Before we provide you our “Best Home Insurance Plans” Let us first understand what Home Insurance Plan is ?

What is Home Insurance :

Home Insurance is a type of Insurance defined under property insurance by IRADAI . This works to provide insurance to your building structure. It covers damages caused by either a Natural Calamity or a Man Made Calamity e.g. Earth Quake Damage or a Burglary at Home.

Why you need a Home Insurance.

Insurance is made to help people safeguard their interest in case of any natural or man made calamity. Imagine a Flash flood destroyed your House , you will be perished to see it gone . Assume you don’t have any insurance, there will be nothing left to you . All your money and your investment would be gone. This is where Insurance plays its role. If your building is insured, you will get insured amount to start and build a new Home.  

There are many other factors too that tells us why Home Insurance is needed.

Different types of Home Insurance:

1. Comprehensive Home Insurance

This insurance is the main stream plan that not only provides insurance to homes but also provides insurance on your home belongings including costly items like Jewelry .

2. Content Insurance

This type of insurance only covers loss of items inside your home e.g. appliance and Jewelry . With this insurance you will get Current Market Value of items as cover amount.

3. Standard File and Special Peril Insurance

This insurance is one of a kind and it provides coverage on calamities like Earth Quake, Flood and Fire coverage

4. Building Insurance

This insurance secures your Building , Flats or any construction damage that occurred during tenure.

5. Public Liability Damage.

This insurance covers third Party damages caused inside your Building Premises .

6. Landlord Insurance

This Policy is for Landlords to safeguard them against Loss of Rent and Public Liability caused due to your tenant.

7. Tenant Insurance

This Insurance is designed for Tenants, this is to safeguard Tenants Interests. When you take this Insurance in case of any damage caused to your items inside the flat or building , you can claim amount for your belongings  from this Insurance.

Here are our Top 4 Home Insurance Plans.

1. IFFCO Tokio Home Insurance:

This Insurance insures your House against Natural Disaster and Man Made calamities  . You can also cover your Pets ,Garages & Swimming Pools .

Major Benefits of this plan :

  • No Depreciation
  • Pet Cover
  • Coverage for Tenants
  • Accidental Damages

2. HDFC ERGO Home Insurance :

This Policy provides coverage for this Party Liability of 50 Lakhs. It also gives you a coverage of Home Belongings of 25 lakhs . There is an optional Coverage for Acts of Terrorism .

3. National Home Insurance :  

This provides coverage for Building and its belongings , It provides Legal Liability Coverage of Rs 10000 . In case of theft or loss damages you can get coverage .

4. Chola MS Home Insurance :

This Insurance provides you building insurance and also gives you an option to buy Personal Accident Coverage . You can also choose Standard Peril Protection as an add on.        

Offers from Chola MS Home Insurance:

  • Burglary and house breaking
  • All risk for jewelry
  • Breakdown for Home utility and Home appliances
  • Damage to Fixed Plate glass
  • Loss or damage to personal baggage
  • Death due to personal Accident

Different Factors to Consider while Choosing Home Insurance.

  1. Coverage and Premium
  2. Claim Settlement Ratio
  3. Reputation of the Company.

Claim Documents needed when you raise claim request :

These are total no of document you will need and would differ based on the type of claim you are raising .

  • Fire Brigade Report
  • Medical Officer’s Certificate for Death and Disability
  • Invoice of Owned Items
  • Repair Estimates
  • Court Summons
  • An Investigation Report by Police
  • Suppliers Original Invoice For replacement
  • Original Policy Document and Claim Form

We Hope you liked our Article on “Top 4 Home Insurance Plans ” , Please read our other article on Top ESG Funds to Invest in India”