What happens to the home package insurance plan if I sell my house?

The policyholders can cancel their office package insurance policy by submitting a written document to the insurer.

Is it possible to buy two home insurance plans at the same time?

Yes, you can buy two home package insurance policies. At the time of claim settlement, both insurers will pay the claim amount on a proportionate basis.

Is it possible to claim a home insurance policy for partial damages?

The policyholders of property insurance can raise claims for partial damages. The claim settlement process for partial loss or damage is the same as for total loss or damage.

Is a FIR necessary to claim a home package insurance plan?

Yes, an FIR is a mandatory document for some losses or damages, including theft, burglary, fire, riots, strikes, and more.

Is there any waiting period to get home insurance coverage?

Generally, the insurers provide home insurance coverage from the date of the policy's commencement. However, some plans may have a 7 days waiting period. Read the policy carefully at the time of purchase to know the exact waiting period.

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Home Insurance

Home insurance helps you combat financial constraints such as theft, fire, burglary, and more occurring at your home. It ensures you are financially protected and brings peace of mind to you and your loved ones. Whether you live in an apartment, a rented house, or a luxury mansion, it is wise to buy property insurance. Read on for more details!

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What is Home Insurance?

Mishaps can happen anywhere at any time. Generally, we buy car insurance to protect our four-wheelers, health insurance to protect our health, and life insurance to have a financially stable future. But what about our home—the heart of all the above? Similar to other protection plans, you must buy a home insurance policy to protect your home against fire, theft, burglary, natural calamities, and more.

Many general insurance companies in India offer home insurance plans. As a result, you can compare different plans and select the best one to protect your home. Individuals can either buy long-term or short-term property insurance policies. The policy tenure can range from 1 year to 10 years, depending on the coverage you select.

Though you can buy a home insurance plan with ease, you may have to fulfil certain eligibility criteria. To put it simply, any resident of India who owns a property can only purchase a property insurance plan.

Benefits of Home Insurance

When purchasing insurance, the most common advantage that comes to mind is the “sense of security.” And one of the major benefits to buy home insurance is the same. Read the following section to find out more about the benefits of a home package insurance policy.

Comprehensive Protection: It is wise to buy home insurance as it provides comprehensive protection to the policyholders. In addition to covering the home structure, it also insures the other home extensions, including the garage, shed, compound, and more.
Coverage Against Natural Disasters: Natural calamities like earthquakes or floods can badly damage your house. As a result, repairing a damaged home might create a financial burden for you. However, you don’t have to worry about this if you are covered under home insurance. This is because it provides coverage against loss or damage caused by such unforeseeable mishaps.
Affordable Protection: Investing in property insurance will reap benefits when you need it the most. Many insurers provide good coverage plans at competitive premiums. You can compare different plans at InsuranceDekho to buy the most affordable and efficient home insurance policy.
Liability Coverage: Home insurance plans also protect against loss or damage that affects a third party. For instance, your maid experienced burnout after a fire broke out at your house. The insurer will cover the treatment expenses in this case.

Frequently Asked Question

1
What happens to the home package insurance plan if I sell my house?
The policyholders can cancel their office package insurance policy by submitting a written document to the insurer.
2
Is it possible to buy two home insurance plans at the same time?
Yes, you can buy two home package insurance policies. At the time of claim settlement, both insurers will pay the claim amount on a proportionate basis.
3
Is it possible to claim a home insurance policy for partial damages?
The policyholders of property insurance can raise claims for partial damages. The claim settlement process for partial loss or damage is the same as for total loss or damage.
4
Is a FIR necessary to claim a home package insurance plan?
Yes, an FIR is a mandatory document for some losses or damages, including theft, burglary, fire, riots, strikes, and more.
5
Is there any waiting period to get home insurance coverage?
Generally, the insurers provide home insurance coverage from the date of the policy's commencement. However, some plans may have a 7 days waiting period. Read the policy carefully at the time of purchase to know the exact waiting period.