Why is Choosing the Right Home Insurance Company Essential?

For most of us, building a home requires years of hard work and a significant portion of our savings. Yet, many homeowners overlook the importance of protecting it from potential risks, both natural and man-made.

A home insurance policy offers extensive protection. It can cover not only the structure of your home but also its valuable contents, such as furniture, jewellery, and electronic appliances.

Non-life (general) insurance companies offer home insurance in India and can provide coverage for:

• The structure of the house.
• The belongings inside the home include valuables and appliances.
• Both the structure and contents are together.

Some insurers also offer comprehensive plans that protect the home and the residents, with coverage against natural disasters, fire, and other unforeseen events.

How to Select the Right Home Insurance Policy?

To select the right property insurance plan means you need to assess your needs first, then compare home insurance plans, and lastly, check the insurer's credibility. Here are the key steps to select the right home insurance policy:

• Evaluate Your Needs: Firstly, decide whether you need the building-only coverage, the content-only coverage, or both. Homeowners may need both, while tenants may need content-only coverage.
• Check Coverage Scope: Ensure the policy covers risks like fire, theft, natural disasters, artificial calamities, and other perils. Look for add-ons like jewellery cover, alternate accommodation, or third-party liabilities.
• Compare Premiums & Sum Insured: Select a policy with maximum benefits and ensure you choose the correct sum insured without overpaying for features you don't need.
• Review Claim Settlement Ratio (CSR): Insurers with a high and consistent claim settlement record should be given priority while choosing a policy.
• Consider Policy Tenure: Generally, policies with long tenure (up to 10 years) can lock in premiums, offer better value, and remove the hassle of renewing the policy annually.
• Read Exclusions Carefully: Understand what is not covered, known as policy exclusions, to avoid surprises during claims.
• Check for Additional Benefits: There are features like under-insurance waiver, free annual escalation of sum insured, and flexible payment options that add value, which you must check before buying any plan.

Home Insurance Plans by Various Home Insurance Companies in India

Below is a quick overview of various home insurance companies in India that offer various home insurance plans to safeguard your home and its contents:

*Disclaimer: The above list is for informational purposes only. Plan details are based on insurer websites, may change without notice, and insurers are listed in alphabetical order. Policybazaar.com does not endorse any insurer. Verify the latest plans with the insurer before buying.

1. Bajaj Allianz General Insurance Company Limited

   Bajaj Allianz General Insurance Company is a joint venture between Bajaj Finserv Limited (India) and Allianz SE (Germany). It is one of India's leading private general insurers, known for its innovative products and strong digital services, including various home insurance plans explained below:

   • My Home Insurance (All-Risk Policy): A comprehensive property insurance policy for structure, contents, valuables, and jewellery with add-ons like rent loss and resettlement.
   • Householder's Package Policy: Bajaj Allianz General Insurance Company offers a packaged cover for property, domestic appliances, and personal accident/liability.
   • Bharat Griha Raksha (BGR) Policy: BGR is the standard IRDAI-mandated policy for home structure and contents offered by this insurer.

2. Cholamandalam MS General Insurance Company Limited

   Cholamandalam MS General Insurance Company Limited is a joint venture between the Murugappa Group and Mitsui Sumitomo (MS) Insurance. It offers a broad range of general insurance solutions, including home insurance plan. The home insurance policy offered by Cholamandalam not only covers the structure of the house but also its contents against damages and losses.

   • Bharat Griha Raksha (BGR) Policy: This standard fire and allied perils policy covers home structure and contents as per IRDAI guidelines.

3. Digit General Insurance Limited

   Go Digit General Insurance Limited is a new-age digital-first insurer backed by Fairfax Group, known for simplified products and quick claim settlement.

   • Bharat Griha Raksha (BGR) Policy: The standard policy covers building and contents against fire and other perils.
   • Only Content Cover: The only content policy protects household contents against various insured perils, such as fire, theft, and disasters.
   • Building + Content Cover: This combined policy covers structure and household contents.

4. Future Generali India Insurance Company Limited

   Future Generali India Insurance Company Limited is a joint venture between the Generali Group (Italy) and the Future Group (India), offering retail and commercial insurance products. With a range of insurance products, the company provides a comprehensive home insurance plan known as Bharat Griha Raksha Policy.

   • Bharat Griha Raksha (BGR) Policy: This IRDAI-mandated policy protects the structure and contents against specified natural and man-made risks with fixed coverage terms.

5. HDFC ERGO General Insurance Company Limited

   HDFC ERGO General Insurance Company Limited is a joint venture between HDFC Ltd., India's leading housing finance institution, and ERGO International AG, the primary insurance entity of the Munich Re Group, Germany. The company offers a wide range of general insurance products with a strong focus on customer-centric digital solutions. The types of home insurance policies provided by the company are as follows:

   • Bharat Griha Raksha (BGR) Policy: A standard IRDAI-mandated policy that covers the home's structure and/or contents against various insured perils. It includes benefits like 10% annual sum insured escalation, waiver of under-insurance, and long-term coverage of up to 10 years.
   • Home Shield Insurance Policy: A flexible and comprehensive home insurance plan for homeowners and tenants. It offers coverage for the building and/or contents with high sum insured limits and optional add-ons such as jewellery cover, portable electronics protection, alternate accommodation, and public liability.
   • Home Credit Assure Policy: The property insurance policy is designed to provide essential protection for homeowners, though detailed features are not specified on the company's website.
   • Housing Society Insurance Policy: As the name suggests, the policy is customised for housing societies and residential complexes. This policy covers the structure, common areas, and amenities against fire, natural disasters, and accidental damage, with an option to add terrorism cover.

6. ICICI Lombard General Insurance Company Limited

   ICICI Lombard General Insurance Company Limited, established in 2001 and headquartered in Mumbai, is one of India's largest private sector general insurers. It is a joint venture between ICICI Bank and Fairfax Financial Holdings Limited, offering a wide range of insurance products, including motor, health, travel, crop, liability, and property insurance.

   • Complete Home Protect Policy: This is ICICI Lombard's modern & comprehensive home insurance product for homeowners and renters. It covers building structure and content from various insured perils, such as fire, natural disasters, etc. Moreover, it gives alternate accommodation expenses if your home becomes uninhabitable. The policy is available for durations ranging from 1 to 5 years. It facilitates fast claims, doorstep issuance, and an in-house claims team for quicker settlement.
   • Bharat Griha Raksha (BGR) Policy: This policy aligns with the IRDAI-mandated Bharat Griha Raksha standard offering, covering home structure and content.

7. IFFCO Tokio General Insurance Company Limited

   IFFCO Tokio General Insurance Company Limited is a joint venture between Indian Farmers Fertiliser Co-operative (IFFCO) and Tokio Marine (Japan), which is known for its extensive rural and urban coverage. The company offers four types of home insurance plans, and according to your preference & budget, you may choose one.

   • Home Suvidha Policy: It is a pre-packaged home insurance policy covering natural and man-made risks, with flexible sum insured options.
   • Bharat Griha Raksha (BGR) Policy: An IRDAI-mandated basic home protection plan covering the structure and its contents.
   • Comprehensive Home Protector Policy: As the name suggests, it is a comprehensive policy with fully customizable cover for building and contents with optional add-ons.
   • Flexi Home Protector: It is a modular policy allowing specific coverage choices for contents, building, pets, rent loss, and more.

8. The National Insurance Company Limited

   The National Insurance Company Limited is India's oldest and biggest government-owned general insurance company. The company was established in 1906 and is known for providing comprehensive and tailor-made home insurance plans.

   • Bharat Griha Raksha (BGR) Policy: The company offers the BGR policy under which standard coverage for structure and contents with fixed benefits is provided. There is no underinsurance for up to 10 years.

9. The New India Assurance Company Limited

   The New India Assurance Company Limited is a government-owned general insurance company serving customers since 1919 and has a strong global presence in over 25 countries. They offer home insurance plans to protect the policyholder's house from unforeseen risks and damages. The popular property insurance plans provided by New India Assurance Company are:

   • Bharat Griha Raksha (BGR) Policy: The IRDAI-mandated standard fire and perils policy for house structure and its content is available.
   • Householder's Insurance Policy: This policy covers building, contents, burglary, and accidental damage per the policy wording.
   • Griha Suvidha: This special package for homeowners focuses on burglary and accidental loss/damage.

10. The Oriental Insurance Company Limited

    The Oriental Insurance Company Limited is a public sector general insurance provider established in 1947. This fully government-owned insurer is known for wide-reaching products and rural penetration.

    • Bharat Griha Raksha (BGR) Policy: The company offers a standardised plan for residential buildings and contents known as BGR (Bharat Griha Raksha Policy).

11. Raheja QBE General Insurance Company Limited

    Raheja QBE General Insurance Company Limited is a joint venture between Rajan Raheja Group and QBE Insurance (Australia). This joint venture offers niche and packaged products. Here are the popular home insurance policies provided by the company:

    • Domestic Fire Insurance: This home insurance policy offers protection against fire, lightning, and other perils.
    • Domestic Burglary Insurance: This property insurance policy covers burglary and theft.
    • Homeowners Package Policy: This is a combination cover for fire, burglary, calamities, and liability.
    • Bharat Griha Raksha (BGR) Policy: As mandated by the IRDAI, the company offers coverage for residential buildings and contents, which is known as the BGR (Bharat Griha Raksha) policy.

12. Reliance General Insurance Company Limited

    Reliance General Insurance Company Ltd. is one of India's well-known general insurance companies. Being a part of Reliance Capital, they offer retail and corporate insurance solutions with a strong digital focus.

    • Householders Package Insurance Policy: This policy by Reliance General Insurance Company covers structure, contents, appliances, valuables, and personal accident.
    • Bharat Griha Raksha (BGR) Policy: The BGR policy, Reliance General Insurance, is a standard home insurance policy providing financial coverage for the damages caused to the building and its contents against fire and other perils.

13. Royal Sundaram General Insurance Co. Ltd.

    Royal Sundaram General Insurance Company Limited is India's first private general insurer, licensed in 2000, and a part of Sundaram Finance Group.

    • Bharat Griha Raksha (BGR) Policy: Royal Sundaram General Insurance Company offers an IRDAI-standard home protection plan covering structure and contents known as Bharat Griha Raksha (BGR) policy.

14. SBI General Insurance Company Limited

    SBI General Insurance Co. Ltd. is India's fastest-growing private general insurer. It is backed by the strong credibility and extensive reach of the State Bank of India (SBI), the country's largest public sector bank. This general insurance company offers a range of products across retail, corporate, and SME segments, including home insurance plans.

    • Bharat Griha Raksha (BGR) Policy: The company offers the IRDAI-mandated BGR policy. This covers damage to structure and contents from fire, calamities, and specified man-made events.

15. Shriram General Insurance Company

    Shriram General Insurance Company, incorporated in July 2006, is a joint venture between the Shriram Group, a leading financial services conglomerate in India, and Sanlam Limited, a prominent South African financial services group. The company provides affordable insurance products with a strong presence in tier-2 and tier-3 markets. The types of home insurance policies offered by the company are as follows:

    • Home Building Only Cover: It protects the structure of the building (wall, roof, foundation, etc.) against various risks. This is ideal for owners or authorised occupiers where only the physical structure needs coverage.
    • Home (Building & Contents) Cover: A comprehensive home insurance plan that covers both the building and the contents, such as furniture, electronics, and personal items. This policy is suitable for homeowners seeking all-around protection.
    • Home Contents Only Cover: This policy focuses exclusively on belongings inside the home. This will be useful for tenants or occupants responsible only for the contents rather than the structure itself.

16. Universal Sompo General Insurance Company Limited

    Universal Sompo General Insurance Co. Ltd. is a joint venture between Indian Bank, Indian Overseas Bank, Karnataka Bank Ltd., Dabur Investment Corporation, and Sompo Japan Insurance Inc., a leading general insurer from Japan. The company provides an extensive portfolio of general insurance products covering retail, rural, SME, and corporate segments. Combining strong domestic banking partnerships with global insurance expertise, Universal Sompo aims to deliver comprehensive protection solutions tailored to diverse customer needs, including home insurance policies.

    • Bharat Griha Raksha (BGR) Policy: A standard IRDAI-mandated home insurance product offering coverage for your home building and/or contents.
    • Householder's Insurance Policy: This is a policy offered by Universal Sompo, which provides comprehensive home protection across multiple risk categories such as fire, burglary, valuables, plate glass, electronics, appliances breakdown, personal accident, baggage, workmen's compensation, and public liability.