Cost Of Home Insurance In India

For a person buying a home for the first-time, opting for an ideal homeowner’s insurance coverage can be difficult as there are many insurers to pick from and a number of  considerations are to be taken into account as well.

According to experts home insurance is important as it would offer a financial safety net in case anything unexpected happens. The home insurance plan would typically cover any destruction and damage caused to the interior or exterior of the house including any loss or theft of personal belongings or personal liability for some harm caused to other persons. For proper information on the subject of insurance, it is advised that you seek legal guidance from an experienced home insurance lawyer.

Why is Insurance Important ?

There are a number of things to consider while buying a house, including the selection of the mortgage lender to appoint a real estate agent. Purchasing insurance cover is one of the most crucial steps when buying a house.

Finding an appropriate policy and provider, on the other hand, would offer you peace of mind that your property could be restored, rebuilt, or replaced in case of a devastating catastrophe, in the form of a fire, storm, etc. 

What shall be covered under the Home Insurance

Home Insurance Policy could provide protection to under mentioned- 

Coverage to the portable equipment

An individual could get cover for any loss or damage to portable equipment anywhere in the country.

Coverage to the contents of the House

A house insurance policy would provide coverage for any loss or accidental damage caused to the contents of the house including those of kitchen items, electrical appliances, furniture, lights, clothes, etc.

Coverage to arts, paintings, etc.

Coverage for damage to works of arts, paintings, etc would be provided under the home insurance. But, before the amount is compensated to you, valuation of these items shall be carried out by a valuer approved by the government. 

Coverage for Jewellery

Damage caused to jewellery or any such valuable item shall be compensated under the home insurance of the house. 

Coverage against theft

Financial protection would also be provided for any loss caused by theft or burglary under the Home Insurance.

Some additional covers could also be added on, such as-

• For a lost or stolen wallet
• For when the pet dog dies or gets infected due to some disease during the policy term period
• For in case an unfortunate event takes place during the course of one’s employment.
• For if someone gets injured at the insured property. 

What items could be excluded from a home insurance property ?

Mentioned below are some of the items which are excluded from the home insurance policy cover-

• Any pre-existing damage already there with the building or the contents there in.
• Any manufacturing defects in the electrical or mechanical items in the house, for which the manufacturer is liable.
• Costs incurred for regular maintenance of the home building or the appliances therein. 
• Destruction caused to the building under the order of the court. 

How much would it cost to have your house insured ?

Insuring a house as well as its contents is generally not very expensive. 

• Say for instance, a pure fire insurance cover for an amount of  Rs30 lakh for the building of the house  and a sum of Rs 5 lakhs for the contents of the house, including other added disasters along with a terrorism cover may come to an amount of Rs2,000 per annum.
• In addition to the above cover, an insurance for burglary and theft for the products of the house amounting to Rs5 lakhs, the yearly premium would be around Rs 3,155. 

Mentioned above are some of the examples, as to how much instalments would be charged, from these instances, you may gain a vague idea that the insurances are not that costly, in order to ensure proper protection for your house.  

Conclusion

In conclusion, it could be said that getting financial protection for loss or damage to your house would help you remain without any tension, in case calamity does hit you. 

Also, it has to be understood that as buying insurance would involve contracts to be signed, it would be favourable for you to seek legal assistance of an experienced homeowner lawyer, in order to ensure that a watertight insurance cover is being signed by you. In addition, a corporate litigation lawyer would also be helpful when claiming insurance, as they are well versed with the procedures of insurance. 

Lead India offers you a team of experienced advocates who have been successfully assisting their clients with issues involving various insurance claims. Therefore, in case you wish to talk to a lawyer or seek free legal advice online, you may contact us.