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Home Insurance in India

The Home Insurance sector in India has seen considerable transformation in the last few years. One of the key responsible factors has been the booming real estate sector in the country. Recent statistics reveal that the home insurance premium touched the Rs 150 crore-mark registering a growth of 25% in the last financial year and the trend is predicted to continue. As per individual estimates, 60% of the revenue in premium is generated in the new housing development areas; prominent among which are the real estate investments in the fast developing National Capital Region (NCR) and Navi Mumbai.

Home Insurance plays a categorically pivotal role in protecting your house and valuable possessions as this insurance policy is a guarantee provided by the insurance company that combines insurance on the home, its contents the personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the house like fire and natural calamities. The extent of the risk covered however depends on the type of policy. A formatted Home Insurance policy usually covers calamities - natural and man-made.

  • Fire
  • Earthquake
  • Lightning, Storm, Cyclone, Flood
  • Tsunami
  • Riot, Strike, Malicious damage
  • Terrorism
  • Aircraft laws
  • Impact from rail/ road vehicles
  • Landslide
  • Burglary

Moreover, influencing the home insurance sector are the financial institutions, which in their latest inclusion have made home insurance obligatory, for housing loans approval. The housing finance sector contributes to a major chunk of the home loan market. Industry sources point out that, if this sector continues in its stand to make home insurance mandatory for seeking home loans, then the insurance segment is soon set to achieve a 100%growth.

Another responsible factor for an upswing in the home insurance sector is the recent spate of natural calamities that hit the country. The extent of losses met by calamities like the earthquake, floods, storms and tsunami have also made people become more aware contributing to an additional upsurge in the current financial year. And as home insurance become obligatory and people are more interested in protecting their homes, the home insurance sector are providing their customers with attractive policy plans to suit their needs.

  • The initial procedure for home insurance begins with the evaluation of your property. The value of your house is evaluated as per the area of your home multiplied by the rate of construction per. sq. feet, as on the date of taking the policy. For example, if your home is 1500 sq. feet and the construction rate till date per sq. feet is Rs1000/-, then the sum insured for your home’s building structure is Rs. 15,00,000.
  • The insurance of household possessions or contents are ascertained on the market value of the goods. This means that if there were a loss, the claim would be paid on the value of purchasing a similar new item, less reduction for the usage.

The thriving real estate sector in India is considered to be the driving force in the resurgence of the Home Insurance sector. Predicting a booming market, more and more companies are making their foray into the home insurance sector. Apart from the predominant players in the public sector like New India Assurance, United India Insurance, Oriental Insurance and National Insurance Company, the companies which have played a significant role in the revolutionary growth in this sector are private insurance companies like ICICI Lombard General Insurance, Bajaj Allianz General Insurance, IFFCO-TOKIO and Royal Sundaram Alliance to name a few. There is a huge untapped market in the home insurance segment and with real estate expanding beyond metropolis to the Tier II and Tier III zones, the sector is expected to touch new heights.


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