Every man has a dream to own a house one day. For an ordinary person it takes a whole lifetime of savings to build a house. And one cannot predict a natural calamity like earthquake. In recent times we have seen what havoc an earthquake or any other natural calamity such as floods, landslides and torrential rains can wreck. Hence home insurance is very important.
Home insurance policy also protects against other hazards like gas cylinder explosion, fire due to electric short circuit as well as man-made disaster like burglary.
Home insurance policy available in the market covers broadly two things:
- Building structure
- Contents inside the home
Insurance Covers for a Building Structure are:
1. The Fire and Special Perils Cover
This is a comprehensive packaged cover that covers damages to the structure of home due to
- Fire
- Storm, tempest, flood & inundation
- Riot, strike & malicious damage
- Lightning
- Explosion & implosion
- Aircraft damage
- Damage due to impact by vehicles
- Subsidence, landslides and rockslides
- Bursting and/or overflowing of water tanks, apparatus and pipes
- Missile testing operation
- Leakage from automatic Sprinkler installations
- Bush fire
2. Earthquake Cover: Covers damages to the structure of your house due to earthquake
3. Terrorism Cover: Covers damages to the structure of your house due to acts of terrorism
A home insurance does not cover the market value of the home. The price of the home includes the cost of the land and the cost of constructing the building structure on this land and the land cannot be insured. The insurance cover is only for the cost of constructing the building. The sum insured is calculated by multiplying your home area by the construction rate per sq. feet.
Insurance Cover for Contents Inside the Home
This cover is only for damages or loss of the contents inside the home -electronic and electrical goods, furniture and fixtures, clothing, jewelry and any other contents inside the home.
The covers that can be taken for the contents are as follows:
- The Fire and Specials Perils Cover
- Earthquake Cover
- Burglary
- Loss / damage to contents due to burglary or an attempted burglary
- Loss of jewelry, gold ornaments, silver articles and precious stones kept under lock & key
All the contents are covered on the market value of the items. This means that if there is a loss, the claim would be paid on the value of purchasing a similar new item, minus depreciation.
Below mentioned is a comprehensive list of the top home insurance companies in India. All the companies offer varied insurance policies and quotes with attractive premiums to suit your needs. Choose wisely and ensure complete documentation of all the offers and quotes made. Also refer to the home insurance companies ratings available on many sites online. |
Insure your home and its contents against natural calamities like fire, earthquake, flood, gas cylinder explosion, fire due to electric short circuit as well as man-made disaster like burglary. Website: www.icicilombard.com |
National Insurance Company Limited was incorporated in 1906 with its Registered office in Kolkata. Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were amalgamated with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India. After the notification of the General Insurance Business (Nationalisation) Amendment Act, on 7th August 2002, National has become a Government of India undertaking. Website: www.nationalinsuranceindia.com |
The Oriental Insurance Company Ltd was incorporated at Bombay on 12th September 1947. The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 ( till the General Insurance Business was nationalized in the country). In 2003 all shares of our company held by the General Insurance Corporation of India has been transferred to Central Government. Website: www.orientalinsurance.nic.in |
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