insurance purposes. 

Cover for Liabilities 

Your home insurance policy offers you coverage for any liability which may arise and cause harm to the third party. Below we have discussed all the types of liabilities that may arise. Also, it includes those liabilities that are outside the home structure. 

1. Cover for the Liabilities

Liability cover is one of the main characteristics of any insurance policy. Similarly, your home insurance policy covers you from any legal liabilities that may cause harm to a third-party person on your premises. 

Let's understand this with the help of an example. If a tree from your garden that is located on your premises falls on the neighbour's house and damages its fence. In such a situation, your neighbour can ask for your compensation.

Now here, your home insurance cover will rescue you and pay for the damages & repairs with legal charges, if any. 

2. Cover for the Medical Payments to the Others 

It is the feature of a home insurance policy in which the homeowner is liable to pay medical expenses for the treatment to the third party in case of an accident. The cover is designed to pay for the expenses of minor injuries. Some of them are mentioned below-

1. In case, when your kid physically hurt neighbour's kid while playing in your garden.

2. When your guest slips on the stairs at your house and gets injured. 

3. In case, your neighbour slips on the ramp of your driveway and gets their foot fractured. 

Tips for Choosing the Best Home Insurance Policy 

Now you must have understood that a standard home insurance policy covers all the risks to your home and its belongings. Also, it covers liabilities to third-party. Buying a home insurance policy is an absolute investment in your life.

Below are some top tips that can be of great use while choosing a home insurance cover-

1. Firstly, understand the type of insurance cover you need. To choose the right plan, you have to understand your need first and then buy the plan & the coverage. 

2. Choose and compare multiple plans online. Start with reputed insurance providers and create a list of them along with their coverages and premium. Also, you must check and compare their cover, add-on availability, inclusions, exclusions, deductibles, and claim settlement ratios. 

3. While entering your details, give accurate information about the value of the home and its content. Do not miss anything because it can lead to claims getting turned down. 

4. While buying the policy, look for riders also. Riders refer to add-on covers that can be purchased with a standard policy to enhance their coverage and give you extra protection. 

Summing It Up 

If you are planning to buy a house, understand how a home insurance cover helps you and how important it is for your home to be safe. To make your buying home insurance policy process simple, we have given all the characteristics of a policy and tips for choosing the right plan. 

Written By: PolicyBazaar - Updated: 26 April 2022
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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Reviews & Ratings

4.4 / 5 (Based on 120 Reviews)
(Showing Newest 10 reviews)
Virendra
Bokaro, July 26, 2022
Coverage for natural calamity
I was looking for an insurance policy that provides me coverage for natural calamity. Since my house is located near a river and it floods my area in the rainy season. So i went on the Policybazaar website and particularly look for this coverage found the exact plan that provides this coverage.
Sunil
Bilaspur, July 26, 2022
Premium Calculation
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Bikaner, July 26, 2022
Natural Calamity cover
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Amritsar, July 26, 2022
Enough coverage
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Bareilly, July 26, 2022
Nice customer service
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Jitendra
Ajmer, July 26, 2022
Qiuck claim
I purchased a home insurance policy recently. However, due to a natural calamity, my house was damaged as the pressure of the water because of flood broke the enterance door of my house. But the insurance plan that i bought got me covered and i as able to get the quickest claim possible.
Prashant
Delhi, July 26, 2022
Natural calamities covered
I bought a home insurance policy recently. As i live near a river and in the rainy season, my area gets flooded so in order to protect my house and its contents, i purchased the insurance to get coverage for such natual calamities and i am tension free now.
Sharad
Kolkata, July 26, 2022
Wide coverage
The home insurance plan that i purchased from policybazaar's website is a great plan that provides me coverage for not only the structure but also cover several expensive content of the home such as paintings, mobile phones, laptops, television, etc.
Ravi
Ahmedabad, July 26, 2022
Suitable insurance plan
I purchased the group health insurance policy from Policybazaar website. First of all, i did not have to wander much online while lookig for a home insurance plan that fits my requirement and i found the suitbale home insurance plan by comparing different plans on the website.
Yashashvi
Amritsar, June 09, 2022
Natural calamities covered
I bought a home insurance policy recently. As i live near a river and in the rainy season, my area gets flooded so in order to protect my house and its contents, i purchased the insurance to get coverage for such natual calamities and i am tension-free now.
  • Disclaimers+

    #Savings of 28% are based on the comparison between the highest and lowest premiums for a pucca building with sum insured of ₹ 1 crore at Delhi, for property age less than 5 years and policy term of 11 years.

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