Guide: 7 Types of Home Insurance Plans And What They Cover

One’s house serves as a place of comfort and safety. It is also where a lot of your valuables, from the big and small appliances, and furniture to a portion of assets, are stored. Whether you are a renter or a homeowner, the cost of all these items put together is going to be quite hefty. It is natural to want to protect your house and the belongings inside it from damage caused by natural disasters, accidents, and thefts. You can pick any plan offered under the following popular types of home insurance policies in India.

Structure insurance: Plans under this type of insurance will protect against losses from structural damages. Damage caused by theft, robbery, and terrorist attacks alongside losses to the roof and kitchen and bathroom fittings is under the scope of coverage.

Home content insurance: In case you bear loss or damage to items placed inside the house, this type of policy will reimburse for the market value of the valuables lost. The coverage extends to products like jewellery, electronics, and furniture. The tenant’s insurance offers similar coverage to renters.

Comprehensive insurance: As the name suggests, house insurance of this type will provide extensive coverage. It includes coverage not just to the building’s structure but also to the contents and occupants inside it, too. Pre-existing damage or any destruction done willingly is excluded from the policy cover.

Landlord’s insurance: This type of plan will ensure a homeowner who has put up their property on rent from financial losses and cover some public liabilities, too. In addition, it provides cover from structural damage due to fires and other special perils.

Tenant insurance: Renters can purchase this policy to get coverage for their personal belongings kept inside a rental unit. This is usually opted for because whatever insurance the landlord has taken will not offer coverage to the tenant’s valuables.

Fire insurance: Such a policy has limited coverage, and will only reimburse for damage caused by fires in the house.

Burglary, theft, and robbery insurance: This is another specific insurance policy that reimburses buyers for the market value of goods they have lost due to burglary, theft, or robbery.

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