Home Insurance in India

Find out about the requirements when taking out home and contents insurance in India...

Home insurance provides cover for the structure of the house in the event of damage or destruction. Home contents insurance includes cover for household items such as television, washing machine, laptop, curtains, jewellery, mobile phone and carpet against incidents such as fire, flood, earthquake, damage, theft, burglary and larceny.

Joint cover of Home and Contents insurance is available from most insurance companies, providing that the dwelling meets the company's criteria.

It is also possible to obtain home insurance policies which cover whole buildings and societies. However, contents insurance must be purchased by each member or household individually.

Requirements for Home Insurance Policies

Policies can be taken out by the owner or occupant of a property and vary considerably in what they cover from company to company.

Home insurance premiums are generally calculated on:

  • Value of property
  • Location of property
  • Other basic underwriting stipulations

Contents insurance policies are usually sold based on the customer's valuation of the goods and jewellery that they possess and the location of the property. Discounts are sometimes offered for extra measures such as a burglar alarm and security guard.

When considering taking out a home insurance policy in India, there are some certain exceptions and things to bear in mind.

Some companies place an age limit on the property. For instance some properties over 40 years old cannot be insured.

Property under construction, Kutcha construction (homes made from planks, thatch, bamboo, plastic, cloth, tarpaulin and the like), residences used as offices, and land is often not eligible for home insurance.

Items such as laptops are generally only covered when on the premises. However, jewellery is likely to be covered throughout India, but not abroad.

Making a Claim

When making a claim on contents insurance the following items are generally required to be submitted (if applicable):

  • Original invoice with value of item stolen
  • Replacement / repair cost
  • Final police / fire brigade / meteorological report
  • Completed claim form

If leaving the property empty for more than one month it is advisable to let the insurer know. Failure to do so may void the policy.

Other risks such as war, terrorism, natural disasters and nuclear disasters may not be included in the home insurance policy or may require a supplement to be paid.