Home Insurance in India: Complete Guide to Coverage, Benefits & Choosing the Best Plan

Your home is more than just walls and a roof — it’s where you create memories, store valuable possessions, and find comfort. But natural disasters, accidents, and theft can cause serious financial setbacks. That’s where home insurance steps in as your financial safety net.

In India, home insurance is still underutilized despite the increasing risks of floods, earthquakes, fires, and burglaries. This comprehensive Policyfy guide will help you understand home insurance inside-out — from types and coverage to claim processes and premium-saving tips.

1. What is Home Insurance?

Bike insurance (also called two-wheeler insurance) is a contract between the bike owner and an insurance provider, where the insurer promises to cover financial losses arising from accidents, theft, or damage to the bike in exchange for a premium.

In India, it is legally mandatory to have at least a third-party liability policy before riding your bike on public roads.

2. Why Bike Insurance is Important in India

Home insurance (also known as house insurance or property insurance) is a policy that protects your home and its contents from unforeseen events such as fire, theft, natural disasters, or man-made damage.

It covers:

Building structure – the walls, roof, floors, fixtures.

Contents – furniture, electronics, jewelry, appliances.

Liability – injuries or damages to third parties within your premises.

2. Why You Need Home Insurance in India

Rising risk of natural disasters: Floods in Kerala, earthquakes in the Northeast, cyclones in coastal regions.

Protection from theft: Financial reimbursement for stolen valuables.

Peace of mind: Know that your investment is safe.

Loan requirement: Many banks require home insurance before sanctioning a home loan.

3. Types of Home Insurance Policies

3.1 Building Insurance

Covers the physical structure of your house against fire, flood, earthquake, etc.

3.2 Contents Insurance

Protects movable assets inside your home from theft or damage.

3.3 Comprehensive Home Insurance (Recommended)

Covers both building and contents in one policy.

3.4 Tenants Insurance

Protects belongings for renters (does not cover building structure).

3.5 Landlord Insurance

Covers the structure and liability if tenants damage the property.

4. Key Inclusions in Home Insurance

Most standard policies cover:

Fire, explosion, lightning damage.

Earthquakes, floods, storms.

Burglary, theft.

Riots, strikes, malicious damage.

Impact damage (e.g., falling trees).

5. Common Exclusions

Home insurance does not cover:

Normal wear and tear.

Damage due to poor maintenance.

Loss during war or nuclear risks.

Cash, documents, or precious metals unless specifically insured.

Illegal construction damage.

6. Factors Affecting Home Insurance Premiums

Sum insured: Higher coverage = higher premium.

Location: Disaster-prone areas cost more.

Construction type: RCC structures are cheaper to insure than wooden ones.

Security measures: CCTV, fire alarms can lower costs.

Add-ons chosen: Additional covers increase premiums.

7. Add-On Covers to Consider

Accidental damage cover for contents.

Jewelry cover for high-value ornaments.

Alternative accommodation expenses if home becomes uninhabitable.

Portable electronics cover for laptops, cameras.

8. How to Choose the Best Home Insurance Plan

When comparing plans on Policyfy, check:

Coverage scope: Building + contents is ideal.

Sum insured: Should match replacement value, not market value.

Add-ons: Choose based on your lifestyle and valuables.

Claim Settlement Ratio: Higher is better.

Premium affordability: Balance cost with benefits.

9. How to File a Home Insurance Claim

In case of damage or theft:

1. Inform your insurer immediately.

2. File an FIR if it’s a theft.

3. Take photos/videos of damage.

4. Submit claim form with documents.

5. Allow inspection by the surveyor.

6. Claim is processed and settlement issued.

10. Tips to Reduce Home Insurance Premium

Install security systems.

Bundle building and contents in one plan.

Choose a higher voluntary deductible.

Maintain a claim-free history to get discounts.

Compare multiple insurers on Policyfy before renewal.

11. Why Buy Home Insurance Through Policyfy?

One-stop comparison: Find the best plans in minutes.

Transparent terms: No hidden clauses.

Expert advice: Guidance on choosing the right coverage.

Claims assistance: Support from claim to settlement.

Conclusion

Your home is one of your biggest investments, and protecting it should be a priority. With Policyfy, you can easily compare and choose a home insurance plan that offers the best coverage at the most competitive premium — ensuring that your home and everything in it is safe, no matter what life throws your way.

Secure your home today! Visit 👉 Policyfy.com and find the perfect home insurance plan in minutes.