Benefits of Buying Home Insurance Online in India

Many people assume only homeowners can buy home insurance, but tenants can also insure their personal belongings inside a rented house. You can protect furniture and electronics, and your other belongings, even if the building itself isn’t yours.

So, what is home insurance, and what are the benefits if you purchase home insurance online? This guide will answer all your queries. Also, explore home insurance policies from Bajaj General Insurance that protect your home from all adversities.

Why Home Insurance Is Essential in India?

In India, home insurance is essential because:

●       Your financial burden is eased: Natural disasters can strike without any warning as floods, cyclones, storms, etc. do not provide prior intimation and cause massive destruction to homes. In such instances, home insurance compensates you so that you can repair your house and not need to bear the full financial burden.

●       Your house can remain protected against damage: Home insurance also protects your house against fire, burglary, or accidental damage. If you do not insure your house, a single accident can destroy years of savings.

●       Financial crisis is prevented: If you have home insurance in place, you won’t face a financial crisis even if a storm damages your roof or a thief occurs when you are away.

●       Physical structure and belongings are protected: A home insurance policy protects your house and everything inside it, so the physical structure of your home and your belongings, like furniture and appliances, are protected.

●       Repairing burden is lessened: Repairing a modern apartment or house can be very expensive. If you have a home insurance policy, it ensures you do not lose years of savings in a single incident.

Who Should Buy Home Insurance Online?

●      Homeowners: Homeowners should buy home insurance to protect both the structure and their contents.

●      Tenants: Those who live in a rented house can purchase home insurance to safeguard their personal belongings and valuables.

●      Landlords: If you are a property owner who rents out space, home insurance will cover structural damage and loss of rental income in case your property cannot be occupied due to damage. So your income continues to remain steady even if you face unexpected events.

●      Organisations: Companies that provide housing for employees or who own multiple staff quarters or apartments can insure those residential properties against damage.

Top Benefits of Buying Home Insurance Online

You can buy home insurance online to save time as this is a convenient way of purchasing the policy. The benefits are:

1. You Can Get Instant Premium Quotes Within Seconds

You can use an online home insurance calculator and find out the premium costs without the need to visit multiple agents or offices. Due to this transparency, you can purchase the policy as per your needs without any pressure from agents.

2. Online Insurance is Available Anytime

Online insurance is available anytime and anywhere. You can buy the policy instantly; all you need is your device and an internet connection.

3. You Can Tailor The Coverage As Per Your Needs

Every home and every homeowner’s needs are different. Online home insurance helps you to customise your coverage as per your needs. You can add optional covers such as jewellery and valuable items cover, and portable electronic equipment cover.

4. The Premiums Are Lower, And You Can Avail Of Online Discounts

Another big advantage of buying home insurance online is cost savings. When you buy online insurance, there are no extra administrative costs. As a result, insurers can offer exclusive online discounts.

5. All Records Are Maintained Digitally

In earlier days, everything, including insurance document,s was stored manually on paper. Nowadays, everything is stored digitally in a secure online account, so you can access your policy documents anytime.

6. Claim Settlement is Quick

Filing claims online is simple and fast as compared to traditional offline methods.
You can register claims directly through the insurer’s website. Thus the claim settlement process is quick and the claims are settled within a few days.

Understanding Your Policy – What's Covered

Let us understand what is covered in a home insurance policy:

1. Home Building Cover

A home insurance policy protects the physical structure of your home, which means the walls, roofs, foundation, etc., are protected from damage. If events like fire, storm, lightning, etc. destroy your house, the insurer will compensate you so that you can repair your house and not need to face financial stress.

2. Home Contents Cover

The structure of your house is important; equally important are the household belongings or your assets like electronic appliances, furniture, etc. Home contents cover also protects the assets in your home.

3. Valuable Contents Cover

Every home has certain high-value or sentimental items, which may not be covered under standard contents insurance. So you need to opt for a separate valuable contents cover.

4. Additional Add-Ons

Your basic plan may not provide coverage against every situation. Add-ons are optional covers that enhance your policy as they provide extra protection:

●        Loss of Rent: If your house cannot be occupied due to damage, this cover compensates for the rent you lose while repairs are being done.

●        Alternate Accommodation: If your house is being repaired due to damage, you cannot stay in it and might need alternate accommodation; insurance covers the cost of temporary housing while your home is being repaired.

●        Lock and Key Replacement: If theft takes place in your house, you will need to replace the lock and ke,y which is covered in this add-on.

Conclusion

Buying home insurance online offers many benefits that can help you safeguard your house and your belongings from life’s uncertainties. To explore a home insurance policy tailored to your needs, visit Bajaj General Insurance for the best home insurance plan and make that decision today that will protect your legacy.

FAQs

1. What is the entry age for a home insurance policy?

There is no specific age requirement. Any property owner or tenant of a pucca house can buy a home insurance policy.

2. What does a home insurance policy cover?

Home insurance generally covers structural damage, home contents, and optional valuables against natural disasters, fire, theft, and more.

3. Can tenants buy home insurance?

Yes, tenants can purchase a contents-only cover to insure personal belongings like electronics, furniture, and valuables.

4. How is the premium calculated for home insurance?

Premium depends on factors like location, property size, construction type, and sum insured. Use a home insurance calculator for an accurate estimate.

5. Is online home insurance safe to buy?

Absolutely. Reputable insurers like Bajaj General Insurance use secure payment gateways and issue policies instantly, making the process safe and efficient.

*Standard T&C apply

**Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

***Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.