Indian Home Insurance, India House Insurance, Indian Household Insurance, Indian Homeowner Insurance

By: EconomyWatch   Date: 26 May 2010

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Indian home insurance refers to an insurance policy that covers damage caused to a structure and its valuable contents in case of unforeseen situations. This is usually a pre agreed contract wherein the insured person needs to pay a fixed premium amount to the company. In return, the insurance company will offer suitable cover against damage to the home.

As more and more Indians buy expensive homes and costly valuables, the relevance of Indian home insurance grows. These eventualities comprise earthquakes, fires, thefts and floods. It also protects against damage caused to the home due to accidental electric fire and cylinder explosion.

Types of Indian Home Insurance

In India, there are only two types of covers available under Indian home insurance. This policy can also cover damage caused due to earthquakes, floods, storms, fires or tornadoes. Building insurance offers protection against a comprehensive number of risk factors such as thefts, fires or acts of vandalism.

Contents insurance covers valuable items of the insured person. The items include electronic goods, antiques and furniture.

In case of loss of items due to attempted burglary or break-ins, valuables such as gold and jewellery can also be covered. In case of breakdown of specific domestic items such as ACs, it is possible to get cover unless these items are more than 10 years old.

Most of the time, Indian home insurance policies pay for repair or replacement caused due to damage. Usually, this payment will depend on the item’s market value at the time of damage or loss. To avoid any dispute during a claim settlement, prepare an extensive list of items to be insured under the policy.

How to Buy an Online Indian Home Insurance Policy?

Most national insurance companies have online operations from which individuals can make their choice. Indian home insurance policies and details are available on the Internet itself. Once the policy is selected, some insurance companies may even gift a discount for online insurance shopping. Online purchase saves time, expenses and paper work in buying an Indian home insurance policy. Make use of digital signatures or other protected digital technology to go ahead with online payment.


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