How Much Does Home Insurance Cost in India?

Home insurance is insurance to cover the property as well as the contents of the house from unexpected loss or damage. I visited the ICICI bank to ask the official how much does home insurance cost and learned that it starts from Rs 190 onwards. The charge varies from one insurance provider to another so let me share a list of prices that I am aware of.

How Much is House Insurance?

Home insurance can be for both owner and tenant. You can visit the official website of the insurance provider and check the pricing there. Here are some of the insurance companies and their insurance price list that will help you get an idea about how much does house insurance cost:

This list is just to give you an idea about how much home insurance cost. You better choose first from where you want to avail home insurance and have a talk with their official about the pricing.

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Most of you know that home insurance, which includes coverage for liability, fraud, and natural disasters, provides financial security for your house. When purchasing a house insurance policy for the first time, it is vital to be aware of the many coverage options available. I spend my entire day at work dealing with customers for home insurance. I'll do my best to answer your question regarding the house insurance cost India. 

How to get the property insurance cost in India?

The price of home insurance in India may differ based on a number of factors. These factors include the property's size, location, and value as well as the sort of coverage needed. 

• The worth of the house after reconstruction is used by insurance companies to determine the coverage cost. 

• If you have an unoccupied home, prepare to spend approximately 50% more than you would for a standard homeowners policy. 

• An average annual premium for home insurance in India could range from Rs 2,500 onwards. It is vital to keep in mind that these numbers are only estimates and may change greatly depending on your preference or situation.

• Homes in earthquake-prone areas might need more coverage, which would raise the cost. 

In HDFC ERGO, you can get the maximum coverage of Rs 10 Crore on a home structure. Moreover, some of the other popular insurance companies that provide house insurance are 

• Chola MS

• ICICI Lombard

• Bajaj Allianz

I hope you get an idea of the factors involved in calculating the overall flat insurance cost.

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Purchasing a home of your own is among the most important things we all desire. Protecting your priceless asset against the possibility of incidental damages or unexpected failures is equally important. You can choose from a number of personalised home insurance plans to safeguard your home. But first, you must know how much does home insurance cost in India.

What is the cost of home insurance in India?

You can use a home insurance cost calculator to figure out how much insurance to choose when you insure your house. This will assist you in determining the appropriate level of protection you need for your home's construction and valuables. This sum is determined by taking into account the size, the cost of the goods, the property's value, and other similar considerations.

What factors affect home insurance costs?

All or more of the following factors may be used to determine how much a house insurance policy will cost:

1) Value of the Building

The cost of reconstruction, not the property's market worth, determine the building's value. The expense of reconstructing must be fully covered by optimal coverage. The built-up size of the property and the development rate per square foot will be combined. It will help to determine the value of the building.

For example, if your home has a built-up area of 1300 square feet and the cost of construction is Rs.1,400 per square foot, the insurance amount for the structure will be Rs. 18,20,000.

2) Type of Plan

If you are just protecting the structure, just the items, or both, your house insurance coverage will vary. Your home's structure's value would be considered if you choose "Building Only." Personal items and jewels are taken into account while determining items. The value of the structure and the goods will be included in a plan that includes thorough coverage for both.

How much does moving insurance cost?

You will pay a huge sum if you choose to purchase moving insurance when moving from one place to another. Moving insurance might cost anything between 1.5% and 3%. However, it is well worth it if you want to guarantee that your valuables being moved by seasoned packers and movers won't suffer any damages. So now you know how much is moving insurance in India.

I hope you understood how much does home insurance cost in India.