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5 Myths About Home Insurance

Ironically, Home Insurance is one of the most common types of insurance, but also one of the most miscalculated. Majority of property holders reckon that the schemes they purchased will indemnify them against virtually every loss/ destruction incurred to the building and everything in it. The truth is that any such scheme is bound to have some exclusions and limitations that will leave you with a sizable gap in riders.

Let’s crush some of the common myths about home insurance:

  • Unusable Coverage:

    If your house is damaged beyond repair or is impossible to inhabit at the moment while it is being renovated, it is possible that your insurance provider will accommodate you in a hotel or service apartment temporarily. But this is not true for all house insurance plans and if you end up shelling out for all these expenses, you will soon be in huge financial trouble. Please go through the plan carefully and see to what extent the insurer will support you and for how long.

  • Expenses to restore/ replace/ renovate:

    Many tend to take it as a given that expenditures to replace your lost or destroyed belongings in the house. For instance, you may think that your three year old washing machine damaged in fire or burgled, it will be replaced as per the coverage. But did you know that a bulk of insurance schemes do not have this option at all. If not incorporated, losses will be gauged at what the item was worth right before the accident. And evidently you will have to cut your losses and settle for the current depreciated value, which will be nowhere near the price for a new one.

  • About Flood Protection:

    Practically every home insurance plan omit coverage against flood coverage, along with quakes and other natural catastrophes. This is unfortunate as it is one of the most common causes for deterioration of your house as well as ruining of contents. Floods can occur due to several reasons, such as a storm, ruptured pipes or drainage stoppage. Only a few firms include flood cover in their scheme. And if you are residing in a vulnerable region, it would be a good idea to go for a distinct flood plan or rider on additional premium.

  • Termites:

    Any building with wood is susceptible to termite attack if not taken care of properly. And they are quite caustic and especially attack your house during cold weather. Termites feed on wood and more of it. They can eat away the wooden support in the house as easily as cows chew on grass. They multiply in huge colonies and can ruin the house structure together in time. Revamping termite destruction and getting rid of them can cost thousands of rupees and very few policies cover them. Hence it would be wise to have your house checked and squirted by an expert rather than relying on home insurance.

  • Assessment of Loss:

    When you file for a home insurance claim, the insurance firm will send you an evaluator to decide the degree of the harm occurred and the ideal way to solve it. The evaluator will estimate a value based on usual factors like trending expenses and upper limit of what the company offers. But you do not have to accept the value offered by them if you feel that you are getting a raw deal. Keep your bills, receipts, photos of items etc. safe as they will come handy for further negotiation.

    When it comes to insuring your most valuable asset, give no room for myths, misconceptions or vagueness. Reading the fine print may seem painstaking, but is better in the end as you know what you are signing up for. As mentioned above, not all risks and dangers can be covered and hence take regular maintenance of your house seriously.

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Customer Reviews

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  • HDFC Ergo Home Insurance
    "Excellent service"
    0.5 4.0/5 "Great!"
    While i have taken my home loan from HDFC,LTD they have asked me to take a house insurance policy. I pay the premium amount nominal which is applicable till my loan tenure period. It use to get auto debited from my account. They have given me a coverage upto Rs. 5 lakhs for 10 years .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 11, 2019
  • HDFC Ergo
    HDFC Ergo Home Insurance
    "Complicated policy"
    0.5 4.0/5 "Great!"
    While i have taken my home loan from HDFC, they have asked me to take a life insurance policy. I pay the premium amount of Rs. 50000 which is applicable till my loan tenure period. They are deducting the insurance premium amount from loan premium amount. They have given me a coverage upto Rs. 4 lakhs.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 09, 2019
  • review Home Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I got a home insurance from SBI General Insurance and they have charged 50K for the insurance which was little bit higher when compared to others. They have not sent the insurance paper yet. The policy is valid for 15 years. It covers fire accidents, natural calamities and everything.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 07, 2019
  • review Home Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Health Insurance through Royal Sundaram through Online .I am paying a premium of Rs. 15000 it is a 1year nee to renew each year ,I am paying through by online ,This insurance was referred by Citi Bank .I have not faced any issues so far on using this policy .There are cashless facility as well.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 31, 2019
  • ICICI Lombard Home Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Health insurance policy since got call from ICICI Lombard hence taken the policy.This is a 1year policy need to renew the policy every year ,There is cashless facility on this policy ,premium is very nominal it is Rs.13000 paying through auto debit .I have got the policy documents on time ,Submitted documents also and not gone for any claim so far.
    Was this review helpful? 0
    , thane
    Reviewed on May 28, 2019
  • Tata AIG Home Insurance
    "Good for home protection"
    0.5 5.0/5 "Blown Away!"
    Tata Aig home insurance policy has the tenure of 15 years, when I took home loan from Axis they took around Rs. 25,000. Its covers rain, riots, terrorism, natural calamity, fire everything come under this, hence its a good protection for me.
    Was this review helpful? 1
    , bangalore
    Reviewed on May 13, 2019
  • HDFC Ergo Home Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I got a Home insurance from HDFC ERGO while taking the home loan. The policy is valid for 5years and the premium is reasonable. They have charged me 69K and have received the soft copy of the insurance. The policy coverage is good and it includes natural calamities and fire accident.
    Was this review helpful? 0
    , pune
    Reviewed on Apr 30, 2019
  • HDFC Ergo Home Insurance
    "Good. Can work on the charges"
    0.5 4.0/5 "Great!"
    HDFC Ergo home insurance policy is good and there is a coverage for five years, and I can renew it if I wish too. I also have the option to continue till the loan gets completed. The total amount is of 1.11 Lakhs. I need to pay 700rs on a monthly basis. I suggest that the charges should be on a lower side.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Apr 29, 2019
  • Bharti Axa Home Insurance
    " Premium should be economical"
    0.5 4.0/5 "Great!"
    I paid premium of Rs.1.5 lakh to Bharti Axa for home insurance it has the tenure upto loan end peroid of 20 years. I believe its covers all natural calamities like earth quake, the premium is huge as compared to others. I got the policy paper through PNB Housing,
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 12, 2019
  • HDFC Ergo Home Insurance
    "Good"
    0.5 3.5/5 "Pretty good"
    They have charged me a premium of 1.4L for the home insurance which is 26 years. I have received the insurance paper from HDFC ERGO. Actually the premium is on higher side when compared to other insurer but have no other go. The customer service is always good. They have given me better benefits but still looking for bit more.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 29, 2019
  • review Home Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I do have a home insurance with SBI GENERAL INSURANCE and it was offered along with the home loan. They have charged me 6K for 15 years. I have no claims till now. I have received the insurance documents. It has lot of benefits. I have not contacted the customer service.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 15, 2019
  • review Home Insurance
    "Good for future"
    0.5 4.0/5 "Great!"
    I don't have any experience of claiming anything in this policy. Its covered with the complete home and products like all the electronic items. I have made the one time premium amount of Rs. 35000 for 25 years. They have given me a coverage amount of Rs. 16 lakhs. When i avail my home loan they have offered this policy.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jan 29, 2019
  • HDFC Ergo Home Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have insured my home with HDFC , home got insured at 174000 and the customer service is good , they help me through out the process . Only i got disappointed at one place they wrongly updated my name . My premium amount use to get auto debited from my account . It was average experience .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 27, 2019
  • HDFC Ergo Home Insurance
    "Average Service"
    0.5 3.0/5 "Satisfactory"
    I had taken this insurance policy a while back and the premium had been paying on a Quarterly basis. The premium amount has been around 80,000 and the payment method has been simple. Their customer support has responsive and is helpful at times.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 26, 2019
  • ICICI Lombard Home Insurance
    "Satisfactory"
    0.5 4.0/5 "Great!"
    At the time of home loan they have issued me a home insurance with ICICI Lombard actually the product was good. They have more number of branches. I took the policy amount of 1L which is one time premium for 20 years. The sum assured is 40L. I am very much happy with their service.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 23, 2019
  • ICICI Lombard Home Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have take Home Insurance from the Icici which i got through my Home loan where its been given by them . The premium amount which i paid for the is quiet high , The explained the policy very well and but they haven't given the document for that , as i don't know the sum assured amount and policy details.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 23, 2019
  • HDFC Ergo Home Insurance
    "Should be transparent"
    0.5 2.0/5 "Expected more"
    I took home insurance from HDFC Ergo by paying the premium around Rs. 3 lakhs. In the beginning they were communicated the policy for whole 25 years, now they were telling its only for 5 years. If I want to continue then I need to renew it. The policy is good it covers all natural calamities, fire, rain etc. But they should be transparent in their communication.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 03, 2019
  • ICICI Lombard Home Insurance
    "Good Service provider"
    0.5 5.0/5 "Blown Away!"
    ICICI lombard gave me the medical coverage of Rs. 5 lakhs its entire family. The brand value is good to tie reputed hospital in area. Once I used the policy for dengue fever, they gave me cash less treatment for 10 days, they didn't charge any money. I just submitted medical card and id proof.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 10, 2018
  • HDFC Ergo Home Insurance
    "I want to top up my Home loan to HDFC bank home loan departm"
    0.5 4.0/5 "Great!"
    Very good response by bank bazaar to connect HDFC bank home loan web site, very quick response by Bank Bazaar, Iam very happy to say if bank authorities will reply my application I am very thankful to you bank Bazaar.------------------------
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 06, 2018
  • HDFC Ergo Home Insurance
    "Good Protection for House"
    0.5 4.0/5 "Great!"
    While I was taking loan from HDFC bank they taken amount for the home insurance for the tenure period of five years. I think they gave me the cover for different calamities, glass, raining, fire etc. But I thought for long tenure but they gave minimal tenure period for the home protection.
    Was this review helpful? 1
    , chennai
    Reviewed on Nov 05, 2018
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