Best Home Insurance Companies

In India, a home is the most valuable asset that one can own, but very few homeowners possess its insurance. Countries like the USA, UK, Australia, France, etc. have home insurance penetration rates of 90% to 97%, whereas in India it is hardly 3%. The main reason for such the low percentage can be our negligence towards a home insurance policy despite the availability of many best home insurance companies in India.

Most of us invest a major portion of our savings in building our home, however, we do not pay much attention to protecting it from risks that may arise out of man-made and natural disasters. Natural calamities such as floods, earthquakes, etc. can damage the house and its valuable assets. Since we cannot control natural calamities or disasters, but we can mitigate the losses and take precautionary measures to cover various risks associated with them. A home insurance policy is a step for the same.

The coverage of a home insurance policy is very vast. It not only covers the structure of the home instead it provides coverage of the valuable assets of the home as well. Additionally, the renters can also take a home insurance policy as there are many best renter’s insurance companies available.

A home insurance policy is offered by non-life insurance companies (general insurance providers) for covering the home against risks such as natural calamities like flood, fire, landslide, earthquake, etc., and also various risks that may arise because of theft, burglary, strikes, riots, etc. Some of the best house owner's insurance policy broadly provide the following coverage:

  • The structure of the house only.
  • The belongings of the house like furniture, jewelry, electronic appliances, etc. or sometimes:
  • Even both.

Some of the best insurance companies for homes are comprehensive and provide extended coverage not only for homes but also for its residents against various natural perils and fire.

Best Home Insurance Companies in India

Below mentioned are the best homeowner’s insurance companies that provide some of the best plans to protect home and its contents:

Here is a quick overview of top home insurance companies:

Bajaj Allianz Home Insurance

Bajaj Allianz General Insurance Company is a leading insurance sector such as travel, health, motor, etc. it also offers home insurance plans for its customers. With many prestigious feathers in its cap, Bajaj General Insurance Company has got Best General Insurance Company Award in the year 2015 for the perfect practices that it follows. Therefore, it is considered one of the best house insurance companies in India. Here we will discuss Bajaj Allianz Home Insurance ‘My Home Insurance’ plan in brief:

  • Bajaj Allianz Home Insurance policy provides cover against loss or damage to buildings.
  • Under this policy, one gets coverage against damage or loss to home contents as well.
  • It also provides coverage against loss or damage to portable equipment anywhere across India.
  • Damage or loss to jewelry and other valuable items is also covered.
  • Loss or damage to work or art or painting if it is stored or lying in the building of the policyholder.

Bharti AXA Home Insurance

Bharti AXA Group is one of the leaders in the insurance and asset management industry. With approximately 166,000 employees, this company is serving almost 103 million clients across the world. The company offers insurance products in almost all the general insurance categories for its Indian clients, and Bharti AXA Home Insurance is one of its home insurance products. This policy offers comprehensive coverage for safeguarding the house against any unpredictable event that results in damage or loss. Some of the salient features of this one of the best insurance companies for home are as follows:

  • Covers the structure of the building and home contents as well.
  • Jewelry and other valuable items are covered under PAN India.
  • This policy is available for both tenants and homeowners.
  • It also offers personal accident cover for the whole family.
  • This policy also provides coverage for up to three pedigree pets.
  • Under this policy one also gets coverage for alterations and improvements that he/she has made to his/her home for up to 10%.
  • Being one of the top home insurance companies, the claim settlement time of Bharti AXA Home Insurance company is up to 10 days.

Cholamandalam Home Insurance

Cholamandalam MS General Insurance Company is one of the best general insurance providers that offers a host of general insurance products and a home insurance plan is one of this. The home insurance policy offered by Cholamandalam not only covers the structure of the house but also its contents against damages and losses. The key features of this one of the best home insurance companies are as follows:

  • It is a comprehensive home insurance policy that not only protects the structure of the house of the policyholder but its contents and family members against unfortunate events.
  • The plan protects against burglary and housebreaking to electrical and domestic appliances as well.
  • One can get the coverage of the contents of his/her own or rented house.
  • A customer gets the flexibility to select the cover according to his/her requirements.
  • Cholamandalam Home Insurance Company is one of the cheapest home insurance companies as the premiums of its home insurance policies are low.
  • The onboarding process is simple and hassle-free.
  • The claim process is quick and easy.

Future Generali Home Insurance

Future Generali is one of the largest general insurance providers in India. It is a joint venture of Generali Group and Future Group of Industries. The company started its general insurance business in India in the year 2007 and currently it is present in more than 125 locations. With a range of insurance products, the company offers a comprehensive home insurance plan under the name of ‘Home Secure. The ‘Home Secure’ policy protects the house of the policyholder and its contents from a variety of unwanted and unforeseen circumstances. The features of the Future Generali Home Insurance policy are as follows:

  • The policy provides complete protection to the property of the policyholder under a single plan. This means a policyholder gets coverage for the property and its contents as well as the interests of self and family members in one plan.
  • The premium of this policy is affordable.
  • The claim settlement process is simple and quick as the company has an in-house claim settlement unit.
  • It is an all-inclusive home insurance policy wherein the ornaments, jewelry, and other high-value items of the policyholder are covered.
  • Portable equipment such as laptops is also covered in this plan.

IFFCO Tokio Home Insurance

IFFCO Tokio is a general insurance company that offers its services to a large customer base across India. The in-home insurance category is ranked as one of the top home insurance companies. Its home insurance plan protects the house of its policyholders from various manmade and natural disasters like robbery, lightning, fire, etc. The policy covers both structures of the home and its contents. This policy also covers the expensive gadgets of the policyholder, jewelry, home appliances, etc. The key features of this policy are:

  • In case of total breakdown to the electrical and electronic equipment of the insured house, no depreciation is deducted. However, the equipment has to be less than five years old.
  • The policy also covers the pets of the policyholder.
  • IFFCO Tokio Home Insurance Company is one of the best renters insurance companies as it provides coverage for the contents of the home along with liabilities and other assets.
  • The policy also provides coverage for the home of the policyholder’s children if they are living away from the home due to studies anywhere in India.
  • The premiums of this policy are affordable.
  • The policy provides coverage for the contents of the home of the policyholder from accidental damages.
  • You can purchase a home insurance policy online with a few clicks.

National Insurance Home Insurance

National Insurance Company is one of the oldest general insurance companies in India. The company is known for providing comprehensive and tailor-made insurance plans and its home insurance policy is one of these. The name of National Insurance Home Insurance policy is House Holder policy that provides comprehensive coverage and is designed for dealing with the contingencies of house. Some of the key features of this policy are:

  • The home insurance policy provides coverage in case of loss due to burglary, natural calamities, and fire.
  • This policy provides complete protection for the structure of the home and its contents.
  • The policy offers many options to choose from.
  • One can purchase a policy online instantly.
  • It provides coverage for up to 10 years for the structure of the home and five years for its contents.

New India Assurance Home Insurance

New India Assurance is a government-owned general insurance company. With two-wheelers, cars, and health insurance, this company also offers a home insurance plan with the name of Greh Suraksha. This policy is designed to protect the house of the policyholder from unforeseen risks and damages like the impact of fire, damage, natural calamities, theft, etc. The salient features of this policy are:

  • Protects the house of the policyholder from a wide range of risks.
  • Both tenants and owners can purchase this policy.
  • Coverage for home contents and building are provided.
  • A policyholder can protect the contents of his/her house for up to Rs. 10 lakhs.
  • It gives the option to select coverage as per choice.

Oriental Home Insurance

Oriental Insurance Company is a public sector general insurance provider that offers many useful general insurance products and one out of many is Oriental Home Insurance policy. This policy protects against losses and damages incurred due to natural calamities and manmade disasters. Some of the useful features of this policy are:

  • The policy provides savings options like long-term policy discounts, security arrangements, section discounts, etc.
  • Policy 9provides protection against fire and allied perils.
  • It is a comprehensive plan that offers all-risk cover.
  • It also offers personal accident cover for the policyholder and his/her spouse both.

Raheja QBE Home Insurance

Raheja QBE is a joint venture between Rajan Raheja Group and QBE Insurance. This joint venture is considered one of the best general insurance providers in India. Out of many other plans, this policy provides a home insurance plan as well. With basic coverage that is offered in a home insurance plan, this one of the best home insurance companies provides workmen compensation as well. The key benefits of this policy are:

  • Provides coverage against fire and allied perils.
  • It also offers cover for debris removal.
  • The policy also offers cover against housebreaking and burglary.
  • A fee of the architect, consultation engineer fees, and fees of the surveyor.
  • The policy also offers many optional covers.

Reliance Home Insurance

Reliance General Insurance Company is one of the topmost general insurance companies in India that provides various insurance plans and solutions. The reputation of the Reliance group is known to all. With a health insurance plan, marine insurance policy, vehicle insurance plan, the company also offers a home insurance policy. The key features of the home insurance policy offered by Reliance General Insurance Company are:

  • Reliance Home Insurance policy provides coverage against risks and other related losses incurred due to natural calamities or manmade disasters.
  • The policy comes with a low-cost premium and also offers some rebates.
  • The plan offers full protection to the home and its contents as well.
  • The policy also provides coverage for the valuable items and cherished belongings of the policyholder.
  • One can also choose the reinstatement value of his/her valuable or precious items.
  • Hassle-free and fast claim processing.

Royal Sundaram Home Insurance

Royal Sundaram is a leading private sector general insurance provider in India. It provides a comprehensive house insurance plan, which is not only designed to protect the house but also its assets in case of any unforeseen situation. Bharat Griha Raksha is the name of the home insurance policy offered by Royal Sundaram. Being one of the best home insurance companies, Royal Sundaram ensures that its policyholders sleep with peace as this insurance plan covers almost everything related to the home and its contents. The key benefits that one gets with this policy are:

  • It is an affordable home insurance plan that offers comprehensive cover for the structure of the house.
  • This policy covers the cost of reconstruction, surveyor, architect fees, fees of consulting engineer, etc. as well as the cost of debris removal.
  • With the InstaRenew feature, one can renew his/her home insurance policy anytime, anywhere.
  • One gets a discount of up to 50% if he/she chooses a tenure of 10 years or above.

SBI General Home Insurance

SBI General Insurance Company is a joint venture between SBI and IAG (an Australian group). The company has a widespread network and has its presence across India. With motor, health, travel, and personal accident insurance plans, SBI General Insurance Company also offers SBI Home Insurance products. The features of the SBI Home Insurance Policy are:

  • This plan provides in-built coverage against earthquakes.
  • The tenure of the policy ranges from three years to 30 years.
  • It provides coverage against losses and damages incurred to the home of the policyholder against natural and manmade calamities.
  • The premium rate depends on the tenure and location of the home insurance policy.

Shriram General Home Insurance

Shriram Group is one of the biggest business houses in India. The company has spanned its business in various wings starting from energy and infrastructure to insurance. A home insurance policy offered by Shriram General Insurance Company safeguards the home of the policyholder. Some of the key features of this policy are:

  • The policy provides different options to safeguard almost all the corners of the house.
  • The home insurance policy offered by Shriram General Insurance Company is completely transparent and hassle-free.
  • The company provides flexibility to select a plan according to the requirements/ needs.
  • Shriram General Home Insurance plans are available at low cost and with a rebate.

Universal Sompo Home Insurance

Universal Sompo General Insurance Company is a joint venture between various Indian banks – Karnataka Bank, Indian Overseas Bank, and Allahabad Bank and a Japanese insurance firm the Sompo Japan Insurance Company, and Dabur Investments. The headquarter of this company is in Mumbai and offers different types of insurance plans. Apart from this, the company is one of the best home insurance companies in India. The features of this plan are as follows:

  • The protection is provided for the property of the customer and the various contents it carries.
  • The premium rates offered by Universal Sompo are very competitive and attractive.
  • Under a single home insurance policy, it provides coverage for a wide range of items and assets.

These are top home insurance companies in India and one can purchase any of the above-mentioned plans for protecting his/her home against loss or damages.

Written By: PolicyBazaar