Home Insurance - Overview

The Life is full of uncertainties. People opt for insurance purely for the reasons of uncertainties in life. Insurance gives the insured a kind of peace of mind as he is assured to making up the loss in the event of such uncertainties in life happen.

Basically Insurance is the transfer of risk from one party to another in exchange for a payment (premium). In general, it’s a way for individuals to pool their risk against unpleasant events which have a low probability of occurring but whose occurrence would have a severe negative financial consequence on the individual or on his or her family.

Home insurance in India is a type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.


Eligibility criteria to avail a Home Insurance policy

For individuals - Any resident Indian who is the owner and / or occupant of the property can purchase a Home Insurance Policy. However Home Insurance - multiyear policy can be issued only to house / flat owners and not to tenants.
For Society – Any authorized member of society’s managing committee can buy policy to cover society building & common utilities wherein policy needs to be issued in name of society.


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Types of property do not cover under home insurance


FIR necessary for a property damage claim

FIR is mandatory in case of Malicious Damage Riot and Strike Terrorism, Burglary, and Theft However it is not necessary in cases of:


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Author: Jain Sanjay
Posted on: 2015-11-24 03:28:11