Many of us invest a lot in building our homes but often ignore protecting them from risks. Disasters, be they natural or human-made, can cause significant damage. While we can’t prevent such events, we can reduce losses through precautionary measures. Home insurance steps in here. It’s not just about the house’s structure; it also covers valuable belongings. Even renters can benefit from this coverage, with good renter’s insurance firms available. Non-life insurance companies offer home insurance to shield against natural calamities (floods, fires, earthquakes) and risks like theft, riots, etc. Top home insurance providers offer wide-ranging coverage, including for residents and natural perils.
Top home insurance companies in India
Here is a list of the finest home insurance companies that offer excellent plans to safeguard both homes and their contents:
Bajaj Allianz Home Insurance
Bajaj Allianz General Insurance Company stands out in the insurance sector, covering travel, health, motor, and more. It extends its expertise to home insurance as well. The company earned recognition, including the 2015 Best General Insurance Company Award, for its exemplary practices. This accolade positions it as one of India’s top home insurance providers. Let’s now briefly delve into the ‘My Home Insurance’ plan by Bajaj Allianz Home Insurance.
- Bajaj Allianz Home Insurance policy provides cover against loss or damage to buildings.
- Under this policy, one gets coverage against damage or loss to home contents as well.
- It also provides coverage against loss or damage to portable equipment anywhere across India.
- Damage or loss to jewelry and other valuable items is also covered.
- Loss or damage to work or art or painting if it is stored or lying in the building of the policyholder.
Bharti AXA Home Insurance
Bharti AXA Group stands as a prominent figure in the insurance and asset management sector. With a workforce of around 166,000 employees, the company caters to nearly 103 million clients globally. It provides insurance solutions spanning various general insurance domains to its Indian clientele, including Bharti AXA Home Insurance. This particular policy extends extensive coverage to protect homes from unforeseen events leading to damage or loss. Notable attributes of this premier home insurance provider include:
- Covers the structure of the building and home contents as well.
- Jewelry and other valuable items are covered under PAN India.
- This policy is available for both tenants and homeowners.
- It also offers personal accident cover for the whole family.
- This policy also provides coverage for up to three pedigree pets.
- Under this policy one also gets coverage for alterations and improvements that he/she has made to his/her home for up to 10%.
- Being one of the top home insurance companies, the claim settlement time of Bharti AXA Home Insurance company is up to 10 days.
Cholamandalam Home Insurance
Cholamandalam MS General Insurance Company ranks among the finest general insurance providers, offering a diverse range of general insurance products, including a comprehensive home insurance plan. This plan from Cholamandalam not only provides coverage for the physical structure of the house but also safeguards its contents against potential damages and losses. The standout characteristics of this top-tier home insurance provider encompass:
- It is a comprehensive home insurance policy that not only protects the structure of the house of the policyholder but its contents and family members against unfortunate events.
- The plan protects against burglary and housebreaking to electrical and domestic appliances as well.
- One can get the coverage of the contents of his/her own or rented house.
- A customer gets the flexibility to select the cover according to his/her requirements.
- Cholamandalam Home Insurance Company is one of the cheapest home insurance companies as the premiums of its home insurance policies are low.
- The onboarding process is simple and hassle-free.
- The claim process is quick and easy.
Future Generali Home Insurance
Future Generali stands as one of India’s largest general insurance providers. Formed through a partnership between the Generali Group and Future Group of Industries, the company established its general insurance operations in India in 2007. It has since expanded its presence to over 125 locations. Delivering a diverse array of insurance solutions, the company offers a comprehensive home insurance plan known as ‘Home Secure’. This policy, bearing the ‘Home Secure’ name, provides coverage for both the policyholder’s residence and its contents, guarding against an array of unforeseen and undesirable situations. Noteworthy attributes of the Future Generali Home Insurance policy include:
- The policy provides complete protection to the property of the policyholder under a single plan. This means a policyholder gets coverage for the property and its contents as well as the interests of self and family members in one plan.
- The premium of this policy is affordable.
- The claim settlement process is simple and quick as the company has an in-house claim settlement unit.
- It is an all-inclusive home insurance policy wherein the ornaments, jewelry, and other high-value items of the policyholder are covered.
- Portable equipment such as laptops is also covered in this plan.
IFFCO Tokio Home Insurance
IFFCO Tokio operates as a prominent general insurance provider, serving a vast clientele throughout India. It stands among the leading home insurance companies with its noteworthy offering in the in-home insurance category. Their home insurance plan serves to safeguard policyholders’ residences against an array of human-made and natural calamities, including theft, lightning, and fire. This comprehensive policy extends coverage to encompass both the structure of the home and its contents. Additionally, valuable items like costly gadgets, jewelry, and home appliances also fall under the protection of this policy. The key attributes of this policy include:
- In case of total breakdown to the electrical and electronic equipment of the insured house, no depreciation is deducted. However, the equipment has to be less than five years old.
- The policy also covers the pets of the policyholder.
- IFFCO Tokio Home Insurance Company is one of the best renters insurance companies as it provides coverage for the contents of the home along with liabilities and other assets.
- The policy also provides coverage for the home of the policyholder’s children if they are living away from the home due to studies anywhere in India.
- The premiums of this policy are affordable.
- The policy provides coverage for the contents of the home of the policyholder from accidental damages.
- You can purchase a home insurance policy online with a few clicks.
National Insurance Home Insurance
Being one of India’s oldest general insurance companies, National Insurance Company boasts a reputation for offering all-encompassing and custom-tailored insurance solutions, among which is its home insurance policy. Aptly named the “House Holder” policy, National Insurance’s home insurance offering delivers comprehensive coverage, thoughtfully designed to address various home-related contingencies. Notable attributes of this policy include:
- The home insurance policy provides coverage in case of loss due to burglary, natural calamities, and fire.
- This policy provides complete protection for the structure of the home and its contents.
- The policy offers many options to choose from.
- One can purchase a policy online instantly.
- It provides coverage for up to 10 years for the structure of the home and five years for its contents.
These represent some of the leading home insurance companies in India, providing individuals the option to select from the mentioned plans to safeguard their homes against potential losses or damages.
Also Read: Best Health Insurance Plan In India 2023
