Understanding the different types of property insurance plans in India

Posted on: Jul 31, 2024 | 3 mins | Written by: HDFC ERGO Team

Understanding the different types of property insurance plans in India

Home insurance is one of the most important forms of general insurance. Your property is a very precious asset that you have. Most people invest their life-savings into their houses and this is why optimal protection is so crucial. Thankfully, several commercial building insurance and home owners insurance plans in India help you to keep your property safe. Choose the correct cover from a leading insurance provider like HDFC Ergo.

Common types of property insurance plans in India

1. Residential home insurance

This is one of the most common and widely purchased types of property insurance policies. The residential home insurance plans, also known as house insurance in India, are comprehensive and provide all-round protection to homeowners. From offering coverage for structural damages to protecting the belongings of the family, a comprehensive home plan goes a long way in making your property safe to live in. These plans are available for homeowners and also come in the form of renter's insurance, where a tenant’s personal belongings are protected. Choose a plan based on your needs and preferences.

2. Commercial building insurance

Another common type of property insurance is commercial building insurance. Here, coverage is specifically provided for commercial properties like offices, warehouses and restaurants. You should get this type of property insurance if you have a commercial property that you use for your own business or if you have rented it out. Special coverages such as public liability insurance may be included in your policy. Read the policy wording carefully to understand the scope of coverage before you make a purchase.

3. Fire insurance

Finally, we have fire insurance, which is another very common type of property insurance in India. Fire causes damage and even complete loss to many properties and is always a threat to building owners. A good fire insurance plan keeps the place safe and offers compensation if there is any damage. This is a very important and useful insurance coverage that a lot of property owners opt for.

Conclusion

These are the most common types of property insurance coverage available in India. Go over the clauses of each policy, make a list of your requirements, create and budget and then select the plan that suits you the best. Once you have a good insurance cover, you will be able to keep your property safe and protected for a long time.

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

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