Best Home Insurance Policies in India

We all have Life Insurance Policies for our better future, but do we have any Home Insurance Policy for making our House’s future better?

I’m sure, most of us don’t have.

As per some rough estimations, only 2 to 3% Indian House Owners have registered their House for Home Insurance policy. In developed countries like- US, UK, Australia more than 90% House owners have Home Insurance that assure their valuable property be safe even in the worst conditions.

Want to know more about House Insurance, best home insurance policies in india and how to buy one for your house? Lets’ deep dive into the article.

What is Home Insurance Policy?

Home Insurance is a type of Insurance Policies that is offered to cover our Home from natural calamaties such as flood, earthquake, fire, landslide, etc. Apart from natural calamaties, it also financially covers up our home for risks like- Burglarly, riots and sometimes even for theft.

Home Insurance Policies are offered by Non-Life General Insurance Companies. Different-different companies have different-different plans that cover various sections of the house. For example:

Some plans only cover up your House’s building.

Some plans only cover your home’s belongings like-  Electronic appliances, jewellery, furniture, etc.

There are also some home insurance plans that cover both your house building and belongings. This kind of policies are costly.

If you want to add more things into your Home policy, you can also do it for sure after paying some more bucks.

Best Home Insurance Companies in India

It is better to buy insurance from trusted companies. Here are some top and most trusted Indian General Insurance Companies to buy your home insurance policy for 2020:

1. New India Assurance Company Limited
2. TATA AIG General Insurance Company Limited
3. Oriental Insurance Company Limited
4. Bajaj Allianz General Insurance Company
5. Reliance General Insurance Company Limited
6. National Insurance Company Limited
7. IFFCO Tokio General Insurance Company Limited
8. United India Insurance Company Limited

Best Home Insurance Plans/Policies in India (2020)

We can’t declare any plan or policy as the Best. The best plan for you is that fits in your requirements. Here are some of the top and most popular home insurance plans in India. Choose the one that fits most to you:

1. HDFC Ergo Home Shield Plan- By default this plan provides cover from Terrorism, Burgalry and Jewellery (upto 2 Lacs) with the basic premium of 7,920 Rupees. The sum assured for building and Contents is 40 Lacs+ 10 Lacs= 50 Lacs.

2. New India Insurance Griha Suvidha Plan- This plan also by default covers from Terrorism, Burgalry and Jewellery (upto 4 Lacs) with the basic premium of 8,375 Rupees. The sum assured for building and Contents is 40 Lacs+ 10 Lacs= 50 Lacs.

3. Royal Sundaram Gruh Suraksha Plan- This plan also covers from Terrorism, Burgalry and Jewellery with the basic premium of 8,072 Rupees. The sum assured for building and Contents is 40 Lacs+ 10 Lacs= 50 Lacs.

4. SBI General Long Term Home Insurance Plan- This plan is only made for covering your home’s building. The basic premium for this plan is Rs 8,284 (for 5 years) and sum assured is 40 Lacs.

5. Oriental General House Holder Insurance Plan- Basic Premium for this plan is 2,600 and sum assured is 50 Lakhs.

Some Less Popular Indian Home Insurance Plans

6. ICICI Lombard Home Insurance-
7. Tata AIG Home Insurance
8. IFFCO Tokyo General Insurance Co. Ltd
9. Bajaj Allianz Home Insurance
10. Bharati Axa General Insurance Company Limited
11. Chola Ms. Home Insurance

 Comparision of Best Indian Home Insurance Policies:

If you are williing to buy complete Home protection insurance for your House then HDFC Ergo Home Shield Plan and New India Insurance Griha Suvidha Plan are the most suitable for you. New india Insurance is a bit costlier than HDFC Ergo as it provides more content security (upto 4 Lacs).

On the other hand if you are thinking of buying insurance just for the building of your home then SBI General Long Term Home Insurance Plan and Oriental General House Holder Plan are worth considering.

How to buy best Home Insurance Policy in India Online?

Just go after these simple steps and you’ll be able to apply for the best home insurance policy easily:

1. Do research on Internet- Compare various policies, their ratings and reviews and then decide what fits you the best.
2. Once you choose the best home policy for your property, go to it’s company’s website.
3. Register your property with correct credentials. It is advised to update your belongings for lesser premium rates.
4. Now you are all set.

Conclusion:

Home Insurance is probably one of the most ignored insurance type in India. But it might be as valuable as the life Insurance is, in case, you have wealthy property. It is advisable to buy a home insurance in this case.