Whoever said wishes don’t come true hasn’t explored our offers!

What Are the Most Important Features of a Home Insurance Policy?

 4.0 / 5.0   by 104 users
Used this product? Write a review >>

Policy Coverage

Customer Service

Plan Options

Claim Experience

In the world of insurance, home insurance policies are often one of the most comprehensive ones. Typically a home insurance policy will provide all-round protection which covers you, your house, your family members and also any liability which may arise. The case may not be so with other types of policies like auto insurance policies which only cover third party liability and damages relating to automobiles. Home insurance, on the other hand, provides cover which extends beyond just the structure of the house. The most important features of a home insurance policy may be categorized into two parts, based on the kind of cover they provide. These are (i) Cover For Damages and (ii) Cover for Liabilities. Read on to find out more about each of these features which form a part of a homeowner insurance policy.

Cover for Damages

The major / basic component of any home insurance policy is the cover it provides against a variety of damages. Home insurance policies typically insure not only your house but any surrounding structures, your personal property or possessions, as well as cover for any alternate accommodation arrangements you might have to make.

  1. Cover For The Structure
  2. This is the basic coverage part of every home insurance policy. Under this section, the policy protects the physical structure of the dwelling / house / building against a variety of risks and damages. This coverage covers the structure of the house which essentially includes the building, electrical apparatus, heating, air-conditioning, plumbing, etc. Also, do remember that the land on which the house has been built is never a part of the home insurance coverage.

  3. Coverage Of Additional Structures
  4. In addition to providing coverage to the structure of the house itself, an insurance policy will also provide cover to any additional structures surrounding the house which may not be attached to the house. Some examples of the non-attached structures covered under a home insurance policy include detached garages, fence surrounding the house, a backyard shed, a retaining wall, the driveway, mailbox, pool etc.

  5. Cover For Personal Possessions / Property
  6. A home insurance policy also covers your personal property or the contents of your house against a variety of risks. The personal property cover usually includes electrical appliances like television sets, personal computers, microwaves, refrigerators, air-conditioners, etc. It also includes furniture like beds, couches, dining tables, along with furnishings like curtains, rugs etc. Often, expensive assets like jewelry is also included under the personal property cover of home insurance policy. However, when it comes to personal property cover, most insurance companies have specified limits for different items of personal possession.

  7. Cover for Alternate / Additional Accommodation
  8. Another important feature of a home insurance policy is the Loss of Use cover or cover for Alternate / Additional accommodation expenses. The objective of this cover is to reimburse the policy holder / home owner for all living expenses which they might incur, in case the insured house is damaged or destroyed by an insured cause. The expenses covered under this section typically include additional rent, travel, food and any other living expenses which might be borne by the home owner towards their alternate living arrangements. Do remember to keep all the receipts of any expenses incurred during such a period of temporary living arrangement for insurance purposes.

Cover For Liabilities

The remaining two sections featuring in an insurance policy are designed to cover home owner for any liability which may arise due to any damage to property of bodily harm caused to any third party. This section liabilities which may occur not only within the house but even those which may occur outside.

  1. Liability Cover
  2. Liability cover is one of the most important features of any home insurance policy. This cover basically protects you from any legal liabilities which may arise in case of any damage or bodily harm caused to any if there occurs any bodily harm / injury or damage being caused to any third person or property, on your premises or by you. An example of a liability cover would be in a situation where a tree from your garden (located in your premises) falls on the neighbor’s fence and damages it. The neighbor might sue you for damages. In this case, the cost of repair or any legal charges of such an outcome shall be covered by the insurance company.

  3. Coverage for Medical Payments to Others
  4. The last feature of a home insurance policy would be cover for any medical payment which the homeowner might have to make to any third person in case they suffer any bodily harm or injury when they are in your house or on your property. This cover, however, is designed to cover the cost of minor injuries. Some examples of situations where medical payments insurance may apply would be:

    • Your child’s friend breaks their arm while playing on the swing in your backyard.
    • A visiting relative slips on the stairs inside your house and injures their back.
    • A neighbor slips in the ice formed on your driveway and injured their foot.

Customer Reviews

Page 1 of 6 1 2 3 4 5
  • 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? 0
    , 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
  • review Home Insurance
    "Safe and secured"
    0.5 4.0/5 "Great!"
    I have paid Rs. 50 to 60k premium for home insurance in SBI General for the tenure of 20 years, they give coverage for natural calamities. The documentation process was smooth and they gave me good policy coverage based on the home valuation.
    Was this review helpful? 0
    , pune
    Reviewed on Sep 29, 2018
  • review Home Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I've a home insurance from the New India Assurance. Considering the nominal premium I pay, the policy offers complete protection for the house and the entire appliances. It is a very useful policy in case of any mis happenings.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jul 28, 2018
  • HDFC Ergo Home Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have recently got a home insurance with HDFC ERGO one month back, i am satisfied with this insurance policy. I am not aware of the premium amount for this insurance policy. I was informed about the terms and conditions of this policy from the customer service team.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Jun 05, 2018
  • ICICI Lombard Home Insurance
    "Not satisfied"
    0.5 2.0/5 "Expected more"
    I have a home insurance with ICICI Lombard from last 16 years, they gave the soft copy and hard copy of the insurance on time. A premium of Rs 3130 has to be paid for this home insurance for 15 years. I am happy with the coverage value of this insurance policy.
    Was this review helpful? 1
    , coimbatore
    Reviewed on May 24, 2018
  • HDFC Ergo Home Insurance
    "Good policy to use"
    0.5 3.0/5 "Satisfactory"
    I need to pay the premium amount of Rs,10,000 every year to the home insurance policy . The HDFC ergo has gave me the home insurance policy around 2 years ago. The customer support service is good from the HDFC ergo and I pay the premium amount through ECS mode. This policy has the tenure of 10years.
    Was this review helpful? 0
    , jaipur
    Reviewed on May 03, 2018
  • review Home Insurance
    "Good policy to use"
    0.5 4.0/5 "Great!"
    I have insured my home with the SBI general insurance company. I have got this policy around 5 years ago. This policy has the tenure of 20yeras. I have paid Rs,55000 and it is valid for next 20years and I would say it is a good policy to use, but I never had any claim experience with this policy.
    Was this review helpful? 1
    , bangalore
    Reviewed on Apr 25, 2018
  • HDFC Ergo Home Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have a home insurance with HDFC ERGO from last 5 years, i have to make an one time payment for Rs 25000 for this home insurance. I find this insurance policy is best when compared to other insurance companies. I am happy with the coverage value of this insurance.
    Was this review helpful? 1
    , new delhi
    Reviewed on Apr 12, 2018
  • HDFC Ergo Home Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    HDFC ERGO GENERAL INSURANCE company has insured my home because I have got the Home loan from the HDFC limited. I have got the Home insurance policy around 7 months ago from the HDFC ERGO GENERAL INSURANCE company, This policy has the tenure of 25years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 27, 2018
  • review Home Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have a home insurance with National insurance from last 7 years and it is a good insurance policy. I pay an insurance amount of Rs 7000-8000 for this home insurance. I do not have claim experience so far with this insurance. Customer service was good and they gave all the right information. I am happy with the coverage of this policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 26, 2018
  • review Home Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    At that time loan disbursement the agent of DFHL cleared all the formalities in getting the home insurance from the CHOLAMANDALAM GENERAL INSURANCE company. I have paid Rs,1,00,000 to get the home insurance policy from the CHOLAMANDALAM GENERAL INSURANCE company.
    Was this review helpful? 2
    , mumbai
    Reviewed on Mar 16, 2018
  • ICICI Lombard Home Insurance
    "Home insurance with ICICI LOMBARD "
    0.5 4.0/5 "Great!"
    I have taken a home insurance from ICICI LOMBARD GENERAL INSURANCE and the premium amount is 550 for a month. This insurance policy covers the damage to the house, any robbery to the house.For natural calamities they wont provide any coverage.
    Was this review helpful? 2
    , vadodara
    Reviewed on Mar 12, 2018
  • HDFC Ergo Home Insurance
    "HDFC ERGO Home insurance"
    0.5 3.0/5 "Satisfactory"
    I have taken a home insurance from HDFC ERGO GENERAL INSURANCE. The premium amount is 1800 per month. They provide insurance for damage of the property. If i loss the job then, for 3 months then the EMI have not to be paid. If death happen to me then they will waive off the loan and the property documents will be returned no need to pay the loan.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 07, 2018
  • Bajaj Allianz Home Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken a Home insurance with Bajaj Allianz,The policy is for 15 years i paid a premium amount of 8,000.I have no claim experience with till date this was taken since 2013.The premium amount is registered for an auto debit.The customer service is good.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 02, 2018
  • review Home Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have insured my home from the NATIONAL INSURANCE company. I have paid Rs,6000 to get this policy . This policy has better plan benefits and the policy coverage with this policy. This policy has the life time tenure . I would say NATIONAL INSURANCE company gives good service to the customers.
    Was this review helpful? 1
    , bhimavaram
    Reviewed on Feb 12, 2018
  • review Home Insurance
    "Better policy to use"
    0.5 5.0/5 "Blown Away!"
    The SBI general insurance has offered me a home loan and they have insured my home as well. This home insurance has the tenure of 15years. The policy coverage and the plan options are good with the SBI general insurance company and I am satisfied getting the home insurance policy with the SBI.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jan 30, 2018
  • ICICI Lombard Home Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have the Home insurance policy around 10 months ago from ICICI LOMBARD GENERAL INSURANCE. I have paid Rs,48,000 to this home insurance policy . This policy covers the life time tenure. The plan options and the coverage is good with this policy.
    Was this review helpful? 4
    , salem
    Reviewed on Jan 17, 2018
Common Loader Icon
Page 1 of 6 1 2 3 4 5

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.