Here are 5 Important Inclusions under Home Insurance in India

Posted on: Apr 6, 2022 | | Written by:

Here are 5 Important Inclusions under Home Insurance in India

Every occupant, whether tenant or an owner, should secure their property by buying a home insurance policy as it safeguards your residence and provide coverage for the structure and its content.an unfortunate incident can cause irreversible damage, which can drain your income in just a fraction of seconds. Hence, it is advisable to buy a home insurance policy, especially in India, where many places are prone to natural calamities and fire break out. If you are purchasing a home insurance policy or you already have one, then you should know about important inclusions under home insurance in India.

Protection Against Natural Calamities:

A natural calamity can lead to severe financial losses. One of the most significant losses in a natural calamity is losing a home. For example, in 2021, cyclone yaas in Odisha and a major fire incident in Kullu, Himachal Pradesh, in December 2021, gutted 15 houses and led to severe destruction of property. A key difference is between the insured and incurred economic losses during any such crisis. Choosing a home insurance plan is a wise way to safeguard the home against natural calamities. It also helps to protect both the structure and content of the house.

Protecting the Valuables and Content:

With home insurance in place, one can also secure the contents, such as the furniture, appliances, etc. In addition, one can also ensure the valuables such as jewellery. HDFC ERGO brings its jewellery and valuables add-on cover that provides insurance cover to your jewellery and other valuables such as sculptures, watches, paintings, etc.

Securing towards Liabilities:

HDFC ERGO's Public Liability cover offers a sum insured of up to Rs. 50 Lakhs in case of injury/damage to a third party on account of your house. Let us understand this with a simple example. 'X' and 'Z' are two neighbours. Repair work is happening in the home of 'X'. This repair work is causing a loss to the neighbour's property, who is 'Z'. Such a contingency is covered under the home insurance when public liability coverage has opted.

Alternate Accomodation:

Under unforeseen incidents like fire or any natural calamity, the property insurance helps with the construction expenses as per the policy terms and conditions. It also offers add-ons like resettlement cover for circumstances when one needs to relocate because of severe home damage. With HDFC ERGO’s alternative accommodation clause, we ensure that you have a temporary place to stay comfortably till your house is ready for accommodation again.

Conclusion

Home insurance, also known as homeowner insurance, is vital for securing your most vital asset, your residence. However, there are specific inclusions and exclusions about which you should be aware before purchasing any home insurance plans. Understand all clauses clearly with your insurance agent before buying the property insurance. You can opt for the HDFC ERGO home insurance policy, which covers belongings up to ₹ 25 lakh, provides additional Coverage for 15 Types of Belongings and Perils, and offers discounts up to 45%.

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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