Property insurance in india

Property insurance

Type of Property insurance in India

1. Home insurance

2. agricultural insurance,

3. Any Property insurance

Property insurance companies

1. SBI

2. Bajaj Allianz

3. HDFC bank

4. Relince Home Insurance

How to Compare Home Insurance Companies

When it comes to your loved ones, you wish to provide them with the best protection there is. From health insurance to life insurance, you want nothing but only the best for them. Just like your loved ones are invaluable, so is your home. After all, it is the place where all near and dear ones come together to create and cherish lifelong memories. Your home is the one place where you can relax, unwind and bask in the love and care of your family. Your home is also something into which you have invested your hard earned money and savings. It is lifelong investment, which will continue to be inherited by generations after you.

Your house, like many other things, is also vulnerable to risk from external elements and forces, sometimes natural and sometimes man made. Forces of nature like earthquakes, storms, hurricanes, cyclones have been a prevalent phenomenon in many parts of the world, and have wreaked havoc across entire cities and subsequently people’s lives. Beside natural causes, there are a number of perils which are the work of man. Robberies, burglaries, fires, malicious intentions, accidents, etc. are some unexpected events which can happen without any warning whatsoever. So, how do you protect your house from such unforeseen perils? The simple answer is, home insurance.

Types of Home Insurance in India

To suit the varied needs of every individual customer, leading home insurance companies and banks in India offer a broad range of home insurance policies. These varied types of home insurance policies help customers to understand the necessity of home insurance and choose the right policy according to their requirements. The primary and most popular types of home insurance policies offered in India have been listed down, in a comprehensive manner.

Standard Fire and Special Perils Policy

Offered by every leading insurance company, as the name of the policy suggests, it provides coverage against certain special perils and fire outbreak. This coverage can be bought by house owners (for their own house) and also by tenants residing in a rented house. The sum insured, for this policy, is calculated as Building – Cost of reconstruction (exclusive of land value). A Standard Fire and Special Perils policy covers the insured home against loss and damages caused due to following causes – Natural calamities like lightning, fire, volcanic eruptions, bush fire, forest fire, earthquakes, storms, floods. Damages caused due to explosion/implosion, man-made anti-social activities like strikes, riots, damage caused with malicious intent

Home Structure/Building Insurance

This type of home insurance covers the structure of your house from any kinds of dangers and risks. In addition to this, the policy also protects any permanent fixtures within the house. This includes your kitchen and bathroom fittings, and also the ceiling/roof of the insured house. Some houses have garages, an outdoor room/house or sheds. This type of insurance usually extends to these structures as well.

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