InvestorQ : Which good companies offer home insurance in India?
Deepali Khupte made post

Which good companies offer home insurance in India?

Samita Patil answered.
3 years ago

Your home, just like your health, is also vulnerable to risk. The source of this risk could be either man made (vandalism, riots, burglary, etc) or natural such as a natural calamity (floods, earthquakes, storms, hurricanes, cyclones). The potential damage that can be caused to our homes via either of these reasons is beyond imagination, but by taking a home insurance, we ensure we can recover some losses via the claim settlement and rebuild our home afresh.

There are a number of companies offering home insurance in India. Read up on them, cross check what all is covered under the policy and then make an informed decision.

Companies providing home insurance in India are:

ICICI Lombard Home Insurance: The company is one of India’s most reputed insurance companies. The key feature of its home insurance policy include a structured cover of the house and its contents for up to 10 years and 5 years, respectively. The company also boasts of up to 50% discount on structural cover and a 25% discount on contents covered under applicable conditions. One of the significant benefits of taking insurance from this company is its quick policy subscription and claim process. ICICI Lombard Home Insurance processes claims within seven days of receiving the duly-filled requisite documents.

HDFC Ergo Home Insurance: This is a joint venture between HDFC Limited and Ergo International, AG. Key features of this cover include a comprehensive cover for risks of fire, lightening, burglary, earthquake and even terrorist attacks. The policyholders can also avail a discount up to 25% and an additional 15%, provided they have installed security systems at their house. The company offers you a unique umbrella policy for home owners seeking long-term cover. The company’s claim process is also relatively quick; after you file a claim, a surveyor will contact you in 48 hours. Then, a claim form will be sent to your correspondence address within seven working days and the claim will be processed as soon as possible.

IFFCO Tokyo General Insurance Co Ltd: IFFCO Tokyo is one of India’s prominent insurance companies and provides two customised home insurance products- Home Family Protector Policy and Home Suvidha Family. While Home Family Protector Policy is designed to be a crowd insurance policy for several home dwellers under one policy. It can be divided into 12 sections like fire and related hazards or break-ins for which it provides protection. Home Suvidha Family, in contrast, provides a comprehensive cover for a single family – a protection of the house structure and its contents.

Bajaj Allianz Home Insurance: Another well-established insurance provider in India, Bajaj Allianz provides three home insurance plans, which provide protection to all kinds of customers. It offers complete protection for properties, the contents of the properties and the interests of the insured individuals along with members of their family. The company also provides protection to your home against losses from burglary, natural calamities and fire. Additionally, the company also provides discounts and rebates. One noteworthy aspect of the company’s policies is that it not only provides the above benefits but also gives the policyholder the choice of renting an alternate accommodation in case of a mishap.

Tata AIG Home Insurance: The company offers four types of home insurance: Instachoice, Home Secure Supreme, Standard Fire and Special Perils, and Home Coupons. For Instachoice, the application process is simple and does not require documentation. Home Secure Supreme policy not only covers appliances as old as 8 years but also provides jewellery cover. Home Coupons provides cover for acts of theft and terrorism. Lastly, Standard Fire and Special Peril, covers exactly as it is named. The company provides home insurance policy at a nominal premium, which is a very important feature of any insurance scheme.

So, with so many options of home insurance companies offering their policies, you are going to be spoilt for choices. But ensure you read and understand every aspect of your home insurance so that you’re not in for a nasty surprise later on.