Being a homeowner is a dream of many, and when this dream comes true, the next step should be to protect this most valuable asset. From natural disasters to damages, these events can bring financial strain. With the best home insurance in India, you can protect your property and belongings from financial loss caused by unforeseen events.
In this guide, we’ll learn about the basics of insurance, its types, why it is essential, and how to choose the best policy per your budget and needs.
What is a Home Insurance Policy?
Home insurance, property insurance, or homeowner insurance is a policy designed to protect your home and belongings from unforeseen events like theft, natural disasters, fire or accidental damage. In India, here are the most common types of insurance policies available for your home:
- Standard Fire and Special Perils Policy: Provides coverage against damage caused by earthquakes, floods, and man-made calamities.
- Home Structure: Protects house structures, such as permanent fixtures, bathroom and kitchen fittings and roof.
- Contents Insurance: Provides coverage for personal belongings, including furniture, electronics, jewellery, and home appliances.
- Burglary and Theft: Keeps your house insured in case damage is caused by robbery or theft.
Why is Home Insurance Important?
Let’s understand some of the main reasons specifying why it is important to take homeowners insurance:
- It helps to recover from financial losses if anything happens to the home due to natural or man-made calamities.
- It ensures that your belongings, from home appliance protection to furniture to jewellery, are safe and secure.
- Offers coverage from any damage or loss incurred due to robbery or theft.
- If damage occurs to the fixtures or structure, the right insurance covers the loss without putting the homeowner under financial strain.
- It reduces stress and gives a sense of security that your home and belongings are safe from unexpected events.
Eligibility Criteria for Property Insurance
In India, to be eligible for homeowners insurance, you must meet the following basic criteria:
- Must be an Indian citizen.
- Own or should reside in a property and ensure it isn’t under any dispute.
- If you live in a society, then you must be on a managing committee of the society.
What’s Not Included in Home Insurance Policy?
While the insurance covers a range of damages and risks, here are the common exclusions of the policy:
- Damage caused by wear and tear on the property.
- Loss or damage caused by nuclear war or invasion of a foreign country.
- If there’s any loss of cash or works of art.
- Damage to the property was done willfully by the owner.
- Damage caused due to electrical breakdown.
How to Apply for Home Insurance Online?
If you are considering to apply for a home insurance online, follow the below steps:
- Start by doing your research and choosing a reputable provider that offers coverage that fits your budget and needs.
- Fill out the application form on the insurer’s website and provide all the required information, including personal and property details.
- Choose a coverage option and upload all the necessary documents.
- Proceed with making the premium payment using your preferred method.
- Once everything is verified, you will receive the confirmation and documents via email.
How to Choose the Best Property Insurance in India?
To get your hands on the best home insurance in India, here are some tips to follow:
- Know your coverage needs and the budget to avoid future financial strain.
- Research different providers and compare their policy plans to make an informed decision.
- Check what’s included in the policies and what’s not to prevent surprises in the future.
- Check the provider’s claim settlement process for hassle-free settlements when needed.
- Look for a reputable provider that has good customer service.
- Carefully review the terms and conditions of the policy before signing the fine print.
Conclusion
Home insurance is an essential investment for any homeowner, and they should choose a plan that provides the required coverage. The right policy helps to alleviate financial stress and offers peace of mind. Property owners seeking a comprehensive plan for their homes can look at Stashfin’s policies. Stashfin is committed to offering plans that meet users’ needs and providing excellent customer service.
By following the above-mentioned tips, you can get the right insurance for your home and make the most of it.
