Home Insurance

Home insurance or property insurance safeguards from financial losses incurred by damage to
the structure or contents or both due to natural calamities like floods, fire, earthquakes and
man-made events like theft, burglary and malicious activities. Damage to property or its
contents can be a substantial financial blow to one, in terms of expenses for repair and
renovation. However, securing your home with the right home insurance policy can save you
during such a crisis. Remember, natural calamities like earthquakes and floods are
unpredictable and don’t come with a prior warning. Rebuilding a damaged home or replacing
its contents can be financially stressful.
Most parts of our country are vulnerable to natural calamities that affect lives, livelihoods and
property in a big way. As the rainy season approaches, the probability of being hit by floods
and landslides also increases.
The HDFC ERGO home insurance policy covers home structures and content up to Rs 10 crore
with useful add-on covers like loss of rent, Alternate accommodation expenses etc. In
addition, Hdfc Ergo Home Shield Insurance provides all-risk cover for portable electronic
equipm

with your Home Insurance policy.

A home insurance is a property insurance policy to help you cover your own home
or rented apartment, and your personal belongings within, from unforeseen
circumstances such as burglaries, fires, floods, storms and explosions.
Buying a house is one of the most vital investments people spend all their life
working towards. Yet, there are so many people who forget to secure and
protect for this very important investment in their life. From your cutting-edge
gadgets and beautiful interiors to your jewellery and other valuable belongings;
your home is more than just its mere physical property and is a lot more valuable
than you imagine it to be.
That’s why, one of the most essential things you could do for the wellbeing and
safety of your home is at least get a home insurance that would allow you to
stay secured and covered for in the case of uncertain and unfortunate
circumstances such as burglaries, floods, fires, and earthquakes amongst other
likely, but unforeseen circumstances. Our Go Digit, Bharat Griha Raksha Policy
(UIN - IRDAN158RP0081V01202021) with optional add-on for valuables like
jewellery will help you secure your home and valuables.
To ensure that your home is secured against burglaries as well, you can combine
the Digit Burglary Insurance policy with your Home Insurance polic
Why should I get a Home Insurance?

Property insurance provides protection against most risks to property, such as fire, theft and some weather
damage. This includes specialized forms of insurance such as fire insurance, flood insunce, earthquake

insurance, home insurance, or boiler insurance.

What Is Property Insurance?

Property insurance is a broad term for a series of policies that provide either
property protection coverage or liability coverage for property owners.
Property insurance provides financial reimbursement to the owner or renter of
a structure and its contents in case there is damage or theft—and to a person
other than the owner or renter if that person is injured on the property.
Property insurance can include a number of policies, such as homeowners
insurance, renters insurance, flood insurance, and earthquake insurance.
Personal property is usually covered by a homeowners or renters policy. The
exception is personal property that is very high value and expensive—this is
usually covered by purchasing an addition to the policy called a "rider." If
there's a claim, the property insurance policy will either reimburse the
policyholder for the actual value of the damage or the replacement cost to fix
the problem.

KEY TAKEAWAYS
 Property insurance refers to a series of policies that offer either
property protection or liability coverage.
 Property insurance can include homeowners insurance, renters
insurance, flood insurance, and earthquake insurance, among other
policies.
 The three types of property insurance coverage include replacement
cost, actual cash value, and extended replacement costs.

How Property Insurance Works

Perils covered by property insurance typically include select weather-related
afflictions, including damage caused by fire, smoke, wind, hail, the impact of
snow and ice, lightning, and more. Property insurance also protects against
vandalism and theft, covering the structure and its contents. Property
insurance also provides liability coverage in case someone other than the
property owner or renter is injured while on the property and decides to sue.

Property insurance policies normally exclude damage that results from a

variety of events, including tsunamis, floods, drain and sewer backups,
seeping groundwater, standing water, and a number of other sources of
water. Mold is usually not covered, nor is the damage from an earthquake. In
addition, most policies will not cover extreme circumstances, such as nuclear
events, acts of war or terrorism.
Special Considerations
Most homeowners purchase a hybrid policy that compensates for physical
loss or damage caused by 16 perils, including fire, vandalism, and theft. The
coverage, known as an HO3 policy, has certain conditions and exclusions.
There is a predetermined limit on the coverage of certain valuables
and collectibles, including gold, wedding rings and other jewelry, furs, cash,
firearms, and other items. No coverage is usually provided in an HO3 for
accidental breakage/damage and mysterious disappearance (lost, misplaced)
of valuables, including fine art and antiques.

Understanding Property Insurance

There are three types of property insurance coverage: replacement cost,
actual cash value, and extended replacement costs.

Replacement cost

covers the cost of repairing or replacing property at the same or equal value.
The coverage is based on replacement cost values rather than the cash
value of items.

Actual cash value

coverage pays the owner or renter thereplacement cost minus depreciation. If

the destroyed item is 10 years old, you get the value of a 10-year-old item,not
a new one.

Extended replacement costs

will pay more than the coverage limit if the costs for construction have gone
up; however, this usually won't exceed 25% of the limit. When you buy
insurance, the limit is the maximum amount of benefit the insurance company
will pay for a given situation or occurrence

Life Insurance