Property Insurance

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.

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.

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.

Yes, we secure your home content like furniture, valuables, and portable electronics.

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.

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.

You can insure individual residential premises. As a tenant you could cover your home belongings.

Property under construction cannot be covered under Home Insurance. Also, Kutcha construction is not be covered.

Sum Insured affixed for Removal of Debris is 1% of claim amount.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Currently, there are 3 Home insurance policies in HDFC ERGO: HDFC ERGO-Bharat Griha Raksha Policy, Home Credit Assure, and Home Shield insurance.

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.

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.

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.

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.

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.