Having Home Owners insurance is very important as it not only offers protection to your house but also to the belongings in your house along with cover for your liability for any injuries or property damage you or your immediate family members are responsible for. Though Home Owner Insurance is optional, many mortgage lenders require you to have home owners insurance in order to lend money. Home Owner Insurance will not only save you from unexpected expenses but will also help you make your home more resistant to natural disasters and leave you stress free.
Why do you need Home owner Insurance Plan?
Features and Benefits of Home owner Insurance
Listed below are the general features of Home Owners Insurance
Minimal documentation
The plan requires minimum and simple documentation.
Optional cover
One can opt for additional cover that will cover other perils that is not covered by the base Home Owner insurance policy.
Temporary living expenses
Most of the policies pay compensation for temporary living expenses in case the house is uninhabitable after a certain claim.
Cheaper mortgage policies
Having a Home Owners Insurance policies will give the insured an edge in negotiating for a lower rate with mortgage policies.
Hassle free application process
The application process is easy and one can apply for the schemes online too (given that the bank has made the provision)
Offers comprehensive insurance coverage
The plan offers comprehensive cover which protects the house and contents of the house.
Discounts on premium
Most of the banks or lenders offer premium discount for security features at the house.
Home owner Insurance Exclusions
Listed below are the exclusions or the features that are not covered under the Home Owner Insurance policy
Loss or damage that might be due to wear or tear
Loss of cash
Damage or loss due to war and nuclear attack
Loss or damage to an electronic equipment due to over usage or excessive pressure
Wilful destruction of the property
Loss of painting, antiques or other works of art
Home owner Insurance Covers
Listed below are the perils covered under Home Owner Insurance
Fire and special perils
Fire
Lightning
Terrorism
Explosion / implosion
Storm
Cyclone
Typhoon
Tempest
Hurricane
Tornado
Rockslide
Bush Fire
Damage from an aircraft collision
Flood and Inundation
Riot, strike and other malicious damage
Subsidence and Landslide
Bursting and/or overflowing of water tanks, apparatus and pipes
Missile testing operations
Leakage from automatic sprinkler installations
Earthquake
The policy offers cover for loss or damage caused to the house and its belongings in the event of an earthquake. Sum Insured for this cover is identical to the Sum Insured against the risk covered under main policy.
Burglary and theft
Since the contents of the house is covered under the policy, cover is offered for the theft or loss of house contents or damage incurred by the house in the event of burglary.
Companies providing Home owner Insurance in India are
Given below is a list of the most popular companies in India that offer Home Owners Insurance.