Home Insurance

So, you have reaped the fruits of your efforts, finally you have come up with your dream home! The entire family is in love with this place. Starting from the neighbors, to the basic amenities you find everything picture perfect. At this, moment it seems that there’s only one thing that you need to consider i.e. home insurance.

Why home insurance?

Home insurance is of vital importance as you really don’t have an idea when a burst pipe will cause damage to your house. Hence, if you really want to keep your house safe then you need to hire the services of home insurance companies. Similar to vehicle insurance, home insurance holds equal significance in our life. But then, you cannot go in for any home insurance that comes your way. Instead, you need to go in for a home insurance comparison by opting for the home insurance online option. There are a couple of processes that you need to consider when it comes to opting for a home insurance. You need to pay some amount for each month till the tenure finally comes to an end. There are different policies available from which you can go in for one that best suits your needs. Different policies have different quotes. Hence, if you want to come up with best home insurance quotes make sure to do a good homework.

Some of the home insurance policies from where you can make a selection include-

1. Basic form homeowner policy
2. Broad form home owner policy
3. Special form home owner policy
4. Rental Insurance

However, one of the ideal ways through which you can make a selection is by considering the insurance’s coverage part. Home insurance also protects your home from natural disasters such as earth quake, cyclone and flood. Home insurance comparison helps in comparing different insurance provided by different companies. Additionally, this approach also helps you save money and time. Some policies are restricted to the homes whereas others take into consideration things such as security safes, furniture, antiques, jewelry, and precious stones

In general, almost all home insurance policies have some common features like-

1. Covers personal liability
2. Covers temporary living expenses
3. Covers the damage or loss to the contents of house
4. Covers losses that results because of the damage to your home structure

Coverage provided by home insurance policies

A home insurance policy typically offers coverage in the following areas:

1. Burglaries and thefts
2. Earthquake
3. Fire
4. Explosions
5. Floods
6. Lightening
7. Impact damage
8. Aircraft damage
9. Damages created by riots and terrorism
10. Damages created by storm
11. Landslides
12. Missile testing activities
13. Bushfire

To be precise, home insurance policies protect you from both natural and man-made calamities.

How home insurance premium is calculated in India

Home insurance premium in India is calculated by taking into consideration the following factors:

1. Area of the home
2. Location and surroundings of the home
3. Estimated construction rate
4. The type of policy
5. The payment term of premium (for example yearly, quarterly, monthly or half yearly)

Home Insurance Companies in India

Given below are the names of the reputed home insurance companies in India:

1. Bajaj Allianz General Insurance Company Ltd
2. ICICI Lombard General Insurance Company Limited
3. IFFCO-TOKIO General Insurance
4. National Insurance Company Ltd
5. New India Assurance Company Ltd
6. Royal Sundaram Alliance
7. Tata AIG General Insurance Company
8. The Oriental Insurance Company Ltd
9. United India Insurance Company