Householder insurance policies are policies, which protects the home-owners against damage and losses that affect their property and belongings. The exact terms of coverage vary from policy to policy; however, most insurance policies cover perils like hail, thunderstorms, fire, and theft.
What all is covered under these policies?
The insurance for your home can be broadly divided into 2 parts :
Structure Cover – This is for the structure of your home. The compensation under this cover will be paid to repair damages to the structure caused by specified natural and man-made calamities.
Contents Cover – This is for the possessions you have inside your home. If these are damaged or burgled, then the insurance covers the loss you incur for the same. You can take either one of these covers individually or opt for both to make sure you are covered comprehensively.
Benefits of this policy
1) Protection against earthquake, floods.
2) Cover against terrorism.
3) Cover against fire and allied perils.
4) Protection against cyclone, storm, hurricane, etc..
5) All risk jewelry cover.
6) Additional rent for alternate accommodation.
What all is not covered under this policy?
- Loss, destruction or damage caused by war, invasion, the act of foreign enemy hostilities or warlike operations.
- Loss or damage caused by the insured’s and/or insured’s domestic staff direct and/or indirect involvement in the actual or attempted burglary or theft.
- Willful destruction of property.
- Cash, bullion, paintings, works of art antiques, mobiles and laptops
- Electrical/Mechanical breakdown
- Cost of the land.
- Co-operative societies cannot take long term policy for the entire society building.
- Under construction property.
5 Reasons why you should buy a householder insurance policy?
Here are some of the reasons why to buy a home insurance policy.
1)Natural Disaster can strike any-time and anywhere :
Every year, India loses more than 9.8 billion due to various disasters. Though you can’t control natural disasters, through home insurance you can really protect your house against natural disasters or ” Act of God”, such as cyclone, earthquake, and flood.
2)Man-made risks cause a lot of damage :
Despite the latest safety equipment’s, man-made threats like burglary, riots, terrorism, etc… are still prevalent. While not all insurers cover these losses, you can get extra protection in the form of riders.
3)Lots of valuable items :
Apart from its structure, this policy will cover the contents of the house such as domestic appliances, furniture, audio & visual appliances, etc….
4)You may require relocating to an alternate place :
Relocating to an alternate house happens in case of the total loss of the property. Till the time your home is being reconstructed, your home insurer will cover your additional rent.
5)Buying the policy for a longer period of time :
Every year renewing your home insurance policy can become a very tedious task for you since you may be very busy with other responsibilities in life. Many insurers offer longer duration policy for 5 to 10 years straight in one go. It is a cost-effective and hassle-free way of staying insured.
Here are some of the companies in India, which offers these Householder Insurance Policies. (Please do not consider this as a recommendation list).
- HDFC ERGO Home Insurance
- ICICI LOMBARD Home Insurance
- TATA AIG Home Insurance
- IFFCO TOKIO General Insurance Co.Ltd
- BAJAJ ALLIANZ Home Insurance
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