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Home Insurance Vs Hazard Insurance

When you build a house or purchase one, you invest a big chunk of your savings into it. And why not? It is one of your biggest assets and protecting it from any unforeseen incident is not only a smart move but also your responsibility. This is where home insurance steps in that make sure that you do not have to worry about any unexpected expense.

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But Unexpected Expenses From What?

Well, human life is filled with unexpected scenarios. You never know what might happen in the next minute that could entirely change your life. Similarly, when you purchase a house or build one, you make sure that you get the best deal, at the best location that also fits your budget.

However, the uncertainties in life gave birth to the word “Insurance”. Since we are here talking about home insurance, you might think that how can anything damage a building made of concrete and iron? And that is where you are wrong.

Natural calamities, fire accidents, robberies, etc. are some of the reasons you have to consider as you cannot move your house when there is a flood, hurricane, or a storm and any natural calamity can easily damage your house.

This is why it would be best for you to purchase a home insurance policy so that in case of any unfortunate damage, you have a backup that would provide you with financial coverage for the damage caused.

However, there are times when you go on to purchase a home insurance policy, it might get a bit difficult for you to understand it properly and that can leave you in a bit of a dilemma. In the latter scenario, in case of a hazard or a burglary, you might wonder if the home insurance policy you are about to purchase will cover the damage caused by a hazard as well as the loss caused due to burglary.

Is Hazard Insurance Same As Home Insurance?

Well, the answer to this question is really simple. Hazard insurance is not the same but a part of your home insurance policy but serves a different purpose. Hazard insurance represents a single aspect of your home insurance policy and that is why it is not separate.

They both serve the same purpose that is to provide coverage in case of any unexpected incident causing loss or damage to your house but when we say Hazard then it means any kind of fire damage, explosion, windstorm, etc.

You cannot actually differentiate between hazard insurance and home insurance. As mentioned above hazard cover is just one part of your home insurance policy. Whereas home insurance policy will provide coverage for any specified peril such as loss of use, property damage, personal liability, etc.

Key Differences Between Hazard & Home Insurance

Here are a few differences between Hazard & Home insurance. Have a look at the table below:

Hazard Insurance

Home Insurance

Natural Calamities

Few offers cover at additional or zero premium

Loss or damage caused by vehicle

In case an accident takes place inside house premises

Blast due to gas leak or bomb

Decided after assessment of cause

Broken pipes

A few insurers provide coverage against flood

Electrical failure

On payment of extra premium

Fire/Smoke

On the first loss basis

No Coverage for contents such as garments, devices, furniture, books, etc.

House content such as devices, garments, furniture, books are covered

Damage because of riot and civil commotion are not covered

No cover for civil commotion or damage due to riots

Robbery

On first loss basis by many insurers

Damage caused due to air conditioner, water heater, etc.

You can purchase add-ons specifically to get cover for damage caused due to a water heater or air conditioner.

To cover chinaware, furs, artwork, etc. you are recommended to purchase a “Floater plan” because hazard insurance does not cover such items.

If your house is located in a natural calamity-prone area then you are suggested to purchase another policy or you can purchase add-ons if available.

*The coverage mentioned in the table mentioned above varies from one home insurance providing company to another.

Conclusion

Now you must have understood the key differences between the coverage of home insurance and hazard insurance. Also, while purchasing a home insurance policy it is recommended to learn about inclusions, exclusions, add-ons if you need any in detail as well as compare prices using the website. You can also calculate the premium amount using a home insurance premium calculator as many insurers provide this tool online on their websites.

Written By: PolicyBazaar - Updated: 15 March 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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