Home Insurance

India frequently experiences floods, earthquakes, storms, and cyclones due to its diverse geography. A home insurance policy helps protect you from the financial impact of these losses.

Home insurance covers man-made risks like fire, theft, burglary, riots, and malicious damage, helping you recover financially from sudden losses.

Your home has valuable items like furniture, appliances, electronics, jewellery and personal belongings. Home insurance protects these contents from damage or loss due to covered risks.

Accidents like electrical short circuits, gas leaks, and accidental fires can damage your home. Home insurance helps pay for repair and replacement costs caused by such incidents.

Home insurance covers injury liabilities and personal accidents within the insured property, protecting homeowners and tenants from legal and financial losses.

Home insurance is one of the most affordable policies. You can often insure a property worth ₹20 Lakhs for less than the cost of a single-family dinner per year.

Fixed Glass & Sanitary Fittings- In the event of accidental damage to the fixed glass or sanitary fittings in your home, you can get this covered as an Add-on in your home insurance plan.

Baggage- If your baggage is lost or get damaged due to accident or any other mishap, you can get this covered additionally in your plan.

Electronic Equipment- You can choose to get your electronics covered under the policy to reduce your financial liability in case of any damage.

Loan Payment Protection- In case of an accident or any unfortunate event, if the insured person losses his/her life or becomes disabled, you can get covered for such a loss with this Add-on.

Complete cover: Look for home insurance that covers both the structure and the contents of your home. This way you get comprehensive protection for your home.

Type of cover: Basis of claim settlement can be a vital factor before deciding a Home Insurance.

Claim Settlement: You should also compare home insurance in India based on Insurance Company’s repute and claim settlement record.

Right add-ons: Our home insurance plans come with several add-on options. You can pick and choose the right add-ons to widen the coverage of your plan and ensure the best coverage for your home.

Terms and conditions: Lastly, do not forget to read the terms and conditions. It might not make for light reading but you should clear up any doubts that you have about the policy wordings before buy home insurance in India.

The location of your home- A house which is located in a safer area is likely to have a lower premium than the one which is situated in an area which is prone to adversities.

The size of your home- The carpet area of your house decides the premium you pay. The greater the area, more would be the premium on your coverage.

The type of coverage plan- The premium payable largely depends on the type of coverage you opt for. IFFCO-Tokio offers a wide range of plans for you, from securing just the building to having a comprehensive home insurance plan which covers the home structure along with the contents of the building.

The safety measures in use- If a house considers enough precautions which minimizes the risk of having a loss or any damage to the property − like having security cameras and fire alarms in place would help in lowering the premium amount.

Step 1: Raise your deductibles: Sharing your liability with the insurer can lower your premium amount. When you choose to compensate for the loss before your insurer pays for the claim, it saves you on the cost of premium.

Step 2: Choose a bundle plan: If you choose to buy two or more policies from the same insurer, you might be eligible for a discount on such bundle policies.

Step 3: Install Safety Devices: Adding anti-theft devices, CCTVs, and fire safety equipment reduces your property's risk profile, often leading to premium discounts.

Step 4: Insure Only Valuable Items: Add coverage only for important and valuable items in your home. This helps keep your home insurance premium lower.

Premium- It is the amount you pay to enjoy the benefits of your insurance plan.

Coverage- It accounts for the financial security which your preferred plan would offer.

Deductible- When an insurable event occurs, certain amount needs to be paid from your pocket and the rest of the loss is covered by your insurer. This amount is called ‘Deductible’.

Add-ons- Add-ons are the additional protection you can choose to have over and above on your basic home insurance cover.