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Housing Society Insurance

Housing society insurance is a one-stop solution for all residential societies against unforeseen damage caused by natural or man-made disasters. Purchasing a housing society insurance plan makes it easier for the residents and the committee members to manage several risks & liabilities to which the residential building might be exposed. Read ahead to learn about housing society insurance, including its features, inclusions, exclusions, and benefits.

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Features of Housing Society Insurance Policy

A housing society insurance offers a financial security blanket to hundreds of family members living in a society.

Here are a few features that you must be aware of while purchasing housing society insurance:

  1. Wider Coverage

    When housing society insurance is purchased, some flexibility is available regarding the coverage amount. The flexibility of the coverage amount is decided as per the size of the housing society and its needs. Hence, it is understandable that higher coverage will protect the housing society from man-made and natural perils, especially considering the benefits provided.

  2. Common Amenities Coverage

    A housing society usually provides coverage against the damages/losses to several amenities and facilities, such as a gym, swimming pool, community centre, etc., for the residents of the building. A single hit by any natural or man-made disaster can cause extreme damage to these amenities of the residential society. Hence, choosing a housing insurance plan can aid in ensuring that all of the amenities are covered under the housing society insurance plan.

  3. Annual Policy

    A large housing society may face multiple risks and require more protection than usual. Therefore, purchasing a comprehensive housing insurance plan with an annual premium will ensure peace of mind for all resident.

  4. Single Insurance for All Residents

    One housing insurance plan for an entire residential society ensures that all the residents are protected. This single policy protects the residents from several unpredictable risks mentioned in the policy documents.

Why Buy Housing Society Insurance from

Here are a few reasons why you should buy cooperative housing society insurance from Policybazaar Insurance Brokers Private Limited:

  • Compare and buy Housing Society Plans online
  • Customise Housing Society Insurance Plan with available add-ons
  • Zero paperwork is required while purchasing a policy
  • 24x7 claim assistance
  • Hassle-free renewal and buying home insurance online process


The following are the inclusions under a housing society insurance plan:

  • Fire Damage: Any damage caused by a sudden fire is included in the housing society plan.
  • Natural Disasters: Natural calamities are unpredictable incidents that can happen over time - the best way to ensure protection is offered when housing society insurance is purchased.
  • Human Hazards: A sudden act of maliciousness by humans towards other humans can also create a sense of turmoil for residents. Having a housing society insurance can help secure the residential society's safety against acts like terrorism, riots, strikes and other malicious acts.
  • Accidental Damage: Similar to natural calamities, accidental damage can happen anywhere within the housing society. Mishaps like leakage due to automatic sprinklers or water overflow due to damaged water tanks can cause much damage. Purchasing housing society insurance helps cover the expenses raised due to such damages.


The following are the exclusions under a housing society insurance plan:

  • Wear and Tear: Understandably, as time passes, the building shows signs of ageing. However, it is essential to understand that housing society insurance does not include coverage for the repair and restoration of the building.
  • Under Construction Properties: The housing society insurance applies only to buildings and residential complexes where the residents are present. An under-construction or unpossessed building cannot be brought under the cover of housing society insurance plans.
  • Long-term plans: Irrespective of the insurance provider, there is no coverage provided for the long term in the case of housing societies.
  • Consequential loss: Any losses caused due to a natural breach through usual methods are not included in housing society insurance.
  • Wilful misconduct: Any wilfully done damage to the building or the apartment within the housing society will not be included in the policy's coverage area.
  • Land Value: Land holds a certain value. However, it is not included within the housing society insurance scope of coverage.

Housing Society Add-on Covers

Terrorism Cover

The policy offers terrorism cover as an optional cover for a nominal premium to cover the damages/losses that occurred due to any malicious activities by terrorists.

Benefits of Housing Society Insurance Policy

The benefits of purchasing housing society insurance are as follows:

  1. The housing society insurance covers all contents under standard fire & special perils within the housing society. It includes conditions like housebreaking, robbery, burglary or fire.
  2. The residential society plan also covers financial loss due to loss of banknotes, currency, cheques, postal orders and more. The financial loss should belong to the insured homeowner within the insured premises.
  3. The housing society insurance also covers residents or workers within the Workmen’s Compensation Act 1923 and /or Fatal Accidents Act 1855 and Common law. Any physical injury or death caused due to accidents or occupational diseases happening due to employment is covered.
  4. Finally, the housing society insurance protects residents from any legal responsibility in case of accidental physical injury/loss/damage due to third-party property possessions.

Housing Society Insurance Premium Calculator

When purchasing housing society insurance from, a premium calculator is provided for ease of calculation. You can easily calculate home insurance premium using this calculator by following the below steps:

  1. Enter the estimated market value of the housing society.
  2. Add the city where the housing society is located and the duration of the policy.
  3. All the details required for the housing society insurance will be provided.
  4. You can recalculate and view plans if you need more information.


Written By: PolicyBazaar - Updated: 15 February 2024
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.