Protecting your home: Understanding home insurance

In India, owning a home is a special milestone. While it provides security and satisfaction, it also has its fair share of responsibilities. These include securing your home and your possessions from unexpected events. This is where home insurance comes in.

Home insurance provides financial protection for your home and its contents against unforeseen circumstances like fire, theft, natural disasters, and other insured risks. Understanding the features of home insurance and considering various factors can help you select the right policy.

Types of home insurance

There are two main types of home insurance -

• Structure insurance

Covers the physical structure of your home, including walls and roof, against insured risks such as natural calamities and man-made disasters.

• Contents insurance

Covers your possessions, including furniture, appliances, electronics, and other personal belongings like jewellery and valuable collectibles, against insured risks.

Features of home insurance

Home insurance policies typically offer you the following features -

• Comprehensive coverage for loss or damage caused by natural calamities and man-made disasters to the insured property and its contents 

• Liability coverage that protects you against claims arising from accidents or injuries to third parties on your property

• Flexible coverage options that allow you to choose the sum insured, policy tenure, and premium payment frequency as per your needs

Benefits of home insurance

As a homeowner, you can enjoy the peace of mind that comes with the following benefits of home insurance -

• Financial protection against the costs of repairing or rebuilding your home and replacing your damaged or lost belongings

• Simplified home loan application process 

• Compensation for alternate accommodation rent or loss of rent if you need to vacate your damaged house for repairs

Also read - Home insurance vs home warranty

Factors to consider when choosing home insurance 

Are you wondering how to select a home insurance policy? Let’s consider the following factors -

• Coverage

Choose a policy that provides comprehensive coverage for your property and its belongings.

• Add-on covers

Look for policies that offer add-on covers for specific risks relevant to your needs.

• Premium

Compare the premium rates from different insurers and opt for a policy offering the maximum value for your money.

• Exclusions

Carefully read the policies' exclusions and limitations and finalise the one which meets all your requirements.

IDFC FIRST Bank Home Insurance - a trusted partner

IDFC FIRST Bank Home Insurance offers a curated home insurance policy to cater to the diverse needs of homeowners over the long term. With their team of experts, you can select the right policy at affordable rates.

How to buy?

You can buy IDFC FIRST Bank Home Insurance online in a few easy steps -

• Visit the IDFC FIRST Bank website, navigate to the Home Insurance section, and click on Apply Now

• Fill in your details and select the coverage options and add-ons you need

• Review the policy details and premium, and make the payment

• Receive the policy documents and keep them safe for future reference

Conclusion

Home insurance is a vital investment for homeowners. To ensure your home and belongings are protected, consider IDFC FIRST Bank Home Insurance!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.