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Types of Home Insurance in India

To suit the varied needs of every individual customer, leading home insurance companies and banks in India offer a broad range of home insurance policies. These varied types of home insurance policies help customers to understand the necessity of home insurance and choose the right policy according to their requirements. The primary and most popular types of home insurance policies offered in India have been listed down, in a comprehensive manner.

Standard Fire and Special Perils Policy

Offered by every leading insurance company, as the name of the policy suggests, it provides coverage against certain special perils and fire outbreak. This coverage can be bought by house owners (for their own house) and also by tenants residing in a rented house. The sum insured, for this policy, is calculated as Building - Cost of reconstruction (exclusive of land value). A Standard Fire and Special Perils policy covers the insured home against loss and damages caused due to following causes –

  • Natural calamities like lightning, fire, volcanic eruptions, bush fire, forest fire, earthquakes, storms, floods.
  • Damages caused due to explosion/implosion, man-made anti-social activities like strikes, riots, damage caused with malicious intent
  • Damage caused by direct contact of rail/road, vehicle. Damage caused due to the insured house, with your own vehicle, is not included in this cover.
  • Damage caused due to bursting or/and overflowing of water tanks, pipes and apparatus
  • Subsidence including rockslide and landslide
  • Missile testing operations
  • Damage caused due to leakage from automatic sprinkler installations

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?

  • Destruction of property willfully.
  • Damages to property due to wear and tear.
  • Loss to property due to war.
  • Loss to property unoccupied for more than a certain specified period.
  • Money in the form of cash, antiques and collectibles.
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Customer Reviews

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  • ICICI Lombard Home Insurance
    "Unhappy"
    0.5 1.0/5 "Really Bad"
    I am not satisfied with ICICI Lombard for home insurance because the premium is very higher and the claim was not good. I will not recommend and would suggest to go with LIC housing. The premium is 1.30L for 7 years where LIC is charging 60k for 12 years.
    Was this review helpful? 9
    , hyderabad
    Reviewed on Sep 24, 2019
  • HDFC Ergo
    HDFC Ergo Home Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I got a home insurance from HDFC ERGO recently and they have been charging be monthly 506rupees which is reasonable and the payment mode is ECS. They have provided me an insurance for 5 years. I have no issues with the service. I don't have claim experience.
    Was this review helpful? 4
    , mumbai
    Reviewed on Sep 14, 2019
  • review Home Insurance
    "Recommendable policy"
    0.5 5.0/5 "Blown Away!"
    When i taken the home loan, they have provided me a home insurance with Reliance. They have provided me a coverage value of Rs. 70 lakhs which is my loan amount. In one shot, i have paid the amount of Rs. 1 lakhs which covers for 15 years. It covers only for the house.
    Was this review helpful? 3
    , bangalore
    Reviewed on Jul 26, 2019
  • Bajaj Allianz Home Insurance
    "Required policy"
    0.5 5.0/5 "Blown Away!"
    It was very fast and i didn't run for any kind of documentation part. Since i took the home loan from Bajaj Finance, they have provided me a home insurance policy with them. I'm not sure about the premium amount. This policy has a coverage of 100% including the hold things.
    Was this review helpful? 4
    , secunderabad
    Reviewed on Jul 24, 2019
  • HDFC Ergo Home Insurance
    "NOT SATISFIED"
    0.5 1.0/5 "Really Bad"
    I have a home insurance with HDFC ERGO GENERAL INSURANCE where the premium paid was 2-3K where the duration of the policy is was 5years but i have canceled the policy within 1 month. The documents submitted was basic documents, but i am not satisfied with the policy.
    Was this review helpful? 4
    , pune
    Reviewed on Jul 13, 2019
  • review Home Insurance
    "Very good policy"
    0.5 5.0/5 "Blown Away!"
    When i taken my home loan, they have given me a home insurance along with the home loan. Since its a compulsory policy, i have purchased the loan. I'm not sure about the insured period. Overall, I'm satisfied with the policy. This policy is covered 100% for the home not for the products.
    Was this review helpful? 2
    , chennai
    Reviewed on Jun 24, 2019
  • Bajaj Allianz Home Insurance
    "Satisfactory"
    0.5 4.0/5 "Great!"
    Its having higer coverage of 2L and the policy is valid for 25 years. Bajaj Allianz has charged me 25K yearly and the benefits are good. It was provided along with my home loan. They have provided me a good service. The documents has been provided to me on time.
    Was this review helpful? 1
    , vadodara
    Reviewed on Jun 22, 2019
  • 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? 1
    , ahmedabad
    Reviewed on Jun 11, 2019
  • 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? 2
    , 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? 3
    , 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? 1
    , 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? 1
    , thane
    Reviewed on May 28, 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? 1
    , 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? 1
    , 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? 2
    , 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? 1
    , ahmedabad
    Reviewed on Jan 26, 2019
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