India’s home insurance penetration is low, at just 1% five years ago. However, with recent natural disasters, awareness of home insurance has increased. Home insurance varies in what it covers and doesn’t cover, so it’s important to understand the details. The Bharat Griha Raksha policy now includes wider coverage, including natural disasters and acts of terrorism.
The policy exclusions should also be carefully understood. Exclusions often include damages from war, invasion, pollution, or nuclear contamination. Add-ons can enhance the standard coverage, such as additional living expense cover, tenant’s liability insurance, accidental damage cover, incidental costs, and involuntary betterment.
To ensure adequate coverage, it’s crucial to declare the sum insured for general contents and home building cover. In the event of damage or loss, the policy will reimburse the amount spent on repairs or compensate based on the sum insured for the specific item.
Home insurance is an important investment, and understanding the details can ensure the right coverage for any unforeseen circumstances.