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Understanding the basics of home insurance

A homeowner’s insurance policy is a type of insurance that protects your home and any other property that is protected against loss or damage. It is a form of property insurance and is one of the several products that can be purchased.

Homeowners’ Insurance: Coverage and Exclusions

Homeowner’s insurance is another name for home insurance.

The home building insurance protects your bungalow/apartment/rented flat/owned house/constructed home from potential dangers. It covers the expenses associated with any bad event. House insurance claims can be filed for the following types of damage:

Coverage Provided by Homeowners Insurance

Homeowners’ insurance covers several dangers like damaged water pipes, electricity lines, and structures and Covers broken windows, doors, floors, and walls. It protects the home. *

Four categories of insured property expenses:

Several factors affect homeowner’s insurance. Size and type of housing determine it. Age, residence, replacement value, and location influence the value of a property. Crime rate and claim history may also be relevant factors – your protection. Determine the premium and deductible. High deductibles result in reduced premiums, and vice versa.


Homeowners’ insurance doesn’t cover inevitable accidents. Intentional, negligent, war, and “Acts of God” damages are excluded. *

Here are a few exclusions:

Advantages of Having a Homeowners Insurance Policy

Home insurance protects you financially. You may also be liable for damage to property and contents caused by outside forces. *

These are the advantages of a home insurance policy:

How to File a Home Insurance Claim

Fire and burglary insurance claims may need verification of damage. The police FIR/investigation report and fire brigade/authorized organization/residential association testimony are included. Medical officer passing away or disability certificate, if needed. Court summonses, repair estimates, invoices/proof of ownership, etc.

Claim payouts may be proportional if you have many insurance firms. Even if rented, selling a home cancels homeowner’s insurance. *

* Standard T&C Apply

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘

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