Basics Important of Home Insurance

There are many public and private sector home insurance providers in the Indian market offering different plans for home insurance. General Insurance Corporation of India through its subsidiaries like United India Insurance, Oriental Insurance, the National Insurance Company, New India Assurance, etc, are few of the known names present in this insurance sector to provide you guarantee for your coveted property.

Also there are several companies in private sector which offers Insurance schemes such as Royal Sundaram Alliance, ICICI Lombard, Tata-AIG, Bajaj Allianz General Insurance Company etc. They provide their customers with instant home insurance quotes. You can even compare them to arrive at a decision.

There are lots of schemes available in home insurance depending on the coverage options available for 10 sections. This coverage in sections varies from private to public sector insurance firms as per their clause.

House holder's policy has to be renewed every year. If you take 5-6 sections, you are entitled to a 15 per cent discount on the premium on the optional sections and for taking more than seven sections, you get a 20 per cent discount on the premium.

The 10 Sections include:

Basic Policy (Fire Coverage) has two subsections- one covers the building and the other its contents against damage from fire and allied perils, specifically structural and other damage from fire, lightning, riots, explosion of gas in domestic appliances, riots and natural calamities such as floods and earthquakes. This policy excludes jewellery and valuables

    Cover for loss/damage due to Burglary excluding jewellery, gold and silver articles, securities, cash-and televisions and bicycles which are covered under other sections.

    Cover for 'all risks' against loss or damage to jewellery and valuables

    Cover for damage or loss to fragile items like glass ware including plate, glass etc.

    Cover for accidental breakdown of electrical, electronic and mechanical gadgets like refrigerators, air-conditioners, microwave ovens, washing machines or motor pumps

    Cover for loss / damage to television sets, VCDs/VCRs/VCPs and computers against all types of risk-fires and allied perils, theft and accidental breakdown.

    Cover for loss or damage to a bicycle

    Cover for loss of or damage to baggage while you are travelling in India

    Cover for personal accident

    Covers your legal liability to a third party for personal injury or property damage

Besides the House holder's Insurance policy, there is also an exclusive Fire Policy for covering the building and contents against the perils of fire, lightening, floods, earthquake, storm etc. This policy can be taken for a period of five or ten years. The longer is the term of the policy, the more is the discount on premium.

Premiums are calculated by the following factors:

Age of dwelling
Location
Value
Fire protection
Optional coverage

The following are Basic Types of Insurance Policies:

*Special Homeowners policy which covers the structure and all risks of loss except those excluded in the policy.

*For owners of co-operatives or condominiums coverage include personal property coverage and liability coverage to the owner's unit for additions and alterations.

*A Dwelling Fire Policy covering personal property against fire, wind, explosion, smoke, flood and other perils. Additional optional coverage may also be available.

Homeowners?

Insurance policies may vary in coverage depending on their home and personal belongings in the event of a covered loss.

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