Know the types of Home Insurance and the risks they cover

Buying a home is not just enough to keep the family protected from the all-weather conditions as some unfortunate incidents have the potential to bring down the living structure. Thus, several home insurance companies in India offer different types of home insurance to keep damage at bay. If you are also buying a home, then here are the home insurance policies in India you must know about:

• Standard Protection

A homeowner of a self-occupied property and a tenant living in a rented property can buy this standard protection. This type of home insurance protects against fire, lightning, volcanic eruptions, bush fire, forest fire, earthquakes and floods. Along with this, immovable property is protected against riots, strikes and more.

This home insurance ensures protection caused to immovable assets due to direct conflict with train or vehicle plying on the road. However, home damage caused due to the self-owned vehicle of the property owner is not covered under this home insurance policy.

• Home Structure or Building Insurance

This type of home insurance covers damage caused due to fitting and fixtures in the kitchen, garage and storage room. On the whole, the home structure or building insurance secure against the damage caused due to fault in permanent fixtures.

• Public Liability Insurance & Personal Accident

Both these home insurances are different. The public liability insurance is useful to pay for damage if any guest at your place gets injured or experience damage within your property premises for which you have taken home insurance. 

On the other hand, personal accident insurance is offered to the family of the title owner who experiences lifetime disability or death anywhere in the world. This insurance can only be availed if the person is a property owner and had taken home insurance.

• Content Insurance

The protection of living structure from mishaps like fire and theft can cost a loss of documents, Jewellery, Television, refrigerator and more. Buying all these home appliances involves handsome money thus content insurance is a must to keep all these materialistic things secure.

• Tenant Insurance

Being a tenant, it’s not fair to pay for building insurance, but keeping all your belonging secure should be the primary concern. So, opt for this type of home insurance as this won’t let you lose the content purchased from the hard-earned money.

• Landlord Insurance

Being a landlord is not an easy thing as you have to make up for every fault in the building. Thus, a property owner having tenants is suggested to take up landlord insurance as it reduces the financial burden of fixing things.

The landlord insurance also protects you against the loss of rental income and secure you against Public Liability.

These are the six types of home insurance in India that suits the requirement of both the property owner and the tenants. You are suggested to read the insurance documents carefully before signing the papers. This is a small investment to secure the future of your loved ones so choose the home insurance that suits all the requirements.