Home Insurance

What are covered under home insurance policy?

• Loss or damage to building: This covers the risks of damage to building of your home against any unforeseen event.
• Loss or damage to content: Content like furniture & fixtures, electronic items, kitchen items, clothing and personal belongings which are insured at the time of purchasing policy.
• Loss or damage to jewelry and valuables: The valuable items are insured anywhere in Indian and can be insured worldwide by the payment of additional premium.
• Loss or damage to the work of art & painting: The work of art & painting lying in your building.

Loss or damage to portable items are insured anywhere in Indian and can be insured worldwide by the payment of additional premium.

Types of Homeowners Insurance Policy:

• HO-1 : Basic homeowner’s insurance policy that protect against the events caused from a list of 11 perils including: fire and lightning; windstorms and hail; explosion; riots and civil disturbances; aircraft & vehicles; smoke; vandalism and malicious mischief; theft; glass that is part of the home; and volcanic eruptions. This policy do not protect the contents of the house.
• HO-2 : This policy covers the basic 11 perils with few more additions like damage from falling objects, damage from accidental overflow of plumbing, heating air conditioning & household appliances.
• HO-3 : It is the most popular type of insurance policy. It covers almost all type of coverage. Total perils covered under this policy are all the perils from HO1 and HO2 with additional perils which includes weight of ice/snow or sleet, fire sprinkler, tears, cracks, and burns in water heat, A/C, or fire sprinkler systems, damage from electrical currents in appliances and wiring, and all other perils which are not excluded specifically from the policy. Damage from Flood, Earthquakes, landslides/mudslides, nuclear accidents and sinkholes also do not covered in this policy.
• HO-4 : This policy is also known as renter’s insurance. As other policy covers the building structures of the owner but not the personal belonging of the tenants. So this policy is introduced to serve this purpose.
• HO-5 : This policy is more comprehensive than HO-3 policy. It includes not only all the perils of HO-3 but also provide the coverage to personal property of every peril from HO-3 policy unless and until these are not excluded.
• HO-6 : This policy covers the risks of condo-owners. These policies have the different insurance policies and levels of protection. This policy covers the part of the structure belonging to the insured, belongings inside, liability & additional living expenses.
• HO-8 : This policy is used to insure the older homes or buildings generally used for registered landmarks and architecturally significant structures.
• Mobile Home Policy : It protects mobile home and structures attached to it only when it is stationary not in case it is in transit. It may cover all the perils of HO-3 policy.