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Why is House Insurance Important?

To realize the value of house insurance/home insurance, it is important to understand what house insurance is. Home insurance is a unique type of property insurance that covers your house from different kinds of dangers like accidents, perils damages and thefts. You can choose to buy home insurance plan for a stipulated tenure, and it will be effective only for that tenure. So, it is safe to assume that home insurance is also a type of term contract. Once the stipulated period is over, you can renew the insurance policy. To make sure that you get coverage under a comprehensive home insurance policy, you need to pay premium to the insurance company. Every leading insurance company in India offers comprehensive home insurance policies. As a customer you can make use of any third party financial website to compare home insurance policies offered by the different companies, and choose one of them according to your requirements.

Your house is undoubtedly the costliest asset, and the most treasured for you. Any catastrophic devastation caused due to earthquakes and other natural calamities can shake the entire structure of your house. The consequence of the same is likely to be that your house becomes completely unlivable. It is only to protect you and your house from such unforeseen circumstances that a house insurance becomes crucial, for house owners and tenants alike. In case your house gets damaged, the emotional and financial pain of rebuilding a house or reinstalling its contents is painful, difficult and tedious. A comprehensive home insurance policy spares you the horror of the same.

Apart from the aforementioned factors, there are other benefits of having a home insurance which have been explored through this article. Leading insurance companies offer a wide array of innovative features and benefits under different home Insurance plans, such as extra coverage, additional discounts, customized options to choose from, and such like. Usually, insurance companies charge less premium if the insured home is equipped with fire extinguishers, installed with security system, etc. This not only ensures protection for residence, but also provides protection for domestic appliances, electronic appliances, property, and family members against various dangers.

Insurance companies provide different plans under house insurance such as landlords’ insurance, tenants’ insurance, content insurance, buildings insurance, etc. A standard house insurance plan also covers for loss and damage caused to your property due to a fire accident, theft, allied perils, and burglary. Some house insurance policies charge and an additional premium for coverage caused due to natural calamities like earthquakes or floods. The primary reasons for having a house insurance policy have been listed below.

Protection against liabilities – House insurance policies provide liability coverage which covers you against personal injuries, property damage to guests and other third parties which they might have incurred while residing in the insured house. There could also be loss and damage caused to third parties for which you or your family members (residing in the insured house) may be legally responsible. This coverage is extremely important as it provides protection to you and your house from any possible legal problems.

Provides coverage against natural and man-made calamities – A comprehensive home insurance policy covers your house against losses and damages caused due to natural calamities, such as earthquakes, floods, lightning, storms, typhoons, etc. The policy also covers your house from man-made hazards and anti-social activities, alike. These are acts such as vandalism, thefts, strikes, riots, other activities caused out of malicious intent, etc. It also enables you to financially recover from the loss and rebuild your home.

Coverage of temporary living expenses - Say your insured house has undergone some damage and is uninhabitable until you rebuild/renovate it. During the rebuilding/ renovation process, if you rent out another house and apartment to stay there until your own house gets back to a livable condition, the insurance company will cover your expenses incurred for paying rent. The upper cap for this amount is set according to the policy wordings provided by the insurer.

Coverage for the loss/damage to your valuable assets and precious personal belongings – Apart from covering the structure of your house, house insurance companies also offer policies to provide coverage against loss/ damage of articles/contents kept inside the insured house. These include various valuable, expensive, and important belongings. These include documents, personal belongings including jewelry, clothing, appliances, furniture, and much more.

Makes it easier to avail a house loan from banksSome banks give preference to those customers (for sanctioning a home loan to them) who have the home insured. For certain financiers, home insurance is, in fact, one of the major eligibility criteria for availing a home loan.

So put your foresight to good use and be prudent. Insure your home against every kind of natural and man-made calamities today to assure yourself and your family of a secured future.

 4.0 / 5.0   by 124 users
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Customer Reviews

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  • 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? 0
    , pune
    Reviewed on Jul 13, 2019
  • Tata AIG
    Tata AIG Home Insurance
    "Super Insurance "
    0.5 5.0/5 "Blown Away!"
    When i purchased my home loan, they have provided me a home insurance from TATA AIG. I have paid the premium amount of Rs.12000 but i have chosen the monthly payment mode and that will be deducted from home loan EMI. They told me a coverage of 20 lakhs like the current value of my house. Its included for the theft cover also. I have a 8 benefits from this policy like theft coverage, fire cover, builder problem etc.,
    Was this review helpful? 0
    , navi mumbai
    Reviewed on Jul 04, 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? 1
    , 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? 0
    , 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? 0
    , 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? 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? 2
    , 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
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