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Covers Home Structure
Worth upto ₹10 crore
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Up To 45%* Off
Covers Home Belongings
Worth upto ₹50 lacs
Your property is more than just a piece of land or a building; it is a key investment that is part of your life’s greater vision. Hence, it is only fitting to keep it protected against all odds. Property insurance, also called homeowners insurance, is a comprehensive policy that offers robust financial coverage for your property. It shields the physical structure of the property and its contents against any damage or loss caused by natural calamities, theft & burglary, fire, electrical breakdown, and other unforeseen perils. The financial coverage under property insurance ensures you can seamlessly handle the necessary repairs and replacements caused by such mishaps.
Browse property insurance plans, get instant quotes and buy online from HDFC ERGO in just a few clicks. Securing your property has never been this easy. You can even widen the coverage scope with property insurance add-on covers.
Property is not just your house or building; it can be your shop or machinery, factory or office. The various features of property insurance are:
Key Features | Details |
|---|---|
Tenure | HDFC ERGO property insurance offers you the flexibility of choosing the period of coverage. You can opt for a minimum tenure of 1 year so that in case of any changes, shifting of place or transfer of property, your premium amount is not wasted. |
Heavy Discounts | HDFC ERGO property insurance offers attractive premium discounts of up to 45%. There are discounts on online policy purchases for salaried employees and even for long-term policies. |
Safeguard Your Belongings | Are you stressed about listing out your possessions that you want to safeguard from loss or damages? Not to worry. HDFC ERGO property insurance gives you the freedom to opt for maximum coverage of flat 25 lakhs without sharing any specific list of contents. |
Portable Gadgets Coverage | Can you imagine an office or a shop without a laptop or even CCTV cameras? The repair and replacement costs for each of these electronics like televisions, cell phones, tablets and laptops are fully covered by property insurance. This is a huge financial relief as these are expensive gadgets and difficult to replace. |
Add-on Coverage | Along with coverage for natural calamities, burglaries, and fire, there is a facility to choose optional add-on coverages if you reside in areas which are socially danger-prone. There is terrorism coverage, which protects your belongings from damage caused by terrorist attacks and even the army. You can even protect your gold, silver and diamond jewellery or articles with an add-on cover equivalent to 20% of the home content sum insured. |
HDFC ERGO property insurance protects your bank balance by covering the property structure and the possessions in it from damages by fire, earthquake, riots, flood, etc. The various benefits that you can enjoy are:
Benefits | Details |
|---|---|
Comprehensive Coverage | It is a comprehensive insurance cover and protects both the structure and the contents it holds. Investing in HDFC ERGO property insurance can give you a huge financial relief whether you are just a family man a shopkeeper or an entrepreneur. |
Financial Security | It provides the required security for your precious ornaments and metal artefacts from any theft or loss. |
Vacant Property Coverage | Even vacant properties can be covered under this type of policy. Even if you are not present within the premises, it will still be covered by the insurer. |
Protection for Tenants Personal Belongings | Property insurance is also meant for those who reside in rented properties, providing coverage for the contents that belong to tenants. |
Contents Coverage | Accidental damage to your expensive fittings and fixtures can also be included in the property insurance coverage. |
Handles Both Natural and Man-made Hazards | No matter how cautious you are, man-made hazards, like terrorism, riots, vandalism, etc., and natural calamities, like earthquakes, floods, etc., are often unpredictable and may cause severe damage to your villa structure or its contents. Hence investing in villa insurance is beneficial as it also offers protection against such man-made and natural calamities. |
Property insurance plans typically cover various types of residential structures, including:
What is Covered?
Property insurance is essential for anyone financially responsible for a property.
Ideal For:
The sum insured is the maximum amount your insurer will pay during a claim. Choosing the correct amount is crucial to avoid underinsurance.
Key Factors to Consider:
- Calculate Rebuilding Cost (Not Market Value)
Insurance covers construction cost only, not land value.
- Use Built-up Area Calculation
Formula:
Sum Insured = Built-up Area × Cost per Sq. Ft.
- Include Household Contents
Add value of:
- Furniture
- Electronics
- Appliances
- Valuables
- Choose the Right Coverage Type
- Reinstatement Value: Full replacement cost (no depreciation)
- Market Value: Reduced payout after depreciation
- Avoid Underinsurance
Lower coverage = partial claim settlement
- Update Coverage Regularly
Revise sum insured based on:
- Rising construction costs
- New assets added
HDFC ERGO property insurance can be easily purchased online from the website. The renewal can also be done online in a convenient way. Just enter your policy number, registered email ID, or mobile no. and follow the steps to complete your payment. HDFC ERGO customer support is available 24*7 to answer queries related to details of the policy.
It is necessary to buy property insurance to avoid any sort of financial burden that might occur due to damage caused to your home content/structure by fire, riots, natural calamities and other unforeseen events. Apart from this, there are numerous reasons to have a property insurance, which we will discuss below
1 With HDFC ERGO property insurance you can avail a comprehensive coverage for both the content and structure of your home.
2 Property insurance plan will help secure your valuable asset from any mishap.
3 If any damage incurs to your insured property, the cost of repair will be covered by property insurance.
4 Property insurance provides coverage for even vacant houses. Even if you are away from your home, the cost of repairment/reconstruction will be covered.
5 Property insurance is beneficial for people who live at a rented apartment as it provides coverage for the content (belongings) and thereby avoid financial stress.
6 HDFC ERGO property insurance can be purchased online without any hassle and our customer support team is available 24x7 to help process your claims or solve any query related to your respective insurance plan.
If your property is located in a flood prone locality or a location where earthquake happens way too frequently then your premium may slightly be on the higher side.
If your property is a bit old and has structural challenges then your premium may be a bit high.
If your property has all the security systems in place then there could be low chances of theft hence your premium may go low in such a scenario.
If your property has quite some valuable content which you choose to insure then in that case your premium may depend on the value of the content you choose to insure.
Your property’s total value matters at the time of deciding the premium. If your property’s structure value is high your premium is likely to rise and vice versa. It can also be termed as the market value of your home, because if the market value of your property is high then the sum insured shall also be high.
The factors that affect the premium are the type of property, the value of its contents, the value of the structure per square foot, the location of the property, etc. These values act as inputs to the insurance premium calculator available online. An approximate value of your premium can be calculated by these calculators without any hassle. First, you need to choose what you need to ensure- the structure, content or both. In the second step, you input all the property details as required. In the next step, you choose the sum insured or the cover you would like to have as a comprehensive cover. In this last step, the calculator gives you the premium that is required to be paid.
Before you decide to avail yourself of a property insurance policy, there are some critical points you need to check. The factors that make you eligible for a policy are -
• It can be bought by a homeowner, a tenant, a shopkeeper, a factory owner, etc.
• You need to be a resident of India.
• The property must not be under construction, disputed, or under construction.
• Your credit history and prior claims are also considered while issuing a policy.
• The property location, geographical area and weather conditions also affect the policy issuance decisions.
• The existing property conditions, the maintenance of your property and its age can also be considered for the policy issuance.
• The insurer also checks your property's security systems, such as alarms, cameras, and detectors.
Property insurance provides coverage for damages caused by natural and man-made hazards to your immovable properties like buildings, offices, factories, shops, etc., along with your belongings. It even covers the outbuildings like pools, garages, sheds, fences, etc, for extra security. The medical expenses and legal fees for a third party injured on your property are also covered in some of the policies.
All you need to do is register your claims with HDFC ERGO by calling the helpline no.022 6158 2020or email the customer helpdesk at care@hdfcergo.com. The HDFC ERGO team will be with you every step of the way, from registration to the settlement of your claims. Keep some standard documents ready with you while registering to receive a hassle-free claim settlement:
• The complete policy document for the booklet is received after the issuance of the policy.
• Photographs of the damages or lost items and receipts as applicable.
• Fill out the claim form details and sign off.
• Asset Register and Capitalised Item List.
• Keep the Repairing and re-buying receipts ready if any.
• All applicable and valid certificates are to be kept with you.
• A copy of the FIR needs to be submitted in applicable cases as per policy requirements.
Once the team completes the investigation and is satisfied with the documents submitted, your claim funds will be directly credited to the bank account details you submitted while you were applying for the policy. Your earlier claims and policy premium payments will be checked before such payouts, so be sure to be up to date with your premium continuance.
For registering or intimating claim, you can call on helpline no. 022 6158 2020 or email to our customer service desk at care@hdfcergo.com After claim registration, our team will guide you in every single step ahead and help you settle your claims without any hassle. Following standard documents are required for processing claims:
No, property insurance is not legally mandatory in India. While it is highly recommended for homeowners due to the financial protection it offers against various risks, there is no legal requirement to purchase property insurance. However, some financial institutions may require property insurance as part of their internal policies when sanctioning home loans, but this is not a legal obligation.
While property insurance isn’t mandatory in India, still having one can be of great relief in times of crisis. Here are a list of people and entities who should consider buy property insurance in India:
Property insurance premiums are calculated based on several factors, which are as follows:
Premium = (Sum Insured × Rate per ₹1,000) + Cost of Add-ons – Applicable Discounts
The Insurance Regulatory and Development Authority of India (IRDAI) oversees the pricing structure to ensure fair and competitive rates in the market.
When investing in property insurance, here are some essential things you need to be aware of;
• Do's
▪ When filling out details during the purchase of property insurance, make sure to take your time. Fill in all the details carefully and check everything before final submission. Ensure all provided details, such as address and location of the property, are accurate and given in full.
▪ Make sure to go through the policy wording in advance prior to the purchase. If you have any doubts regarding coverage or terms and conditions, clear it out with the insurer.
▪ Ask the insurer to provide details and explain the basis for fixing the sum insured. This is a recommended step that interested buyers should follow.
▪ Evaluate your coverage needs and select deductibles accordingly to ensure the right premium-to-coverage balance in your case.
• Don’ts
▪ Do not underestimate your coverage needs. If you settle for less than you originally required when choosing coverage, you may regret your decision when you actually need to deal with damages/losses from your own pocket.
▪ Not comparing plans when buying property insurance is a bad mistake. It can cause you to lose out on good deals both in terms of coverage and budget.
▪ Do not avoid checking for available discounts when buying property insurance. It can help you get better coverage at more reasonable rates.
▪ Do not misdeclare, misstate or conceal information about your property or property value. It can result in disputes during claim settlements.
▪ Don’t take exclusions lightly. Check all exclusions and make sure whether or not you really need it. Consider this factor in your property insurance purchase decision.
Here is some general property insurance-related advice you need to follow;
1 Only buy property insurance from reputable providers to ensure a hassle-free experience.
2 Avoid buying property insurance from unlicensed brokers or agents.
3 Before buying property insurance online or offline from an insurer, make sure they are registered with IRDAI.
4 It is best to buy property insurance online, directly from the preferred insurer’s website or app.
5 Read the policy brochure, terms and conditions to get a full understanding of what type of coverage you are really getting.
1
The contents of your home are covered under a property insurance policy. These contents include the following –
● Furniture and fixtures
● Television sets
● Home appliances
● Kitchen appliances
● Water storage equipment
● Other household items
Moreover, you can also pay an additional premium and insure your valuables like jewellery, pieces of art, curio, silverware, paintings, carpets, antiques, etc.
2
No, it is not compulsory to buy property insurance from a designated bank. Usually, banks allowing home loans might offer the property insurance policy clubbed with the home loan. However, you have the choice to compare the different property insurance plans available in the market and choose a plan that best suits your need.
To compare you should look at the coverage benefits, the sum insured and the premium charged. Choose a plan that offers the most comprehensive scope of cover so that the most possible damages are insured. Moreover, the premium should be competitive so that you get the best deal.
3
Yes, we mean to say that if you stay in a building you can get your home secured with our home shield insurance plan. Click here to check premium rates.
4
Absolutely No, however situations today like natural calamities, fire incidents or theft cases encourage buyers to secure their most valuable asset with a home insurance plan.
5
Yes, we secure your home content like furniture, valuables, and portable electronics.
6
We do cover you for alternate accommodation in case of structural damage to your home, so we cover you for moving and packing, rent and brokerage for alternate stay.
7
You can insure the property in the name of the actual owner of the house. Also, you can jointly get in insured in the name of the owner and yourself.
8
You can insure individual residential premises. As a tenant you could cover your home belongings.
9
Property under construction cannot be covered under Home Insurance. Also, Kutcha construction is not be covered.
10
Sum Insured affixed for Removal of Debris is 1% of claim amount.
11
No. Property insurance is not mandatory in India. However, it is highly advised and prudent to invest in property insurance for the sole purpose of protecting the much-needed hard-earned assets from any unforeseen events that are out of your control.
12
The cost of property insurance in HDFC ERGO or the premium for purchase depends on the value of the property, the location, the age and structure of buildings and the area's security. It will also depend on the additional coverages you are willing to opt for.
13
To apply for property insurance, you need to show documentary proof of legitimate ownership of your house, commercial space or land. If you reside in a rented apartment, you will be eligible to insure your belongings or the contents of your residence. Repeated claim history also impacts your eligibility for higher coverage in property insurance.
14
It can be done in four easy steps. Visit the HDFC ERGO website. Then, choose what you want to insure: the building or its contents. Fill in the building and content details, such as current market value, carpet area, age of the building, etc. Choose the sum insured you require, and you will know your premium instantly. You can also opt for additional jewellery or portable electronics covers and ask for the total premium to be shown.
15
If you decide to cancel your property insurance, the premium is refunded on a pro-rata basis, depending on the period not covered under your policy. If you choose to cancel an annual policy after six months, you are entitled to a refund of 50% of the premium paid.
16
Yes, home insurance cancellation is possible anytime. However, a premium refund is usually pro-rata, depending on the unused amount. Some insurance companies may charge a short-rate cancellation fee if you choose to cancel before the expiry date.
17
Now, property insurance can be renewed online. You need to visit the HDFC ERGO website. Log in with your policy number, registered mobile number or email ID. Then, fill in the required details and make the premium payment via card, net banking or other online payment options.
18
The premium will be refunded on a pro-rata basis once you cancel your policy. The premium for the remaining tenure or months will be paid back to you. Sometimes, a small amount as a penalty for short-rate cancellation might also be charged.
19
You can now purchase your home insurance with a click of a button. Visit the HDFC ERGO website and choose what you want to insure. Then, fill in the necessary details of the building or structure. Ultimately, choose the coverage, review it, and pay online. After successful payment, the policy document will be sent to your registered email ID.
20
Currently, there are 3 Home insurance policies in HDFC ERGO: HDFC ERGO-Bharat Griha Raksha Policy, Home Credit Assure, and Home Shield insurance.
21
You must be a legitimate owner of the structure, building or the land. If you reside as a tenant, you can purchase insurance for the contents or your belongings.
22
It is the most convenient and cost-effective as you do not need to travel to any insurance office or submit any photocopies of documents. You can log in anytime from the comfort of your home and make payments via UPI, net banking and even debit cards. Moreover, HDFC ERGO offers discounts on buying policies online.
23
Property insurance does not cover any maintenance costs, including wear and tear in the normal course. Further, loss or damages due to war, invasion, act of hostility, or wilful misconduct do not come under the policy's purview. Damages to stamps, bullion, arts, and coins, as well as precious collectables older than 10 years, are not covered.
24
The best insurance for an investment property is property insurance, which typically covers property damage, liability, and loss of rental income. Unlike homeowners insurance, property insurance is tailored offering protection if tenants cause damage or if the property becomes uninhabitable due to any event as mentioned in the policy. You can check HDFC ERGO’s property insurance plans for the most comprehensive and competitive ones. It's important to ensure the policy covers hazards specific to the location, such as flood or earthquake insurance if needed. Also check if your policy provides additional coverage for tenant-related issues, such as liability protection and legal expenses, to fully safeguard your investment.
25
Investing in house property can be a good idea, offering potential long-term appreciation, rental income, and tax benefits. Real estate often provides stable returns and property values tend to rise over time. Rental properties generate passive income, making them attractive for wealth-building. However, it requires significant upfront capital, ongoing maintenance, and can be affected by market fluctuations or location-specific factors. It’s crucial to research local real estate trends, assess property value growth, and consider potential risks before investing. To safeguard your property get a comprehensive property insurance that provides security from a wide range of potential risks.
26
Property insurance is a financial safety net that protects property owners against damage or loss to their physical property and assets. It covers risks like fire, theft, natural disasters, and vandalism. This type of insurance can cover residential homes, commercial buildings, or rented properties and may also include protection for the structure, personal belongings, and additional living expenses in case of damage.
27
Creating a home inventory is crucial for the following reasons:
Accurate Coverage: An inventory ensures that all valuable items are properly covered under the policy.
Simplified Claims Process: It speeds up the claims process by providing proof of ownership and value in case of loss or damage.
Prevents Underinsurance/Overinsurance: It helps in selecting the right coverage amount for your belongings.
Documentation for Valuables: It offers evidence for high-value items like electronics, jewellery, and artwork.
Efficient Recovery: It aids in quickly identifying lost or damaged items after a disaster.
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a) For Structure (Building):
Built-up Area (sq. ft.) × Construction Cost per sq. ft.
Example: If your house is 1,500 sq. ft. and the construction cost is ₹2,500 per sq. ft.,
Sum Insured = 1,500 × 2,500 = ₹37,50,000.
Excludes land cost, focusing only on rebuilding expenses.
b) For Home Contents (Belongings):
List and Estimate the Value of All Items: Furniture, electronics, appliances, jewelry, and other personal items.
Use purchase receipts, current market value, or expert valuation for expensive items.
Example: Furniture (₹3,00,000) + Electronics (₹1,50,000) + Jewelry (₹2,00,000) = ₹6,50,000.
Total Sum Insured = Structure Value + Contents Value.
Using the examples above: ₹37,50,000 + ₹6,50,000 = ₹44,00,000.
It's essential to regularly update the sum insured to account for renovations, new purchases, or i1.
29
Standard Property Insurance typically does not cover third-party liabilities. However, many insurers offer optional add-on covers or separate Public Liability Insurance to protect against legal and financial liabilities arising from injury or property damage to third parties on the insured premises.
Example: If a guest gets injured due to a structural issue in your home, third-party liability cover can help pay for medical and legal costs.
30
The Sum Insured is calculated separately for the property’s structure and its contents:
a) For Structure (Building):
Reinstatement Value Method:
Based on the cost of reconstructing the property using current construction rates (excluding land value).
Formula:
Built-up Area (sq. ft.) × Construction Cost per sq. ft.
Market Value Method:
The property’s current market price, factoring in depreciation.
Generally lower than reinstatement value.
b) For Contents (Personal Belongings):
A detailed inventory of household items is created, with each item’s market value or purchase price.
High-value items (like jewelry, art, or electronics) may require separate declarations or appraisals.
31
Standard Property Insurance covers contents only when they are within the insured premises. To cover items during travel, you need to opt for an All-Risk Cover or specific Portable Electronic Equipment Insurance.
Items like jewelry, laptops, and cameras can be protected under these add-ons or standalone policies. Without this additional coverage, loss or damage to personal belongings while traveling is generally not covered. nflation.
32
The following individuals and entities are eligible to purchase a property insurance policy in India:
Homeowners: Owners of residential properties seeking protection for the structure and/or contents.
Tenants: Renters can insure their personal belongings within a rented property.
Landlords: Property owners can insure rental properties against damages.
Business Owners: Owners of commercial establishments (shops, offices, warehouses) can insure their property and assets.
Housing Societies and Associations: Residential societies can insure common areas and shared infrastructure.
Builders and Contractors: Can buy insurance for construction sites (e.g., Contractors All Risk Insurance).
Financial Institutions: Banks and lenders may insure mortgaged properties to protect their financial interest.
33
The general claim process for property insurance typically involves the following steps:
Step 1: Notify the Insurer
Inform the insurance company immediately after the damage or loss. Provide policy details and the nature of the damage.
Step 2: File a Formal Claim
Fill out the claim form (online or offline) with details of the incident. Submit necessary documents (policy copy, FIR for theft, photos of damage, repair estimates).
Step 3: Survey and Inspection
The insurer appoints a surveyor to assess the damage. Cooperate with the surveyor and provide all required information.
Step 4: Damage Assessment
The surveyor evaluates the loss and prepares a report for the insurer.
Step 5: Claim Approval and Settlement
Once verified, the insurer approves the claim and disburses the settlement as per the policy terms. Settlement can be in the form of reimbursement, direct repair, or replacement.
Step 6: Claim Closure
The claim is closed after the payment is made or repairs are completed.
34
Step-by-Step Guide:
Step 1: Visit the Insurer’s Official Website or Mobile App. Log in using your registered mobile number, email ID, or customer ID.
Step 2: Access the Policy Section
Go to the "My Policies" or "Policy Details" section.
Step 3: Enter Your Policy Number
Input your property insurance policy number to retrieve the document.
Step 4: Download the Policy Copy
Click on "Download Policy Document" or "E-Policy Copy." The document will be available in PDF format for download.
Alternative Methods:
Email Request: Send a request to customer care to receive the policy copy via email.
Customer Care Call: Contact the insurer’s helpline and provide your policy number to get the policy copy.
Branch Visit: Visit the nearest branch with ID proof and policy details to collect a physical copy.
Most insurers also provide policy copies via email after purchase or renewal for easy access.
35
The cost of property insurance varies depending on various factors. Some of these include the type of property, the location of the property, the selected plan type, total coverage opted for, etc.
36
The sum assured under property insurance is the maximum amount that will be payable in case you seek a claim against the damages caused to your property. The amount depends on the type of policy and the coverage that you have opted for.
37
Several factors can influence property insurance premiums. Some of the significant factors include the type of coverage chosen, the property's value, location, age, replacement cost, and the history of claims that have been made to date. The homeowner's credit score can also affect the premiums.
