What are the Useful add-ons to customise your Home Insurance policy

Home Insurance policy is a very important financial product, which all homeowners and tenants must have so that they can be safe from the different calamities that they can face. Homeowners insurance, renters insurance and property insurance are insurance products that have been designed to cover aspects of theft, fire and natural disasters to houses and buildings. However, to achieve a completely personalised home insurance policy, you need to know what additional features are offered. In this article, we will talk about different home insurance policies in India and focus on some riders who might be valuable to you.

Home Insurance Policies in India

Home insurance policy in India have also improved coverage over the years enabling homeowners and rentpayers to secure their homes from sudden eventualities. This includes dwelling coverage, which covers the actual structure of your home; personal property insurance, which insures your properties; loss of use coverage or additional living expenses coverage, which pays if you have to live elsewhere because of damage to your home; and liability coverage, which pays your medical bills or legal fees if someone hurts themselves within your property.

The types of home insurance policies in India:

1. Homeowners Insurance:

Made for persons who possess a house and require insurance for the property they own including its content. It has three types namely the comprehensive cover, the basic cover and the package cover.

2. Renters Insurance:

Intended for those people who rent their houses and want to cover their property and possible exposures. This kind of policy costs a little less than the average homeowners insurance policy.

3. Bharat Griha Raksha:

This is a home insurance policy that offers coverage for two segments of the home, namely, the home structure and its content. This policy affords protection against fire, lightning, explosion, riot, storm, flood, burglary and many others.

4. Bharat Griha Raksha Plus – Long Term:

This particular policy provides numerous facilities and the insurance can be taken for up to 5 years. It is one of the best in protecting your house and property against any havoc while still having the experience of owning a policy for several years.

Benefits of Home Insurance

There are many advantages availed by a home insurance policy. They include:

1. Financial Security:

Home insurance gives you the confidence that you are shielded from large risks that are likely to occur in future.

2. Comprehensive Coverage:

They come in different forms touching on various aspects such as damage, loss or liabilities to protect you from most incidents.

3. Legal and Medical Protection:

Liability coverage in home insurance policies will ensure legal and medical expenses when a person suffers an injury on your premises.

4. Additional Living Expenses:

If your home becomes uninhabitable because of a calamity included in the policy, loss-of-use insurance guarantees that you have the cash to pay for a hotel or other temporary shelter and other expenses.

Home Insurance Add-On Covers in India

For a home insurance policy to be personalised completely, one can select several options which are as follows. All these offer many benefits and here are some useful add-ons to consider:

1. Personal Valuables Cover:

You will probably want to insure something like jewellery, watches or any antique item with you and this add-on can add that plus much more to make your items covered. It provides for costs that arise from theft, burglary or loss in excess of a fixed amount called the deductible.

2. Sewerage Water Backup Cover:

This add-on provides for damages arising from water that enters homes from the basements, crawling spaces, etc, due to overflow of sewers or drains, which normal insurance does not cover.

3. Personal Liability Cover:

Higher limits of liability shield you financially when an individual is harmed on your property or, in the case of pet injury claims, when you’re found to be at fault by law.

4. Home Warranty Cover:

This add-on policy provides coverage of home appliances and home systems like fridges, washing machines, air conditioners and electrical systems of the home that is otherwise excluded in standard policies.

5. Flood and Earthquake Cover:

Floods, earthquakes and other calamities are not included in basic home insurance. This add-on makes sure that you are shielded from such occurrences.

6. Increase in Personal Property Coverage:

They are usually separated by type of property, such as items within the residence that are not permanently affixed, or by type of risk, such as fire, theft or vandalism. If you own expensive items or many items, it might be a good idea to raise the coverage limit on personal property.

7. Pest Control Cover:

This add-on extends to care for pest infestations in your home which are usually not catered for in regular insurance policies.

8. Portable Electronic Equipment Cover:

This ensures that you don’t lose your precious mobile devices, laptops or even your other electronic gadgets due to theft or damage. Earlier, it was stated which type of insurance is affordable.

9. Cycle secure:

Bicycle insurance policy as well as third party, own damage, and theft insurance policy. Special packages for different bicycles and different people.

10. Terrorism Cover:

Ensure against loss or damage of your property in case of terrorist acts. Provides certain fiscal protection from calamities in human life.

Factors to consider while choosing a home insurance policy

It is important to consider what kind of home insurance policy you want in order to get the best insurance for your home and possessions.

Factors to consider:

1. Coverage:

The insurance available is the renters insurance, homeowners insurance, and property insurance, among others. Find out which type is suitable for use and the value of the property you want to lease out.

2. Deductibles:

Think about how much you are willing to spend in case of a claim, which is true for the concept of a deductible amount. Health insurance with high deductibles costs less than insurance in which one has to pay less in terms of charges upfront.

3. Premiums:

Secondly, it’s important to balance the amount the insurance policy is charging for this policy against other insurance companies that sell the same product. It is important to consider any and all available discounts which usually can be a multiplicity of policy or loyalty discounts.

4. Liability Protection:

We compare the policy with other insurance policies, and determine how much liability is shielded within the policy. This will help to protect you if a third party suffers an accident on your property and it becomes your fault.

5. Replacement Cost Coverage:

Look for policies which provide guaranteed replacement costs to be able to replace damaged or stolen items since you will be paid their worth instead of their cash value.

6. Exclusions and Limitations:

You should check with a policy’s exclusions and limitations so that you can check whether your prized possessions will be covered. Some of the personal items may need to be covered separately, for example, jewelry, or pieces of art.

7. Customer Service and Claims Process:

Before jumping to the insurance company, try to research its reputation concerning the servicing of claims and the process involved. You want to know who to turn to when you need to contact an agent or if there is a need to report a claim.

Conclusion

When it comes to your home insurance you need to choose extra optional covers to make you feel protected in case something happens. Similarly, after having gained a clear picture of what home insurance entails and learning about what sort of additional features it may offer, you can guarantee your home’s protection from multiple types of damages, losses, and liabilities. Indian insurance companies including HDFC Ergo provide homeowners and renters with standard policies together with various optional features. Do not forget the need to consider your needs and ensure they put them in the right home insurance policy with the right endorsements.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.