Knowledge Centre

Why Home Insurance Should Be on Your Mind While Buying a New Home ?

Whether you are about to buy your first dream home or you have already paid off all the loan instalments, the thought of taking a home insurance must have crossed your mind sometime. Is it something that you really need? Indeed, your home is certainly the most valuable asset you have and a home insurance helps you protect your investments as well as yourself in several ways.

Here are some reasons why home insurance should be on your mind when buying a new home:

It may be mandatory

In several cases, a home owner may be required legally to get their home insured. This is often in cases when you are opting for a home loan. The lender may ask you for a proof of home insurance. This is because the lender would want to be sure of their investment in case the home is damaged by fire or any other risks. HDFC ERGO can help you buy a home insurance policy that fits your requirements. If you do not have a valid home insurance, your lender has the right to buy a home insurance and charge you for the same, but remember it will be more expensive and will give you a limited coverage.

A home insurance protects more than your house

While we all know a home insurance policy helps you protect your house, its coverage extends much beyond the physical structure of your home. Right from your personal belongings to your backyard shed and even medical bills in case a guest is injured at your house, a home insurance can cover all that and much more.

Your entire dwelling

If your home consists of decks or garages, a dwelling coverage can help you pay for their repairs.

Personal property

Depending on the insurance plan you choose, a personal property coverage can help you with the loss or damage to furniture and electronics.

Injury to a guest

If a visitor gets injured in your house by accident, your policy can pay for the resulting medical bills.

Additional living expenses

If your home is not liveable after a fire or any other damage, your insurance coverage can help you pay for temporary living costs like hotel bills, etc.

Limits and deductibles that apply to home insurance

While a home insurance offers a myriad of benefits, it helps to be aware that it comes with certain limitations too like the maximum amount you will be paid after a covered loss. While selecting your coverage limits, make sure to consider the costs of rebuilding and replacement of important assets.

It is also important to remember that many coverages come with deductibles, i.e. the amount you will have to pay before certain insurance benefits start kicking in in order to reimburse your covered claim amount.

While having your home insured will not prevent unforeseen damages to your home, it may certainly help you in assuring you of financial safety in unexpected times. If you have a home insurance policy at hand, you can be better equipped to handle a storm or a crisis since you know the cost of damage will not burn a hole in your savings.

HDFC ERGO Home Insurance Plans

Home Insurance For Tenants

There are a plethora of things that turn a rented house into a home, the old rug passed on from generations to the chair you brought from your first salary or the TV your wife gifted you on your first anniversary. A home insurance for tenants protects everything that makes your house a home. No matter where you stay, your valuable possessions can be taken care of by HDFC ERGO.

Home Insurance For Owners

For anyone, buying a house is the ultimate dream. While it is important to turn your dreams into reality, it is also vital that once those dreams turn true, you need to keep them secure. HDFC ERGO offers home shield insurance for home owners so that you live in peace knowing your home is secure.

Home Insurance For Housing SocietiesYour society is a home with thousands of family members. Society insurance by HDFC ERGO offers a complete protection to your society against various factors so that your entire society remains secured for hundreds of years.

You can now buy HDFC ERGO home insurance plans right from the comfort of your home and offices. All you need to do is log in on the website and choose your preferred plan to secure the home of your dreams.

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

Whether you are about to buy your first dream home or you have already paid off all the loan instalments, the thought of taking a home insurance must have crossed your mind sometime. Is it something that you really need? Indeed, your home is certainly the most valuable asset you have and a home insurance helps you protect your investments as well as yourself in several ways.

Here are some reasons why home insurance should be on your mind when buying a new home:

It may be mandatory

In several cases, a home owner may be required legally to get their home insured. This is often in cases when you are opting for a home loan. The lender may ask you for a proof of home insurance. This is because the lender would want to be sure of their investment in case the home is damaged by fire or any other risks. HDFC ERGO can help you buy a home insurance policy that fits your requirements. If you do not have a valid home insurance, your lender has the right to buy a home insurance and charge you for the same, but remember it will be more expensive and will give you a limited coverage.

A home insurance protects more than your house

While we all know a home insurance policy helps you protect your house, its coverage extends much beyond the physical structure of your home. Right from your personal belongings to your backyard shed and even medical bills in case a guest is injured at your house, a home insurance can cover all that and much more.

Your entire dwelling

If your home consists of decks or garages, a dwelling coverage can help you pay for their repairs.

Personal property

Depending on the insurance plan you choose, a personal property coverage can help you with the loss or damage to furniture and electronics.

Injury to a guest

If a visitor gets injured in your house by accident, your policy can pay for the resulting medical bills.

Additional living expenses

If your home is not liveable after a fire or any other damage, your insurance coverage can help you pay for temporary living costs like hotel bills, etc.

Limits and deductibles that apply to home insurance

While a home insurance offers a myriad of benefits, it helps to be aware that it comes with certain limitations too like the maximum amount you will be paid after a covered loss. While selecting your coverage limits, make sure to consider the costs of rebuilding and replacement of important assets.

It is also important to remember that many coverages come with deductibles, i.e. the amount you will have to pay before certain insurance benefits start kicking in in order to reimburse your covered claim amount.

While having your home insured will not prevent unforeseen damages to your home, it may certainly help you in assuring you of financial safety in unexpected times. If you have a home insurance policy at hand, you can be better equipped to handle a storm or a crisis since you know the cost of damage will not burn a hole in your savings.

HDFC ERGO Home Insurance Plans

Home Insurance For Tenants

There are a plethora of things that turn a rented house into a home, the old rug passed on from generations to the chair you brought from your first salary or the TV your wife gifted you on your first anniversary. A home insurance for tenants protects everything that makes your house a home. No matter where you stay, your valuable possessions can be taken care of by HDFC ERGO.

Home Insurance For Owners

For anyone, buying a house is the ultimate dream. While it is important to turn your dreams into reality, it is also vital that once those dreams turn true, you need to keep them secure. HDFC ERGO offers home shield insurance for home owners so that you live in peace knowing your home is secure.

Home Insurance For Housing SocietiesYour society is a home with thousands of family members. Society insurance by HDFC ERGO offers a complete protection to your society against various factors so that your entire society remains secured for hundreds of years.

You can now buy HDFC ERGO home insurance plans right from the comfort of your home and offices. All you need to do is log in on the website and choose your preferred plan to secure the home of your dreams.

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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