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What is the Difference Between Home Insurance and Property Insurance?

Be it your house, its furniture, or your business, all of these are assets collected over years and amount to your property. Without a doubt, it becomes equally important to protect them too. Be it your home or a fishing boat, every property needs to be kept safe from damages or loss. This article explores the difference between property insurance and home insurance so that you can choose the best plan for your assets.

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When is Home Insurance Required?

It takes ages of hard work and patience to build anything; no matter what it is. However, for most people building a home is the most cherished and difficult task. You may have built it from the ground or bought an apartment, a house is among the most important and expensive properties for people. Therefore, it only makes sense to ensure that nothing damages your house and causes you undue stress. Getting your home insured is one of the most reliable ways to ascertain its safety from both natural and man-made damages.

Home insurance is a type of property insurance that offers protection from unforeseen damages caused to the structure of your house. It is also known as homeowner's insurance. However, there are plenty of insurance companies in India offering home insurance to those living in rented homes. This way, not just homeowners but also the tenants can guarantee financial safety in case their rented house falls victim to a casualty.

Depending upon what you want to protect most, there are several plans and add-ons available to protect your home from natural calamities and other man-made damages including theft and robbery. Perils including fire, lightning, earthquake, riots, storms, floods etc. are covered by most insurers.

It also protects you from liability in case your guest or visitor incurs damage on your property.

Your home insurance can also be useful to protect your valuable goods if your policy offers an optional cover to buy them. Insurance plans for homes can be purchased for both short term and long term duration, depending on what your plan covers.

When is Property Insurance Required?

A property is an asset that you own. Most people immediately think of land and buildings when they hear the word property, but legally anything of value or source of wealth is a property. Properties are often expensive and cost us significant life savings. Buildings, machinery, goods, etc. have different types of property insurance. Different kinds of properties require varying coverage and protection. This may range from an individual house-owner to a full-fledged corporation which will require entirely different benefits depending on their value and needs. Therefore, it is only right to secure our property from any damage to avoid financial loss. This damage can be to your property's structure and its contents. To do so, you can buy property insurance suitable for your property. Following are some different types of property insurance in India:

  • Homeowner’s Insurance
  • Tenant's Insurance
  • Shopkeepers Insurance
  • Office Insurance
  • Fire Insurance

There are a number of specialized policies available for different purposes. Thus, property insurance is a vast category of insurance offering different coverage depending on the type of your property and what needs to be insured. 

There may also be various plans that provide an overall coverage under a single policy, with benefits such as liability benefits, protection from the destruction caused by fire or burglary and more. However, it is best to compare different plans on Policybazaar.com first to know which one is best suited to your property. Also, keep in mind that several plans have optional covers that can be used to increase the scope of coverage.

Difference Between Home Insurance and Property Insurance

Parameters

Home Insurance

Property Insurance

Scope

Residential Buildings

Commercial Buildings

Benefits

Protects Building Structure, Home Contents from damages or loss including theft, fire, riots, floods etc.

Protects property from damage due to natural & man-made calamities, machinery loss or damages, business interruption and more

Duration

1-30 years as per plan

Varies as per plan

Add-Ons

Debris Removal, Pets cover, Trees and Plant cover, Earthquake cover, Leakage and contamination cover

Escalation Cover, Terrorism Cover, Long term agreement cover, Coverage for Laptop/Computer, Mould and Fungi Endorsement, Addition customs duty cover, Cover for Employees personal property

Types of Plans

Landlord Insurance
Tenant Insurance
Building Structure Insurance
Contents Insurance
Standard Fire and Perils Policy

Homeowner’s Insurance

Tenant's Insurance

Fire Insurance

Shopkeepers Insurance

Office Insurance

*Benefits may vary with the insurance provider.

How to Pick the Right Insurance Policy?

A fire or a burglary is enough to set back any person's plans. Most people work hard their whole lives and live in regret when they lose their prized possessions to unfortunate incidents. It is hence essential to buy the correct policy based on the type or property and coverage you need.

Be it for your home or your office, keep in mind the following tips:

  • Pay attention to the basis of fixing the sum insured for your property; ensure that the depreciation has been taken into account, along with the property's reinstatement value
  • Go through add-ons carefully and choose only the ones relevant to your property
  • Don't hide or misstate any facts about your property or its fixtures
  • You may face disputes while raising a claim if you misdeclare the value of your property
  • If going for home insurance, declare the correct description and location of your home as the kind of area your home is in determines the premium rate
  • Make sure to compare different plans online before deciding upon one
  • Don’t forget to check customer reviews and insurer's claim-settlement ratio before buying any plan

Wrapping it Up,

Whatever property you own, make sure to provide it with the best possible protection so that you don’t suffer any financial misfortunes. Especially for salaried people and business owners, it is very important to have a backup in case of events out of your control.

Written By: PolicyBazaar - Updated: 17 February 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
I was looking for a home insurance policy online. I stumblled upon the Policybazaar website and it is one of the best online platforms to purchase home insurance policy. I learned about the insurance plan i wanted to purchase and after choosing the plan and add ons i could calculate the premium using their online premium calculator. Thanks Policybazaar.
Manish
Bikaner, July 26, 2022
Natural Calamity cover
I have recently purchased a flat and wanted to cover it with a home insurance policy. I was aware of the Policybazaar website so i thought i should give it a try. I went on their website and as i wanted to cover my flat with a natural calamity cover specifically i searched for it and without wasting a minute it showed me the natural calamity coverage.
Mohit
Amritsar, July 26, 2022
Enough coverage
I was looking for a home insurance plan online. I was fed up as i have to visit different websites to look for a single suitable insurance plan. However, i stumbbled upon Policybazaar website where i was able to find the right insurance plan that could provide me enough coverage.
Sahil
Bareilly, July 26, 2022
Nice customer service
I wanted to purchase a home insurance policy and a friend of mine suggested to purchase it from Policybazaar. I bought the policy and after that i had a confusion regarding exclusions so i called up Policybazaar customer care and they cleared out the confusion and i loved their customer service.
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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