What types of home insurance are there?

I have recently constructed a new home, so I was looking for home insurance to help my savings from getting eroded in case of an accident. When I researched about it, I found out that the Indian home insurance market offers different policies with different home insurance benefits. Your home insurance policy will cover a certain incident and you’ll get compensated as per the dues mentioned in your policy.

This type of policy covers the structure of your house in case it gets severely damaged. It’ll cover the costs you might have to incur to repair or reconstruct the damaged part.

It offers coverage to the contents within your house. This usually includes your immovable & movable electronic items, furniture, and valuables such as jewellery. However, you should be the owner of the insured asset.

: It offers you coverage against fire. Incidents, such as accidents and unforeseeable natural calamities are covered under this policy. You can use it to get coverage for your house, its contents, or both. It can also be used to get fire insurance for your goods kept in a distant warehouse with a fire insurance policy.

So, when unforeseeable damages are caused for any reason inside your house or on the premises of your legally-owned space, a public liability cover will compensate you for a big portion of the hence due expenses.

It covers any damages you might have incurred because of theft. It compensates you for any stolen valuables and goods, as far as they’re covered under the policy and your insurance company can determine their value.

Intended for landlords, it offers cover to the structure and contents of the building, even if you’re not staying in it. It is very useful since you can never have an idea of how your building and valuables are being treated.

It covers only the contents since tenants don’t own the structure of the building. However, as a tenant, you should rent a house or flat covered by the landlord's insurance.

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I hope now you know what types of home insurance are there in India. If you have purchased one before, do let me know about your experience.