Types of Home Insurance in India

Home Structure/Building Insurance

This type of home insurance covers the structure of your house from any kinds of dangers and risks. In addition to this, the policy also protects any permanent fixtures within the house. This includes your kitchen and bathroom fittings, and also the ceiling/roof of the insured house. Some houses have garages, an outdoor room/house or sheds. This type of insurance usually extends to these structures as well.

Public Liability Coverage

If any guests or third party experience damage caused to them or their property inside the insured’s home, then this type of home insurance policy provides coverage against the same.

Personal Accident

This type of home insurance covers you and your family. A compensation is given in case of permanent disablement or death of the insured person due to accidental or physical injury, even if it has happened anywhere is the world.

Burglary & Theft

In case of an occurrence of burglary or theft in the insured house, if any valuable contents are stolen or damaged, the policy covers you for it.

Contents Insurance

It is not just the house, that you have insured, but also the contents inside the house on which you would have spent a lot of time and money deserve equal protection. This type of home insurance policy protects the goods inside your house from damages and loss owing to theft, fire, flood and other such mishaps. Your documents, portable equipment, jewelry, TV, refrigerator, etc. are covered. It does help you when you have to replace the interiors of house if your house is flooded, or has been burnt to ashes by break out of fire.

Tenants’ Insurance

As a tenant you would have obviously rented a house or flat. In that case, it is the wisest option to not opt for a buildings cover, instead you need to focus entirely on protecting your contents. This type of insurance is a must have for every tenant. Though you live in a rented house, it is very much yours, at least, till the time you reside in it.

Landlords' insurance

As a landlord, the maintenance and upkeep of the building/apartment/structure of the house (that you are renting out) are clearly your responsibility. A standard buildings insurance policy usually aren’t exclusively designed for the need of landlords, because there are also other residents who live in the building. As a landlord you need something specifically designed for landlords. Hence, a landlords’ insurance policy is ideal for you and it also covers things like loss of rent and public liability.

What is not covered?

1. Destruction of property willfully.
2. Damages to property due to wear and tear.
3. Loss to property due to war.
4. Loss to property unoccupied for more than a certain specified period.
5. Money in the form of cash, antiques and collectibles.