Your home is likely the most valuable asset you own. It took years of savings and EMIs to buy it. But a fire, flood, earthquake, or burglary can cause damage worth lakhs of rupees in minutes. Home insurance India protects you from these financial shocks.
Despite its importance, home insurance is one of the most overlooked insurance products in India. Most homeowners insure their cars but not their homes. This page explains what home insurance covers, who needs it, and how to choose the right plan.
Protect your property and belongings from unexpected disasters
Home insurance is a policy that protects your house and its contents against damage or loss from covered events. It pays for repairs, rebuilding, and replacement of belongings. You pay an annual premium, and the insurer covers the financial loss when a covered event occurs.
Protecting What Matters Most: Unlike vehicle insurance, home cover is often overlooked despite safeguarding an asset worth significantly more than any vehicle.
Comprehensive coverage built to protect both your physical structure and everything inside it.
This covers the physical structure of your home, including walls, roof, flooring, built in fixtures, plumbing, and electrical wiring. If your home is damaged by fire, earthquake, or a covered event, the insurer pays for repairs or rebuilding.
This covers your belongings inside the home. Furniture, electronics, appliances, clothing, jewellery (up to a limit), and other personal items are included. If they are damaged or stolen, the insurer pays for replacement.
Home insurance covers damage from earthquakes, floods, cyclones, storms, lightning, and landslides. This is especially relevant in Odisha, which is prone to cyclones and heavy monsoon flooding. Coastal areas and flood plains face higher risk.
If your home is broken into and your belongings are stolen, the insurer pays compensation. This typically covers forced entry and theft of insured items. You may need to file a police report to support your claim.
Covers fire, implosion, lightning, explosions, and electrical short circuits.
Vital coverage against coastal cyclones, storm surges, and monsoon floods.
Compensates loss of insured valuables, appliances, and personal possessions.
Choose the plan type that matches your occupancy status as a homeowner or a tenant.
Covers only the physical structure. Best for homeowners who do not have expensive contents or who want to keep costs low.
Covers only the belongings inside your home. Best for tenants who rent a flat or house and do not own the building.
Covers both the structure and everything inside. This is the most complete option and is recommended for homeowners who want full protection.
Every homeowner benefits from home insurance. It is especially important if:
For building cover, calculate the cost of rebuilding your home at current construction rates. This is different from the property's market value. For contents cover, make a list of your valuables and their replacement cost. Choose a sum insured that covers both adequately.
Under insuring is a common mistake. If your home costs Rs 50 lakh to rebuild but you insure it for Rs 30 lakh, you will not receive the full amount in a claim due to proportionate deduction clauses.
Specialized property and cyclone risk advisory in Odisha
Home insurance is our area of expertise, especially in Odisha where cyclones and flooding are real risks. Our IRDAI licensed advisors help you calculate the right coverage amount and choose a plan that protects both your building and your belongings. We also assist with claims when you need it most.
Answers regarding mandatory rules, natural disaster coverage, building vs contents, and tenant protection
Protect your biggest investment. Fill out the form or call 90 90 92 15 15 for a free home insurance quote.