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Know About Your Home Insurance Benefits

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When the rains lashed down incessantly on Chennai in December 2015, the city was ravaged by floods that caused regular life to come to a standstill. Due to the alarming levels of water that submerged the lower floors of apartments and invaded the rooms of the higher floors, the scale of damage to property was catastrophic. A conservative estimate of losses due to the floods came to a whopping Rs. 20 thousand crores! As the people who had their homes insured heaved a collective sigh of relief, others were left in the lurch with the staggering bills caused by the property damage.

The events were a rude wake-up call for people who didn’t take home insurance very seriously before. It is not just floods your home needs protecting from, but a whole host of other natural disasters like earthquakes and storms, and risks like fires, lightning, explosions, etc. Home insurance becomes an absolute necessity to protect your home and family from the consequences of these events.

Types of Home Insurance Coverage

Home insurance is a comprehensive insurance package that offer a wide variety of plans and associated coverage. But you must wonder “What kind of home insurance coverage do I need?” Read on to find out!

• Standard Fire and Special Perils: This cover protects the insured home against losses and damages due to fire in addition to other natural calamities like lightning, storms, landslides, floods, earthquake coverage. Other risks like explosion/implosions, riots, strikes and malicious damages are also covered.

• Theft & Burglary cover: These policies cover theft, larceny and burglary of contents from the insured premises. Please note that jewellery and valuables are not covered under this policy. 

It is to be noted that wilful misconduct, negligence, damages due to pollution, war, wear and tear and cost of land are not covered under the home insurance policy.

Home Insurance Benefits with HDFC ERGO

When you choose HDFC ERGO for your home insurance needs, you are entitled to exclusive benefits that will assure you a hassle-free process and complete peace of mind. The following are just a few benefits in store:

• Provision to increase the sum insured by 10% every year

• 5 year long term coverage for home owners

• Up to 25% discount and an additional 15% for security features under the burglary policy

• Tax rebate on premium for home owners provided as home insurance tax benefit