Home Insurance | Homeowners insurance types, eligibility, benefits, documents required | Compare home insurance policy companies quotes online
Home insurance, also known as homeowner insurance, provides coverage against any damage that happens to your house or the things present in the house due to any disasters or accidents like burglary or thefts. It also provides liability coverage against accidents in the home or on the property. Though it does not include coverage against damage due to earthquake, floods or most of the acts of God or acts of war.
Benefits of buying a home insurance:
- Protection to house and the contents: A home insurance provides financial aid in case of most of the damage happened to the house or its contents.
- Not very costly: You can get a good home insurance even at a low premium. That means that at a low price, you are protecting your house from any accidental damage.
- Less stress about condition of your house: Once you are protected by a home insurance, you don’t have to worry about the condition of your house much. You know and are satisfied with the fact that in any condition your house will be protected.
- Additional living expenses: When the damage to your house is too much that you cannot stay at that place, the home insurance policies usually cover additional living expenses for you to stay at some decent place.
- Personal property replacement: During burglary or theft, if your household items are damaged or lost, your items will be replaced with the items of same quality.
- Falling debris: Your house is protected even in case of damage caused by the falling debris like a broken tree which fell on the roof of your house and caused some kind of damage.
Types of Home Insurance:
Here is a list of a few types of home insurance:
- Tenant’s insurance: This type of insurance is for tenants who need to protect mostly their contents and not focus on the building itself.
- Home structure insurance: This type of home insurance provides protection to the structure of your house. It may also include structures like garage or an outdoor room.
- Public liability coverage: This provides coverage against any damage caused to the third party or their property inside your house. This can also include damage done to any third party by your pets.
- Landlord’s insurance: This type of insurance is for landlords who have rented out their house for others. Though the landlord doesn’t stay there, it is his responsibility to take care of the building and its good maintenance.
- Contents insurance: It covers all the contents of your house. In ensures protection of all types of items in your house like important documents, refrigerator, air conditioner, television etc. from theft,burglary, or any damage due to fire, flooding etc.
- Standard fire and special perils policy:In this policy, the insurer provides coverage against the damage happened to the house by accidental fire, lightning, explosion/implosion, destruction or damage caused by aerial devices, man made perils in the form of riots, strike etc, natural calamities like storm, cyclone, flood etc.
- Burglary or theft: Loss of any of your contents from your house due to theft or burglary will also be covered under home insurance. Many policy providers give replacement facility. They replace your lost item with a new item of the same quality.
Eligibility for buying a home insurance:
- Home Insurance Policy can be bought by individuals(Indian resident and occupant of the country) or by companies.
- Home insurance can be bought by society owners also to cover all the buildings in the society.The policy will be issued in the name of the society and will cover the society building as well as the utilities that are for common use in the society.
- Home insurance is not just for the owners of the property but also for tenants. Buying a home insurance policy can cover the losses of personal contents in case of theft, burglary or any other disaster like fire, explosion etc.
Documents required for claiming a home insurance policy:
- Claim Form needs to be duly completed and signed by the insured and/or insured’s legal representative.
- Independent evidence of the event occurring, nature and extent of the loss such as:
- Final Bill of repairers
- Fire Brigade Report
- Court Summons
- Supplier’s original Invoice for replacement
- Estimate of the repairers
- Invoices of owned articles, if required
- Copies of the duplicate securities and copies towards proof of expenses paid for recovery of duplicate certificates
- GR / RR or Carrier’s Invoice
- Rent Agreement
- Proof of rent in dwelling and dwelling taken up as alternative accommodation
- Proof to show withdrawal from Bank
- Invoice of the suppliers for replacement
- Transport details for baggage loss
- Investigation Report by the Police
- Hospital Bills for expenses for treatment
- First Information Report
- Post Mortem Certificate wherever required
- Legal opinion wherever required.
By buying a home insurance, you can protect your home, your family member and all the contents of your house by just paying small amounts of premium.