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12 Frequently Asked Questions When Buying Home Insurance Policy

Buying a home insurance policy is not at all a complicated process. It becomes easier when you know answers to all the questions that might come up in your head while choosing the right home insurance policy. Keeping this in mind, we have compiled a list of some frequently asked questions that would help in solving some of your queries so that you can make the right decision and purchase the right home insurance plan.

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12 Most Asked Questions When Buying Home Insurance Policy

You make a whole lot of investment in purchasing a home and you do not leave any stone unturned to make the best decision possible. Similarly, buying home insurance to protect that house is important but it can also be complicated sometimes because of a different set of clauses specified in the policy documents. This might leave you with a web of unanswered questions in your mind.

To make the best decision in purchasing a home insurance policy we have assembled 12 frequently asked questions that might help you with during the purchase of home insurance.

  • Is it Compulsory to Buy Home Insurance Policy?

    It is not compulsory to buy a home insurance policy for homeowners. Even there is no such compulsion by the Insurance Regulatory and Development Authority of India (IRDAI) and Reserve Bank of India (RBI) to buy a home insurance plan from the bank where you have applied for the home loan.

    Therefore, the banks cannot urge you to purchase a home insurance policy from them only. In case you need a home insurance policy to protect your heavy possession? Then your answer depends upon your choice.

    However, with the help of a home insurance policy, you get extensive coverage for any kind of natural disasters such as cyclones, earthquakes or landslides, theft, and many more.

  • Coverage under Standard Home Insurance Policy

    A standard home insurance policy usually covers four types of coverage which are as follows-

    • Personal Property Cover-It covers all the personal articles and belongings inside the home.
    • Liability Cover-It covers the bodily injuries suffered by any visitor who has been there in your house for the time being.
    • Dwelling Cover-It protects the damages against your home's physical infrastructure.
    • Additional Expenses Cover-Any extra living expenses that might come up if you are displaced from your house for a while.
  • Eligibility Required to Buy Home Insurance

    In India, an individual who is a homeowner or occupant of a property can buy a home insurance policy. Also, a person living in a rented apartment or a place can apply for a home insurance policy.

  • Factors that Affect Premium of Home Insurance

    There are a few factors that affect the price of a home insurance policy-

    • Location of the House-If your house is located in a high disaster-prone area or an area close to the sea, there are chances you might get hit by storms, cyclones, tsunamis, etc., which affects the premium rates. Therefore, the house location will determine the premium for your home insurance.
    • Structure of the House-Some of the impactful factors can be the structure of the house that includes roof type, wiring, age of the house, etc. All these factors lead to an increase in the price of the premium. Older the house means higher insurance price. Moreover, quality materials used in the construction like bricks, stone, wood can help you in lowering the house insurance premium.
    • Credit Score-Usually, personal factors like your credit score or credit history will help in deciding the premium amount. We suggest you maintain a good credit score to avail of insurance at a lower premium.
    • Installing Safety Devices-Installation of safety devices like a fire alarm, fire extinguishers, smoke detector, burglar alarm system, deadbolt locks, etc., will help you lower the premium amount.
  • Documents Required for Raising Claims in Case of a Burglary

    Here are the documents required in case of burglary claims-

    Duly filled claim form with an FIR (First Instance Report), list of stolen items or cost of repair, and an original invoice of the value of the stolen item.

  • Meaning of Liability Coverage in a Home Insurance Policy

    All types of home insurance policies include liability coverage, which means you are protected in case any visitor or guest suffers an injury within your property and files a claim against it. It also protects you in case your child or any other family member damages your neighbour’s property while playing or doing random stuff.

  • What Happens to the Home Insurance Policy When the Insured Home is Sold to Another Party?

    In case your insured house is sold, the policy contract is cancelled at that very moment when the house ownership is transferred. Keeping the transfer process active, your balance of the premium for the remaining insured period shall be refunded by your insurer without any worries.

  • After Raising Online Claim under Home Insurance

    The moment you request a claim under your home insurance plan from an insurance company, a surveyor will connect you within 48 hours. Next, they will visit your place in the coming few working days to commence the actual claim process.

  • Exclusions of a Home Insurance Policy

    Some of the most common exclusions of a home insurance policy are as follows-

    • It does not cover the damages caused to your pet, bird, or fish living in the house.
    • Any damages to the house due to carelessness or reckless act, for example- loss due to leaked drainage system, surface water, clogged water or gas pipe leakage.
    • Any damages due to war, riots, nuclear damage, etc.
    • Do not cover any automobiles or commercial property damages.

    Note-The policy has specific or limited coverage for valuable items like- jewellery, money, fine art, high-end sports equipment, securities, etc.

  • Do Insurers Cancel the Coverage of an Active Home Insurance? If Yes, Then Why?

    Yes, in some of the below-mentioned circumstances, your insurance company can cancel your existing home insurance policy-

    • When you are unable to pay the premium amount on time.
    • In case of fraud or misrepresentation of the information related to your house.
    • Damages to the home due to any illegal or hazardous act like illegal possession of fireworks causing fire explosion.
    • When the decision is made by the Insurance Commissioner for the discontinuation of the policy due to rules violation by the policyholder.
  • Claim Settlement Process if the Insurance is Purchased from two Insurers

    In such cases, you will be paid on a proportionate basis in the event of a mishap.

  • Do I Need a Home Inspection Before Buying a Home Insurance Policy?

    Yes, in most cases, the inspection is conducted by the insurer to access the risks in your home to calculate the premium amount. Therefore, you must clear all your gutters, check leak ceilings, gas pipelines, drainage system and other things before the arrival of the surveyor.


In India, there are many home insurance companies offering different plans according to the need and budgets of an individual. We suggest you clear all your doubts before buying a home insurance policy and read the policy coverage, inclusion & exclusions carefully to get the maximum coverage at a reasonable price.

Written By: PolicyBazaar - Updated: 04 January 2023
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)
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.