In India, people spend a lot of money to build a good house. But when it comes to the security of that house, they seem not to pay much attention to it. They do not spend money on getting the best home insurance in India for the safety of their home. Taking the best home insurance in India leads to a lot of benefits.
You can’t protect your home from a natural disaster. But you can cover the cost of repairs or repairs through the best home insurance in India. With the best home insurance in India, due to heavy rains, your home will also get coverage of water damage. The best home insurance in India covers all kinds of damage caused by water.
However, insurance companies refuse to cover the losses that occur gradually with time.
What Is Home Insurance in India?
Home insurance is a safety net which provides cover in case of damage. It protects the house from unwanted, unexpected causes, which can damage it. Such as fire, smoke damage, flood, earthquake, lightning strikes, all types of storms, explosions, riots or civil temptations, theft, break-ins, vandalism, etc.
Although India witnesses natural disasters every year, home insurance remains low. At present, unlike car insurance, home insurance is not mandatory. However, while making a home loan for a borrower, the bank is making it mandatory to get home insurance.
Home Insurance provides the cover for structure and materials. More awareness of such products is required because many people are not aware of home insurance. People generally believe that home insurance is expensive and the process of settlement of claims is complicated.
The best Home insurance in India provides financial protection against man-made disasters and natural disasters. It is a policy that combines various insurance covers, such as theft, water damage, etc.
Types of Home Insurance:
There are two types of home insurance policies:
- Basic building policy and
- Comprehensive policy
Let’s understand what is included in each type.
Basic Building Policy
This policy provides cover for home / building against man-made or natural disasters, such as fire, electricity, storms, floods, strikes, landslides, cyclones, aircraft damage, riot, etc.
This policy provides cover for home / building structure and its contents. Structure insurance covers loss / damage to the structure of the home due to natural or man-made disasters. Such as earthquake, fire, flood, air accident damage, explosion, etc. Insurance caused due to theft, etc. Covering / loss may include precious assets like jewelry, painting, important documents, etc.
Before buying home insurance, check claim history and track company records. Examine the inclusion and exclusion of policies.
Points To Consider While Choosing The Best Home Insurance In India:
- As the claim under home insurance is limited to the cost of construction of the payment, you should take the policy for a sufficient amount.
- Always take the best home insurance in India for a longer period, so that you can avail a reduction in your premiums
- Select add-on covers such as terror attack / earthquake / theft / robbery etc.
- To handle inflation effects at construction cost, always choose the increasing method of insurance.
- Each insurance provider treats Inclusion and exclusion separately. Therefore, before selecting any insurance, one should go through the policy document carefully.
Best Home Insurance Companies In India:
These are some companies that provide the best home insurance in India. Check out the name of the companies that provide the best home insurance in India:
- HDFC ERGO Home Insurance
- ICICI Lombard Home Insurance
- TATA AIG Home Insurance
- Bajaj Allianz Home Insurance
- Reliance Home Insurance
- BHARTI AXA Home Insurance
- Royal Sundaram Home Insurance
Our house is the most precious property of our lives. Since we understand the value of our home, it is important for us to ensure that our house is protected from any damage / loss. So, take a step today to buy the best Home Insurance in India and keep your home safe at all times of life!