Home
Home      »    Home Insurance

Property

Home Insurance

The home insurance sector in the country is still in its budding phase. However, it is anticipated that this sector will gain increased prominence in the years to come. The companies offering home loans are also playing an instrumental role in helping the home insurance sector grow in India.

According to the new regulations that have been introduced, buying home insurance has been made mandatory if you are opting for home loans. This has further facilitated the growth of the home insurance sector in the country. Financial experts are of the opinion that if the insurance as well as the financing companies work in tandem, it can benefit both the sectors equally.
 
Investment in real estate facilitates growth in home insurance
It is a well known fact that many companies are opting for real estate as one of the investment vehicles. As more and more companies are investing in real estate market, the demand for home insurance is also on the rise.
 
Home insurance –Its importance
Investing in your dream home is often done once in a lifetime. However, you can always sell it off and buy a new one but the experience of buying a home for the first time is a memory that is cherished throughout your life. When you buy a house, you need to safeguard it against natural calamities and any unforeseen event that may cause damage or loss of property.
 
If you buy a home insurance policy, you can keep such unpleasant incidents at bay. And even if your house gets damaged, you can relax as you are financially compensated for the same. However, not all appliances in your home and not all sources of damage qualify for compensation or home insurance coverage.
 
What does home insurance cover?
Basically, home insurance covers the building and the contents of the same. If the building of your home is damaged due to any of the following, you are entitled to get coverage under the same. They include –
 
  • Lightning
  • Damage caused by vehicles
  • Damage caused by an aircraft
  • Fire
  • Riot
  • Explosion
  • Rockslides
  • Landslides
  • Strike
  • Storm
  • Flood
  • Tempest etc
 
Home insurance for the contents of your house
Under this category, the contents of your home are insured. These may include –
 
  • Fixtures
  • Furniture
  • Electronic goods
  • Electrical goods
  • Jewelry (gold and silver)
  • Precious stones
  • Clothing
 
You can opt for home insurance coverage for the contents of your house due to earthquake or burglary. These days more and more people are using appliances and gadgets that make their life much easier. It is equally important to insure these gadgets so that in the event of any untoward incident, you can get compensation.
 
Home insurance companies in India
There are many home insurance companies in the country. You will find few companies that operate as joint venture firms in addition to the ones that operate individually. Examples of joint venture firms include the following –
 
  • ICICI Lombard General Insurance
  • Tata AIG General Insurance Company Ltd
  • Bajaj Allianz General Insurance
  • Royal Sundaram Alliance
  • IFFCO-TOKIO etc