Home Insurance

What is Home Insurance?

Home insurance is a crucial property insurance policy that safeguards your home and personal belongings from unexpected events. From valuable possessions to cutting-edge gadgets and beautiful interiors, your home holds immense value beyond its physical structure. To ensure the safety and security of your home, obtaining a home insurance policy is highly recommended.

What is Coverd in Home Insurance?

Dwelling Coverage

Protection for the structure of your home against covered perils, such as fire, theft, vandalism, and natural disasters.

Personal Property Coverage

Coverage for your belongings, including furniture, electronics, appliances, clothing, and more, against theft, damage, or loss.

Liability Coverage

Financial protection if someone is injured on your property and you're legally responsible for their medical expenses or damages.

Rent for Alternate Accommodation

Reimbursement for temporary living arrangements if your home becomes uninhabitable due to a covered event, such as a fire or storm damage.

Other Structures Coverage

Coverage for structures on your property that are not attached to your main dwelling, such as a garage, shed, or fence.

Personal Liability Coverage

Protection against lawsuits arising from bodily injury or property damage caused by you or your family members.

Medical Payments

Coverage for medical expenses if someone is injured on your property, regardless of fault

Note: Remember that the specific coverage details may vary depending on the insurance provider. It’s advisable to review the policy documents for precise information about coverage.

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What is Usually NOT Covered in Home Insurance Plans?

Routine Maintenance and Wear-and-Tear

Home insurance does not cover expenses related to regular maintenance, repairs, or damages resulting from wear-and-tear over time.

Certain High-Value Items

Items such as jewelry, artwork, collectibles, and valuable electronics may have coverage limits under a standard policy. Additional coverage, known as scheduled personal property coverage or endorsements, may be required for full protection.

Damage from Certain Types of Events

Specific events such as war, nuclear hazards, acts of terrorism, and intentional acts are generally excluded from coverage.

Business-related Losses

Home insurance typically does not cover losses or liabilities related to business activities conducted from your home. Separate business insurance may be necessary for adequate coverage.

Note: Remember that the specific coverage details may vary depending on the insurance provider. It’s advisable to review the policy documents for precise information about coverage.

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CoverMitra Insurance Broking Pvt. Ltd. is an IRDAI-authorized insurance broking firm that aims to simplify insurance for its customers to make Smart Choices.

IRDAI License No. 600 Valid till: 01/06/2026

Incorporation date 10/10/2016

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What’s Covered in Fire Insurance?

Loss or damage caused by fire
Loss or damage due to natural heating, fermentation, or spontaneous combustion
Losses or damages resulting from implosion or explosion are covered under fire insurance. This includes damages caused by internal pressure, bursting of boilers, gas explosions, etc.
Fire insurance typically covers losses or damages caused by natural calamities such as earthquakes, volcanic eruptions, storms, cyclones, typhoons, hurricanes, etc.
Fire insurance may also provide coverage for losses or damages caused by malicious acts, including arson, riots, strikes, or civil commotions.
Terrorism (subject to policy clauses): Some fire insurance policies may include coverage against losses or damages caused by acts of terrorism, subject to the specific terms and conditions mentioned in the policy.
Bursting and overflowing of water tanks, pipes, and apparatus (under building insurance): Fire insurance policies that include building insurance coverage may cover losses or damages resulting from bursting or overflowing of water tanks, pipes, or apparatus within the insured premises.
It is recommended to review the policy documents or consult with the insurance company to fully understand the coverage provided by a fire insurance policy.

What is Not Covered Under Fire Insurance?

1. Arson: Intentional fire-setting or fraudulent activity.
2. Vacant or unoccupied property: Extended periods of vacancy.
3. Acts of war and terrorism: Damage caused by war or terrorism.
4. Nuclear incidents: Damage from nuclear reactions or radiation.
5. Wear and tear or lack of maintenance: Gradual deterioration or neglect.
6. Consequential losses: Indirect or business interruption losses.
7. Illegal activities: Fire damage resulting from illegal acts.
8. Specific property types: Certain high-risk properties or violations.

Remember to refer to your policy documents for precise details