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Building Insurance

Building insurance is a legal contract between the homeowner and the insurer. The policy states that the homeowner will be compensated in case of any loss or damage caused to the insured building due to any insured perils. Since accidents happen unannounced and whether you own a house or live in a rented space, you must keep your home protected and buy a building insurance policy.

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Why Buy Building Insurance Policy?

When you own a building, you must protect it from unforeseen risks. Here are some of the reasons that make purchasing building insurance necessary:

  • As per a report of India today, burglary and robbery occur every 3 minutes in India.
  • As per the Natural Disaster Management Authority of India (NDMA), more than 40 million hectares of the total geographical area is flood-prone.
  • Fire incidents are one of the topmost risks to your building.
  • In case of any damage to your building, the insurance plan will cover the expenses incurred in the repair.
  • The building insurance also covers the appliances inside the building, such as air conditioners, televisions, electric appliances, etc.
  • An adequate building insurance will cover you even if you are away from the home.
  • Building insurance will provide you with financial aid and peace of mind and keep you worry-free.

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Benefits of Building Insurance Online from

Here are the benefits of purchasing building insurance online from

  • Extensive Coverage: offers comprehensive coverage. It covers the building as well as the content of the house.
  • Availability of Add-on Covers: It provides add-ons that you can purchase if the existing policy misses something. Hence, you get a chance to enhance the policy coverage.
  • Comparative Analysis: You can easily compare various home insurance plans from top home insurance companies in India. Ultimately, it helps you make an informed decision based on coverage, premiums, and other features.
  • Convenience: Buying home insurance online from is convenient and can be done from the comfort of your home with zero paperwork.
  • Transparent Information: You can easily access any information by visiting the official website of Policybazaar Insurance Brokers Private Limited. It provides transparent information about policy terms, conditions, and exclusions, allowing you to understand what to buy.

What is Covered Under Building Insurance?

Here are the things covered under the building insurance policy:

  1. Fire Incidents

    Fire can annihilate your residential building. Hence, a building insurance policy provides you with cover for the loss or damage caused by fire.

  2. Theft & Burglary

    A building insurance policy covers any theft or burglary of your valuable items like jewellery, cash, etc.

  3. Electrical Breakdown

    If there is an electrical breakdown and any electrical appliance is damaged due to sudden high power flow, the policy will also provide cover for that.

  4. Natural Disaster

    60% of Indian land is prone to earthquakes, 12% to floods, and 8% to cyclones. In this case, any damage or loss caused by any natural calamity, like floods, typhoons, hurricanes, etc., is covered under this policy.

  5. Manmade Hazards

    The policy provides cover for manmade disasters that can occur in riots, terrorist attacks, etc.

  6. Accidental Damage

    Building insurance policy will protect if there is accidental damage to any fixtures and sanitary fittings.

  7. Alternate Accommodation

    Suppose the insured residential building is damaged in an earthquake or due to other insured perils. The policy will cover alternative accommodation for the people living in the insured property until it is repaired.

What is Not Covered Under Building Insurance?

Here are the things that are not covered under the building insurance policy:

  1. Damage In War

    Any loss or damage caused to the building during a war or invasion by any foreign country is not covered.

  2. Precious Collectibles

    If you like to collect antique items like bullion, coins, art, stamps, etc., and they get damaged, or you lose it/get stolen will not be covered under this policy.

  3. Old Items

    Old is gold, but not in this case. The policy does not provide cover for items that are more than ten years old

  4. Consequential Loss

    Consequential losses are the kind of losses that do not happen from a direct impact. Such losses are not covered under this policy.

  5. Willful Act

    If any damage or loss is caused by the insured willfully, then the policy will not cover it.

  6. Damage By Third-Party Construction

    If your building is damaged during a third-party construction, the policy will not cover it.

  7. Wear & Tear

    The building insurance plan does not cover any wear and tear or damage caused during renovation or maintenance.

  8. Land Cost

    The cost of land is not covered under this policy.

  9. Under Construction Property

    The policy does not provide cover for any under-construction building.

Types of Coverage under Building Insurance Plans

Insurance companies mainly offer building insurance plans under which customers get three options. The options that the customers get are as follows:

Option 1:  You can purchase coverage building structure or content cover of the house.

Option 2: You can purchase coverage for the contents and the building structure.

Option 3:  You can purchase insurance that covers the building, contents, and valuables like cash and jewellery.

Eligibility Criteria To Purchase Building Insurance?

To purchase the building insurance plan, you have to be eligible. Here are the eligibility criteria to buy the building insurance:

Own a Home

If you have recently moved into your new house or living in your home for years, you are eligible to buy this policy.

People Living On Rent

Usually, people think that only homeowners can purchase a building insurance plan. However, insurance companies offer customized insurance plans if you live in a rented place to cover the contents of your house.

How is Building Insurance Premium Calculated?

Here are the factors that play huge role in fixing your insurance premium.

  • The type of building you want to insure will play a massive role in your building insurance premium rate. For example, the premium of a bungalow will be higher than a flat in a residential society.
  • Age is one of the significant factors focused on while determining the policy's premium amount. The older the building, the lower the premium amount.
  • The area you live in also plays a huge role in determining the policy's premium. For example, if you live in an area prone to floods, the premium amount will be high.
  • If your building is under CCTV surveillance and water sprinklers are also installed to protect your building from fire accidents, then the home insurance premium more economical.

Building Insurance FAQs

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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  • 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.