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Must Known Facts About Home Insurance in India | Chola MS

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 Indiacan 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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Cholamandalam MS, a General Insurance Company in India, offers a wide range of insurance policies for individuals and corporates.

For individuals, there are products like Car Insurance, Travel Insurance, Two Wheeler Insurance, Health Insurance, Personal Accident Insurance, Crop Insurance and Home Insurance. For SME's and Corporate Insurance clients, Chola MS offers customized insurance solutions encompassing insurance and risk consulting services such as Group Mediclaim Insurance, Group Personal Accident Policy, Engineering Projects Insurance, Engineering Operations Insurance, Liability Insurance, Marine Insurance, Fire Insurance and other Miscellaneous Insurance Solutions.

All Rights Reserved. Cholamandalam MS General Insurance Company Ltd. Insurance is the subject matter of solicitation. Reg office: 2nd Floor, "Dare House", No.2, NSC Bose Road, Chennai - 600001, India. IRDAI Registration Number : 123. Trade logo displayed above belongs to ‘CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED” (formerly known as TI financial holdings limited) and Mitsui Sumitomo Insurance Company Limited and used by Chola MS under license. CIN : U66030TN2001PLC047977.

Important Message: By submitting your contact information on forms on our website, you agree to be contacted by our Customer Service Representatives.
The advertisement contains only an indication of cover offered. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale

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