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Perils Covered By Home Insurance Policies

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Published on September 08, 2022. EST READ TIME: 3 minutes

Home insurance plans are very useful in keeping your house safe. There are many dangers that threaten to destroy your home and these are known as perils. There are several perils like fire, theft and natural calamities that can cause harm to your house and that is precisely why you need to invest in a good home plan. Take a look at this article to know more about a standard policy and to understand what is covered by home insurance.

What are the damages that are typically included in home insurance plans?

When you get a good insurance plan for your home, you get coverage for the following perils and damages:

1. Robberies

Theft of any kind can be quite devastating for a household. You have many valuable items in the house such as jewellery, expensive artwork, antique furniture, expensive gadgets, etc. These items help you make the house your home, so when they are stolen, it proves to be a huge loss. A home plan compensates you for such losses and so is an important reason why you need such an insurance cover.

2. Fire perils

Fire is a real problem and even when you are careful, a fire risk to your house always exists. This is why you need a home plan where fire damage is included. If your house partly or wholly gets damaged in a fire, the insurance provider will compensate you for the damage.

3. Natural calamities

Natural calamities such as cyclones, earthquakes and tornadoes can cause havoc to your house and its belongings. This is why you need a home insurance plan which will secure your house from natural disasters.

4. Man-made calamities

Man-made calamities include perils such as riots, strikes, etc. Such attacks can also cause widespread damage to your property and hence, you need an insurance cover to stay protected.

5. Electrical malfunctions

Most households have expensive electrical appliances and gadgets that don't just provide entertainment but also are essential for the inhabitants of the house. These include important devices such as heaters, refrigerators, cookers, etc. If any such device breaks down, you will get compensated for the losses under a home insurance policy.

6. Alternate accommodation

If due for any reason, your house becomes unfit to live in, you will have to move out and find another accommodation till the issues are fixed. The insurance provider will pay the rent for the temporary accommodation and you can live there safely with your family.

As you can see, these are some real threats and perils that can cause serious damage to your precious abode. This is why you need to get a good home insurance plan and keep it protected at all times.

Home Insurance Coverage offered by HDFC ERGO

1. Fire and allied perils as well as burglary, which includes theft along with larceny under one single plan

When you get a standard fire and special perils policy, you get a comprehensive list of covers that include fire, natural calamities, man-made disasters and burglary. This is an all-inclusive cover that helps you to keep your house secure in a well-rounded manner.

2. Structure & Household Contents

As mentioned above, there are many expensive and precious household items that you hold very close to you. In the case of any calamity or attack, you may lose these items but with a good building protection cover, you can get compensated for the losses in the case of an eventuality.

3. Covers many risks

A comprehensive home insurance plan offers coverage against fire, accidents due to explosives, implosion, flood damage, inundation, storm, riot, strike, earthquake, terrorism, burglary and theft. These are very useful covers and as a responsible homeowner, you must get this policy to keep your house, your belongings and your family safe.

4. Building – on Reinstatement Value

If the house is damaged beyond repair, you can get compensation for the entire cost of reconstruction, excluding the price of the plot. This is another beneficial coverage available under a home insurance plan.

Top 5 Reasons to Avail HDFC ERGO Home Insurance Plan

There are many insurance companies in India that offer home insurance plans, however, you need to be careful when selecting the insurer from whom you will get the policy. Look to get the plan from a good and reputed insurance company like HDFC ERGO. here are some reasons that tell you why that is beneficial:

2. Good company with a good claim history

HDFC Ergo is one of the oldest and most reputed general insurance companies in India. It honors 9 out of 10 claims and this makes it one of the most trusted insurers. They have an excellent customer care unit where you can always find help. The claim process is very simple, and the policy has many inclusions, making it an ideal choice for you.

3. Year-end benefits

You get many year-end benefits such as a 10% increase in the sum insured. This allows you to have a larger coverage by paying the same amount of money and extending the scope of coverage within a fixed budget.

4. Very flexible

There are different types of home insurance covers available with HDFC Ergo and you have the liberty to choose between the plans, depending on what your preferences and needs are. This makes it very flexible and convenient for you.

5. Optional covers available

There are many optional covers available with this plan such as terrorism cover, loss of rent cover, etc. You can attach these additional covers to your basic plan and make it all the more practical and usable for yourself.

6. Attractive discounts available

You get attractive discounts and can even get up to 45% off on the home insurance policy premium, making your coverage all the more affordable for you.

What are the damages excluded from a home insurance plan?

Like in all types of insurance plans, in a home insurance plan, you have exclusions as well. Here are some of the common exclusions that you should be aware of:

1. Any damage caused to the house due to invasion, war, etc.

2. Pollution damage.

3. Damage due to a nuclear mishap.

4. Damage due to wear and tear.

It helps you to read the policy wording carefully when buying the plan. When you know what the exclusions are, you can make a more effective claim and get it processed at a quicker pace.

Conclusion

Now that you know what does home insurance covers, you will have a fair idea of the protection you stand to receive when you invest in a good policy for your home’s security. Do your research, explore the options and choose the home insurance plan that’s best suited for your home.

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

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