House insurance is a type of property insurance that covers losses and damages caused to the insured person’s residence along with furnishings and other assets in the house. Typical house insurance will cover the policyholder against loss and damage caused to the property due to unforeseen events like fire, flood, earthquake, storm, lightning, etc. It will also cover the losses caused by theft or burglary in the house, though this can cost some extra bucks. It is advisable to opt for a comprehensive house insurance policy to get cover against various risks.

Every homeowner takes all possible efforts to buy, decorate, and maintain his/her house. Despite home being the costliest and most valuable possession, hardly anyone puts buying house insurance on the priority list. But it is advisable to invest in good house insurance as a backup in case things go wrong. House insurance policies are available for different tenure, and a long-term policy can cover the policyholder for more than a year. The insurance companies generally give the following options for house insurance in India.

What does house insurance cover?

As discussed, a house insurance plan offers coverage to the insured house and its contents against man-made events like theft, burglary, etc. or natural calamities like flood, storm, fire, etc. There are 4 main types of house insurance covers-

1. Cover for damages – The main constituent of a house insurance policy is the coverage that it provides against the damages caused to property and contents in it.
2. Cover for building – This coverage protects the insured property’s physical structure against various risks and perils. It is usually included in all house insurance plans. It provides coverage to the structure, including contents like air-conditioner, heating, plumbing, electrical apparatus, etc.
3. Cover for additional structure – Along with the protection to the structure of the building, a house insurance plan also offers coverage for damage caused to additional structure attached to the insured building. These include a fence, garage, retaining wall, mailbox, pool, etc.
4. Cover for personal property – The contents in the house are factors that make the property more valuable. Especially in today’s times, where high-tech gadgets elevate the value of the house. Hence, house insurance covers personal possessions like television sets, computers, microwaves, furniture, furnishing, and jewellery.

What are the benefits of buying house insurance in India? 

• It secures all your personal valuables, especially those of high value, by opting for right riders.
• House insurance premium provides better coverage at comparatively lower premiums than other policies.
• If any mishap causes damage to your property, then you don’t have to go through a financial setback to pay for the replacement or repair of damage.

Now that you are aware of what the house insurance policy covers and its benefits, you may consider buying a house insurance policy to protect your valuable assets from mishaps. 

Edward Bertrand