Protect your house from calamities @ just ₹9/month*
Compare and Save
Compare and save up to 28%**
Bank-approved policy copies
Bank-approved policy copies
No paperwork
No paperwork
Instant online policy issuance
Instant online policy issuance
Name

So that we know what to call you.

Name

We'll send your policy copy & important updates to this number.

Continue
By clicking on "" you agree to our Privacy Policy & Terms of Use
Get Updates on WhatsApp

Why Is It Essential to Buy a Home Insurance Policy?

Buying a house you have dreamt of is an indescribable feeling that makes every hard work count. It is one of the most expensive and treasured assets in our lives. Despite how important it is for us, we do not make any efforts in securing and protecting it with a home insurance policy. That is why below we have discussed its importance in one's life.

Read more

Understanding Home Insurance Policy

Home insurance is a protection offered to the homeowners that cover any damages caused due to burglary, theft, earthquake, cyclone, fire, etc. The insurance for a home can be purchased by a homeowner, a tenant, co-operative housing society, and residential society for at least one year.

One of the crucial points to remember about your home insurance plan is that it only covers the value of your home, not the value of the land. Another important point to be considered is the quality of material used in construction. If the building uses inferior quality material for the construction, your home insurance won't be covering any damage on this account.

Also, anyhome insurance companydoes not provide any compensation for unauthorized or illegal construction. So, it is essential to analyze the location and check the laws of the construction site permit board for a particular place.

Significance of Buying Home Insurance Policy

We tend to insure ourselves with the most valuable policies. Now it's time to understand how important it is to insure the roof above our heads. Below we have enlisted the significance of buying a home insurance policy-

1. Extensive Protection

A home insurance policy gives comprehensive coverage for the home and its additional structure like your backyard, garage, and fences. However, it does not protect your land rather protects your house from any unforeseen accident that might cause damage to it.

Besides protecting your precious possession, it also lessens your financial burden by protecting you against third-party liability, and legal liability that can be raised, when a third person is harmed or suffers any injury at your property.

2. Protection for the Repair and Replacement

You don't have to spend a single penny for repairing the damages, as your home insurance policy will cover the expenses. Your home insurance policy also offers replacement in articles like- furniture, refrigerators, computers, television sets, A/C, etc.

3. Protecting Liabilities

This insurance also compensates for any liabilities that might arise in our property or by our property. For instance- if the fire breaks out in your house and causes any damage to your and your neighbour’s or third-party property, this insurance will protect you and your house from all the legal and financial expenses.

Also, your insurer will arrange temporary or alternate accommodation for you for the time your house is being repaired.

4. Protection Against Natural Calamities

Your home insurance [rptects you against the damages and losses that you might face due to natural calamities like- earthquakes, cyclones, fire, etc. It also protects you against the damages caused due to man-made disasters like thefts, burglary, robbery, etc.

5. Peace of Mind

Getting the right home insurance policy will give a peace of mind because it assists you during your tough time when you might need finances to rebuild your home. By purchasing insurance for your home, you can relax and get yourself prepared for the worst.

6. An Affordable Deal

Most of the people think that a home insurance policy is an unwanted expense or an additional expense. But the benefits associated with the plan are much more than the money you have spent. You get the maximum coverage by paying nominal premium fees. Therefore, you must look for various plans before buying any policy on the internet, and choose according to your needs & budget.

Points to Keep in Mind When Insuring Your Home

There are a few points that you must keep in your mind before jumping to the conclusion-

1. Keep a record or proof of all your insured articles while insuring your home as it will help you at the time of raising claims.

2. Invest wisely as illegal or unauthorized construction cannot be claimed.

3. Your home insurance policy only shields the building and its components. There is no such coverage for the land.

4. At the time for policy renewal, ask for different price quotes from several home insurance providers available on the internet. As you might find another offer at the lowest premium.

5. As a tenant, you can also buy a home insurance policy.

Conclusion

With such comprehensive benefits associated, buying a home insurance policy is not a choice anymore, but it has become a necessity. You can never predict what worst could happen in the next moment, and therefore you must get extensive coverage to protect against damages to your own property.

Written By: PolicyBazaar - Updated: 17 March 2022
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Home Insurance Articles
Buying your dream house can be one of your most significant investments in life, for which you might avail of...Read more
21 Sep 2023 by Policybazaar 3365 Views
Purchasing a home is one of the most financially sound decisions one can make. Any decision taken in a hurry might...Read more
07 Feb 2024 by Policybazaar 457 Views
Housing society insurance is a one-stop solution for all residential societies against unforeseen damage caused by...Read more
14 Feb 2024 by Policybazaar 507 Views
Owning your dream house is one of the significant milestones in a lifetime. Remember, your home is not merely a...Read more
30 Jan 2024 by Policybazaar 387 Views
In home insurance, it is essential to know the differences between two major aspects: Loss of Rent Cover and Rent...Read more
16 Apr 2024 by Policybazaar 136 Views
Loss of Rent (LOR) coverage is a significant feature of a home...Read more
09 May 2024 by Policybazaar 56 Views
A sum insured in home insurance refers to the maximum payout...Read more
18 Apr 2024 by Policybazaar 104 Views
In home insurance, it is essential to know the differences...Read more
16 Apr 2024 by Policybazaar 136 Views
Having a home of their own is a significant milestone in one's...Read more
15 Feb 2024 by Policybazaar 237 Views
Housing society insurance is a one-stop solution for all...Read more
14 Feb 2024 by Policybazaar 507 Views

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.

top