Home InsuranceHome Insurance
What is Home Insurance?
Home insurance, sometimes referred to as homeowners insurance, is intended to shield your home and possessions from unanticipated losses like fire, theft, earthquakes, floods, and other natural disasters. It helps you recover from losses and protects your long-term financial security in the event of a calamity, serving as a financial safety net during life’s challenges.
Your home is a haven of warmth, safety, and treasured memories rather than merely a physical building. However, such tranquillity could be disturbed at any time by unanticipated natural calamities or man-made threats. Securing your living area is crucial whether you are a tenant or a homeowner. Home insurance coverage guarantees peace of mind and ongoing protection for what matters most by providing complete protection for your house, belongings, and assets against dangers brought on by natural disasters and man-made accidents.
Why Do You Need a Home Insurance Policy?
Increasing Incidence of Risks
The IDMC (Internal Displacement Monitoring Centre) Global Report on Internal Displacement states that 5.4 million people were displaced (forced to relocate) in India as a result of various natural disasters such as cyclones, storms, and floods. This is the largest number since 2012.
Financial Protection
In the event that your house’s structure or its contents are damaged, home insurance plans offer comprehensive financial coverage to assist you in covering the costs of replacement and repair. This guarantees the security of your hard-earned investment.
Comprehensive Coverage
You may safeguard your home building and your possessions from a variety of hazards, including as fire, natural catastrophes, and malevolent damage, with a single home insurance policy.
Long-term Asset Protection
You have acquired and accumulated assets throughout the years, including your house and the things within. In order to keep these assets safe for you and your family in the future, a home insurance policy can help.
Protect Your Home Today – Get a Free Quote
Home Insurance Calculator
Estimated Premium
Who Should Buy Home Insurance?
Homeowners
A home insurance policy assists you in recovering from damages in the event that your house or its belongings are harmed if you have used your savings to build or buy a place to live.
Tenants
You might keep expensive items like jewellery and portable electronics at home even if you don’t own the house. Additionally, depending on the terms of the rental agreement, you might still be liable for some repairs. Such unforeseen costs and losses are partially covered by home insurance.
Landlords
Tenants may cause minor damage while they are staying in your home if you own it and have rented it out. However, a complete loss or considerable building damage may result in a substantial financial burden that is covered by a home insurance policy.
Property Investors
Protecting a home from unanticipated catastrophes becomes essential if you have invested in it with the intention of renting it out or moving in later. Purchase home insurance to provide full protection and comprehensive coverage with large sum insured limits.
Secure Your Family's Haven – Get Started Now
What Do Home Insurance Policies Cover
Fire Accidents
A fire is extremely unpleasant and traumatising. However, you may rely on us to assist you in rebuilding and returning your house to its former state.
Thefts and Burglaries
Thieves and burglars enter your house without permission. Therefore, in order to prevent financial losses, it is preferable to secure your home with home insurance coverage. We aim to support you throughout your difficult moments and pay for theft losses.
Electrical Breakdown
You may do your best to maintain your electronic devices and equipment. However, they may occasionally fail. Don’t worry, we pay for any unforeseen costs that arise from electrical malfunctions.
Natural Calamities
Natural disasters like earthquakes and floods are uncontrollable and can seriously harm a house and its belongings in a short amount of time. What we can do, tho, is use our home insurance coverage to guard against the possible loss of your house and its possessions.
Alternate Accommodation
We can assist you in finding a temporary place to live when an insured peril renders your home uninhabitable. We make sure you have a comfortable temporary place to stay until your home is ready for lodging once more with our alternative accommodation provision.
Accidental Damage
Use our home insurance policy to put a stamp of security on pricey fixtures and fittings. Whether you are a tenant or a homeowner, we firmly think that you should safeguard your priceless possessions.
Man-made Hazards
Terrorism and riots are examples of man-made hazards that can do just as much harm as natural disasters. For this reason, we’ve promised to do everything within our power to shield you from the financial strain that will follow.
War
Losses or damages resulting from hostile acts, war, invasion, or foreign enemy acts are not covered.
Precious collectibles
Damage to coins, artwork, bullion, stamps, and other items will not be reimbursed.
Previous Content
We recognise that all of your priceless belongings have sentimental significance; however, our home insurance coverage will not cover anything older than ten years.
Consequential Loss
Losses that do not naturally follow from a violation in the normal run of events are known as consequential losses, and they go unreported.
Willful Misconduct
We guarantee that your unanticipated losses are covered; however, intentional damage is not.
Third-party construction loss
Your property is not covered for any damage brought on by third-party construction.
Wear & Tear
Common wear and tear, upkeep, and renovations are not covered by your home insurance.
Cost of Land
The cost of land may not be covered by this home insurance coverage in specific situations.
Under construction
Any property that is still under construction will not be covered by home insurance.
Types Of Home Insurance Policies
Standard Fire and Special Perils Policy
Indemnity health insurance plans usually cover the actual medical outgo you incur, whether you get treatment through cashless facilities or you later request a reimbursement. These kinds of mediclaim plans tend to be offered on an individual basis, as well as on a floater basis. In general, they give protection up to the opted sum insured.
Bharat Griha Raksha (BGR) Policy
Another crucial and best-selling policy that IRDAI introduced is the BGR. It is a uniform home insurance policy intended for widespread use. It provides protection against fire, natural disasters, and some man-made events for the home’s structure and/or contents. Due to its affordability, the amount insured, which is determined by the house’s reinstatement value, is highly favoured by Indians.
Building Structure Insurance
Only the walls, roof, flooring, and other built-up areas of the house are covered by this kind of policy. It is appropriate for homeowners who have separate protection for their possessions or do not require contents insurance.
Home Contents Insurance
Personal items in the house, including clothing, electronics, appliances, furniture, and jewellery, are covered by this coverage. It is beneficial for tenants who do not own the property but wish to insure their possessions and offers protection against hazards including fire, theft, and natural disasters.
Comprehensive Home Insurance Policy
The structure and contents of the house are covered together by a comprehensive policy. It offers defence against fire, theft, natural disasters, and man-made threats. The majority of home insurance providers let clients add more riders to their policy to increase coverage.
Landlord's Insurance
This policy is intended for homeowners who rent out their residences. It protects against structural damage brought on by floods, fires, and other insured dangers. It can also reimburse the landlord for lost rent in the event that repairs render the property unusable.
Tenant's Insurance
As the name implies, the tenant’s coverage exclusively protects the tenant’s personal belongings. In addition to providing protection against theft, fire, and unintentional damage, it may also cover third-party responsibility in the event that someone is hurt in the rented home.
Home Insurance Policy: Eligibility Criteria
- The building, its contents, jewellery, valuables, and portable electronics can all be insured by the owner of an apartment or independent building.
- Apartment or flat owners can insure their building’s structure based on the cost of reconstruction and carpet area.
- If you are a tenant or a non-owner, you can insure the house’s belongings, jewellery, valuables, artwork, paintings, and portable electronics.
Factors That Affect Home Insurance Premium
Do you work for a salary? If so, we have some excellent news. For salaried individuals, we provide some alluring savings on house insurance prices.
Because you can take advantage of our discounts and offers, purchasing your home insurance online may potentially be less expensive.
The premium that must be paid increases additionally if you are insuring pricey jewellery or valuables or other high-value items.
The cost of insurance for a home with many safety features is lower than that of a home with none. For instance, a home equipped with firefighting tools will be less expensive than others.
A home in a safer neighbourhood is less expensive to insure than a home in an area that is more likely to experience earthquakes, floods, or thefts. Additionally, the premium tends to increase as the carpet area increases.
A home in a safer neighbourhood is less expensive to insure than a home in an area that is more likely to experience earthquakes, floods, or thefts. Additionally, the premium tends to increase as the carpet area increases.
Why Choose Athworth Wealth?
Complete Home Protection
Protect your house structure, interiors, furniture, electronics, appliances, valuables, and much more under one comprehensive plan.
Customised Coverage According to Your Needs
Whether you own an apartment, independent house, villa, or rental property, we help you choose coverage that matches your requirements.
Risk Assessment & Expert Advice
Our team helps identify potential risks and recommends the most suitable coverage to safeguard your property and assets.
Affordable Premiums
We compare plans from leading insurance companies and help you find the best protection at competitive premiums.
Quick Claim Assistance
In the event of damage or loss, our team provides end-to-end claim support and guidance.
What You Get With Athworth
- Protection Against Fire & Natural Disasters
- Theft & Burglary Coverage
- Protection for Home Contents & Valuables
- Customised Insurance Solutions
- Premium Comparison Across Insurers
- Dedicated Claim Support
FAQ's
What is home insurance?
It is a policy that covers both the contents of your home and the actual construction of your residential building. This insurance protects against theft, fire, earthquakes, floods, and other natural disasters for both homeowners and tenants.
Can the sum insured for this policy be increased or decreased during the term?
By choosing a greater premium, you can raise the amount protected. But it can’t be reduced.
What is the duration of the policy?
The maximum term of this policy is five years. Depending on the duration of the lease, buyers might receive discounts of 3% to 12%.
Can I cancel the policy at any time during the tenure?
Indeed. The policy may be terminated at any time. Please be aware, though, that premium retention in accordance with short-term scales would be applied.
What are the criteria for applying to this policy?
Your property must fulfil the following criteria in order to be eligible to apply for this policy:
- It needs to be a residential property that is registered.
- Every aspect of its building should be finished.