6 Unknown Facts About Home Insurance in India

The majority of the population in India does not understand the importance of home insurance. As per the IRDA (Insurance Regulatory & Development Authority of India), only about 1% of homeowners have insured their homes. However, there are several unknown and surprising facts that would compel anyone to buy home insurance in India.

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**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*The premium of ₹ 9/month is for a pucca building with sum insured of ₹ 5 lakh at selected locations, for property age less than 40 years and policy term of 1 year. Additional premium is payable for the optional covers including contents opted.

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**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*The premium of ₹ 9/month is for a pucca building with sum insured of ₹ 5 lakh at selected locations, for property age less than 40 years and policy term of 1 year. Additional premium is payable for the optional covers including contents opted.

6 Surprising Facts of Home Insurance

When buying homeowners insurance, it is important to go through the policy inclusions, such as damages caused to the insured property due to fire, natural calamities, theft, and vandalism.

Nevertheless, did you know that home insurance insures both home and its contents? Look at some more surprising facts about home insurance below-

  1. You can cover both the home structure and home contents

    While buying home insurance in India, you must be aware of the fact that you can cover both the home structure and its contents. The structure insurance covers the building against several unforeseen circumstances, such as man-made and natural disasters.

    On the other hand, content insurance covers household items. However, make sure you can calculate their value in the current market price. You can choose either one or both types of cover.

    Important fact-You cannot insure a building structure more than 50 years old.

  2. Your house insurance does not cover other activities happening after terrorism

    Your house insurance policy does not offer coverage for the loss or damages arising due to theft, looting, housebreaking, burglary, etc., that happens after the terrorist attack.

  3. Loss due to willful acts remains uncovered

    Some exclusions include willful acts of destruction of property, loss of your insured property during the war, and damages due to wear and tear. Moreover, you cannot cover antiques and cash under home insurance.

  4. Home insurance and home loan insurance are two different things

    Your home insurance policy pays for the loss or damages caused to the insured home structure or its content in an unfortunate incident. However, home loan insurance pays the remaining home loan amount when the insured cannot repay the loan due to any mishap.

    You may also read- Difference between home insurance and home loan insurance

  5. Home insurance is an expensive deal

    It is not so true because the home insurance premium depends upon the type of plan or coverage. You can easily invest in a basic plan to safeguard your precious possession.

    Other than this, your premium relies on the cost of the home structure and the current market value of the household items. If you wish to add-on covers, the premium amount automatically goes up.

  6. Check for hidden costs

    While purchasing home insurance, you must check the hidden costs associated with it. Sometimes, your insurer may not declare some hidden costs such as administrative charges or allocation fees at the outset. Therefore, you must enquire about it with your insurer before opting for the policy you want.

Summarizing

Depending on your preferences and selections, a home insurance policy covers you against several unforeseen risks. However, there are certain terms and conditions of the policy that you must go through carefully before buying it. You must go through the above-explained surprising facts about home insurance to find the right deal.

Written By: PolicyBazaar - Updated: 17 January 2023
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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4.4 / 5 (Based on 120 Reviews)
(Showing Newest 10 reviews)
Virendra
Bokaro, July 26, 2022
Coverage for natural calamity
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Bilaspur, July 26, 2022
Premium Calculation
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Bikaner, July 26, 2022
Natural Calamity cover
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Amritsar, July 26, 2022
Enough coverage
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Bareilly, July 26, 2022
Nice customer service
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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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