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Facts You Should Know About Home Insurance in India

You will be surprised to learn that according to the IRDA, only about 1% of Indian homes are actually insured! Clearly, there is a glaring lack of awareness regarding home insurance and the benefits associated with it. However, with several banks and financial institutions advocating property insurance along with loans, this trend is all set to change and things are bound to look up in the days to come. If you are planning to opt for home insurance from one of the prominent insurers in the Indian market, listed below are some essential facts that might prove to be of help.

Some Facts about Home Insurance you Must Know

  • House insurance in India can be of two types. The first is building insurance, which covers the structure against man-made and natural disasters. The second is content insurance, which covers all household items, the value of which is calculated on market price. So, you can choose either one or both types of cover. However, remember that a building that is more than 50 years old cannot be insured.
  • A home insurance policy would cover damage caused by fire, storm, lighting, earthquake, explosion, riots and damage from the overflow of water tanks or the bursting of pipes, acts of terrorism and aircraft damage. Cover would also be provided against burglary and loss of high priced items. However, options like terrorism cover and rental for alternative accommodation are categorized as optional and need to be specified separately from the standard policy.
  • Some of the key non inclusions include willful acts of destruction of property, loss of property on account of war and damage due to wear and tear. Antiques, works of art and rare collectibles or cash cannot be covered by a house insurance policy, either.
  • Home insurance could involve some hidden costs, which would be deducted from your deposit amount. For instance, administrative charges and allocation fees could be charged as extras. However, beware that these charges may not be declared at the outset. It would be essential to enquire about them before opting for the policy of your choice so that you can determine your exact monthly payout.
  • A home insurance policy could be subject to various terms and conditions. Therefore, consider going through the policy document carefully before buying.

The fact remains that opting for home insurance would enable you to insure your coveted residence at a highly affordable cost. However, the advantages are subject to you choosing wisely.

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