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Home insurance coverage is the most vital thing to consider once you have purchased a property. There are range of Housing Finance companies, Indian banks and private firms offering home insurance coverage for property in the market. The prominent names providing home insurance coverage are Bajaj Allianz General Insurance, ICICI Home Insurance, National Insurance Company, PNB Housing Finance, Royal Sundaram Insurance, The Oriental Insurance Company, United India Insurance and many more.
While choosing for right home insurance coverage, you must compare different home insurance claims and policies offered by lender banks and companies. You should check policy coverage for what all benefits you are going to accrue while opting for any specific home insurance policy. In case if you consider ICICI Lombard Home insurance, you will get the following benefits as policy coverage. Similarly, other home insurance providers offer you different coverage for a period of time.
Policy Coverage
You can choose
to buy insurance for only the building (structure) of your
home, or only the contents (belongings) or both.The policy
covers the losses to the structure and contents of your home
due to any natural and man made calamities.
The calamities covered
are:
- Fire
- Riot, strike & malicious damage Explosion & implosion
- Earthquake
- Lightning
- Storm, cyclone, tempest, tornado, hurricane, flood & inundation
- Damage due to impact by vehicles
- Missile testing operation Subsidence, landslides and rockslides
Leakage from automatic Sprinkler installations
- Aircraft damage. Bursting and/or overflowing of water tanks,
apparatus and pipes
You can use the Home Insurance Premium Calculator to calculate the premium required to be paid after calculating the accumulated total of the annual liabilities. Also, learn the things that are covered by the Home Insurance companies and the ones that are not.
Burglary covers (only for contents):
The contents of your home are also covered against loss due
to burglary or an attempted burglary. It also covers loss
of jewellery, silver articles and precious stones kept under
lock and key, up to 25% of the total content sum insured or
Rs. 1 Lac, whichever is lower.
Additional expenses of rent
for alternative accommodation - If you are forced to shift
into an alternative accommodation because your home is destroyed
or damaged by any insured peril, the policy will cover you
against the additional rent.
The maximum coverage is up to Rs. 1,00,000 for up to 6 months.
The cover is available only if you are insuring the structure
of your home.
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