Differentiating Home Structure Insurance and Home Content Insurance

To fulfill the various needs of every customer, insurance companies and leading banks in India offer multiple types of Home Structure Insurance as well as Home Content Insurance policies. These various types of home insurance policies help customers to understand the need of the insurance policy and choose the right policy according to their requirements.

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However, there are a few questions that might come to your mind while choosing one like- do these policies offer similar coverage? Are they different from each other and so on?

With this in mind, we are going to clear your doubts about Home Structure Insurance Policy and Home Content Insurance Policy. If you have any kind of confusion regarding these two policies, the same can be resolved if you go through this article.

While purchasing Home Insurance, most of the time people chose the combo of Building and Content Insurance. However, it is not necessary and you can go for either of them as per your preference. So, if you’re planning to purchase any one of them, understanding them separately will make your decision-making easy.

What’s Home Structure Insurance Policy?

As the name suggests, Home Structure Insurance Policy protects the structure of your home from any kind of perils. In addition to this, the policy also covers any permanent fixtures within the house like the kitchen and bathroom fittings, ceiling/roof of the insured home.

Life is unpredictable and having said that it does not mean you cannot be ready and have a back-up plan for any kind of emergency or mishappening. You put everything to build your dream house, so protecting it from any kind of damage is not only your responsibility but also your duty. So, let us tell you about the damages covered by Home Structure Insurance Policy, which are:

  • Damage caused by fire, explosion, thunder strikes, short circuits leading to heavy fire, storms, flood or earthquakes.
  • Damage by vehicles
  • Burglary, forced entry
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After 2020, nothing seems impossible. The Pandemic has shown us that life is uncertain and we have to be ready for the worst of situations possible. The Kerala floods, Amphan cyclone did their worst to destroy thousands of houses. This is where Home Structure Insurance comes for your aid. With a small monthly investment, you will be getting the assurance that any damage caused to your home structure will be reversible.

As of now, you know what is covered under the Home Structure Insurance Policy. However, there are some exclusions from this policy and they are as follows:

  • Loss of cash
  • Loss or damage caused by war, invasion, the act of foreign country
  • Any pre-existing damage
  • Loss or damage caused by Nuclear war
  • Earth’s movement, Damage occurred due to volcanic eruption is not covered in many cases

Decoding Home Content Insurance Policy

It is an insurance policy that provides coverage to the contents of the home against loss or damage by theft, fire, explosion, lightening, also in the event of burglary, flood, water leakage, storm.

This insurance policy covers household items belonging to you and to family members who live with you. These contents include clothes, jewelry, furniture, electrical items.

Types of Home Content Insurance Policy

Moving on to the types of Home Content Insurance, First, ‘As new’ or ‘New for old’, this policy covers the reimbursement for the cost of repair in case of damage or loss. However, in case of theft, the reimbursement will be sufficient to buy the similar new item. The items covered under Content Insurance Policy vary from company to company. For example clothes are not usually covered in this form of insurance.

Second is Indemnity Policy, which makes compensation payments after considering the wear and tear or depreciation in value of the content, meaning it will provide you with the current value for the content but not the price you paid when you bought that content.

How Much Content Insurance Do You Need?

The insurance experts state that most of the time the customers don’t get the right value for their content at the time of claim. It is important to note that while getting your claim settlement, the maximum amount your insurance policy will reimburse, does not exceed the sum insured. Therefore, to get the right insured amount for your content, you should keep a record of all your contents and their values. There is one more option where you can extend your policy to avail additional cover. But it comes with a cost of extra premium

To Conclude!

Buying a home is one of the prized possessions where you invest your hard-earned money. So, it becomes a foremost responsibility to protect the dream house and the content inside the house, which again come with a cost. And there is no better option than buying home content insurance or home structure insurance. Just make sure you get the policy as per your requirement. You can even buy it online from the comfort of your home by approaching the insurer directly or an aggregator website and get the best deal.

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Written By: PolicyBazaar - Updated: 30 September 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.