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Home Insurance

Home Insurance

Home insurance, also known as property insurance, compensates you for losses caused by unforeseen events such as theft, burglary, malicious activities, and natural disasters such as fire, floods, and earthquakes. Home insurance, also known as home owners insurance, protects the structure of your home as well as its valuable contents. According to the National Crime Record Bureau, there were 5,86,649 registered theft cases in 2021, followed by 97,792 burglaries. So, in the New Year of 2023, give your home the security it deserves by insuring it with home insurance. Loan Magic Home Shield Insurance also covers portable electronic equipment against all risks. Home insurance is available to both homeowners and renters.

What Does A Home Insurance Policy Cover?

  • Fire Accidents :
  • A fire accident is quite traumatic and painful. But you can count on us to help you rebuild and restore your home the way it was.

  • Thefts And Burglaries :
  • Burglars and thieves come uninvited to your home. Hence, it is better to secure your house with a home insurance policy to avoid financial losses. We cover losses from thefts and try to help you during your hard times.

  • Electrical Breakdown :
  • You may take care of your electronic appliances and gadgets as much as you can. But sometimes they might breakdown. Worry not, we cover the sudden expenses incurred in case of electrical breakdowns.

  • Natural Calamities:
  • Natural calamities like floods and earthquakes are beyond anyone’s control and within short span of time it can cause major damage to the home and its content. However, what’s in our control is to protect against potential loss of your home and its belongings with our home insurance policy.

  • Alternative-Accommodation :
  • When you are searching for a temporary roof over your head when your home is uninhabitable due to an insured peril, we are there to help. With our alternative accommodation clause**, we ensure that you have a temporary place to stay comfortably till your house is ready for accommodation again.

  • Accidental Damage:
  • Put a seal of safety on expensive fittings and fixtures with our home insurance plan. We truly believe in retaining that you need to protect your precious belongings whether you’re a homeowner or a tenant.

  • Man-Made Hazards :
  • A man-made hazard such as riots and terrorism can be just as damaging as a natural disaster. That’s why we’ve committed to doing all we can to help protect you from the financial burden in the aftermath.

What Does A Home Insurance Policy Cover?
  • War:
  • Loss/Damages arising of events including war, invasion, act of foreign enemy, hostile. are not covered.

  • Precious Collectibles:
  • Losses arising out of damage to bullions, stamps, work of art, coins etc. will not be covered.

  • Old Content :
  • We understand that all your precious possessions hold emotional value but anything that’s over 10 years old will not be covered under this home insurance policy.

  • Consequential Loss :
  • Consequential losses are losses that are not the natural result of the breach in the usual course of things, such losses remains uncovered.

  • Willful Misconduct:
  • We ensure your unforseen losses are covered, however if the damage is willfully conducted then it is not covered.

  • Third Party Construction Loss:
  • Any damage caused to your property due to third party construction is not covered.

  • Wear & Tear :
  • Your home insurance does not cover usual wear and tear or maintenance/renovation

  • Cost Of Land :
  • Under circumstances, this home insurance policy shall not cover the cost of land.

  • Under Construction:
  • Home insurance cover is for your home where you reside any under-construction property will not be covered.

Home Insurance

Types of Home Insurance Policies

Fire Insurance is one of the most common types of home insurance policies in India. However, the Indian home insurance market has to offer several other policies with more home insurance benefits.

Structural Cover

This is the most standard form of an insurance policy. Such policies cover the structure of your home in case it gets severely damaged. The policy will usually cover the costs you might have to incur to reconstruct or repair the damaged part. Such policies are frequently acquired with add-ons that give coverage to supporting structures like post-boxes, backyards, distant garages, etc.

Home Content Cover

Home Content Cover, as the name suggests, provides coverage to the contents within your home. This generally includes your furniture, movable & immovable electronic items, and valuables like jewellery. The caveat here is that you should be the owner of the asset insured, and it should be a result of a deliberate attempt to damage it at your hands.

Fire Cover

Other insurance policies are differentiated by 'what is covered by the policy.' Fire Cover gives you coverage against a common source of damage – fire. Incidents like unforeseeable natural calamities and accidents are covered under a fire insurance policy. It can be used to get coverage for your home, its contents, or both. You can also get fire insurance for your goods stored in distant warehouses with fire insurance policies.

Theft Cover

This particular variant of home insurance covers any damages you might have incurred because of theft. It compensates you for any stolen goods and valuables, as far as they are covered under the policy and your insurer can ascertain their value.

Tenant’s Cover

This covers only the contents since tenants do not own the building's structure. However, as a tenant, you should consider renting an apartment or a house covered by the landlord's insurance. This would save you from potential tussles with your landlord if the property or its contents or both incur some damage.

Landlord’s Cover

This is ideally a cover meant for landlords. It gives cover to your building’s structure and contents, even if you are not living in it. It can take away a major source of headache since you can never be entirely sure how your valuables and building are being handled. As far as you own the content and the building, you can get compensated for the damages.

  • Eligibility criteria
  • Documents required
  • How to apply

Are you Eligible for a Loan Magic Home Insurance?

Eligibility Criteria for Home Insurance :

  • Home insurance can be bought by:
    - Homeowners: If you are a homeowner, you can buy home insurance for your property
    - Individuals renting homes: If you are a tenant, you can buy home insurance to secure valuable possessions and belonging contained within the home
    -Cooperative societies: An authorised member of a cooperative society can purchase home insurance in the name of the society including common areas
  • You must be a resident of India to buy the policy.
  • The property for which the home insurance is being purchased:
    - Must not be under construction
    - Must not be a ‘kutcha’ house
    - Must not be only a plot of land
    - Must not be a shop
    - Must not be a residential cum office space
  • Credit history and prior claims are also evaluated as part of the application process for home insurance. If you have a low credit score and have filed home insurance claims in the past, it may disqualify you from availing of home insurance or require you to pay higher premiums.
  • The geographic location of your home and the weather conditions surrounding the property is eligibility criteria. Proximity to the sea or a dense forest prone to cyclones or forest fires and other severe weather conditions are considered by the insurer
  • The existing condition of your homes such as the maintenance and upkeep will determine eligibility for home insurance. The overall age of the home along with the condition of the walls, roofs, plumbing system, electrical systems, etc. are inspected before home insurance is sold to a buyer.
  • The home insurer will also look at the liability exposure of your home. The safety and surveillance around your home through existing alarms, detectors, cameras, etc. as well as compliance with safety codes in the region will influence eligibility.

What are the Documents Required to Apply for a Home Insurance?

While reporting a claim, all the documents should be in place in order to get the work done quickly and smoothly. Different sets of documents are needed for different types of claims. Some of the documents are:

  • Duly filled in claim form
  • Plan of the building
  • FIR or fire brigade report in case of theft or loss
  • Bills/receipts
  • KYC documents
  • Cancelled cheque leaf of your bank account for receiving claim amount

How to Apply for a Health Insurance?

With Loan Magic, you can apply for a housing loan in various ways:

  • Visiting our Branch

You can visit your nearest Loan Magic branch to apply for a Health Insurance offline. Our executives there will guide you through the entire process.

  • Through the phone

What are the Advantages of Getting a Health Insurance?

  • Buy or Construct a House

Owning a house is a dream for everyone. You can fulfil this dream of yours by getting a housing loan from Loan Magic. With Home Insurance finance of up to Rs. 5 crores, you can buy or construct a house for yourself and your family members. You can also avail of a Home Insurance to purchase a plot or land.

  • Invest for the Future

Real estate properties are one of the best investment avenues in India. The appreciating value of a housing property can fetch you good returns in the future. You can avail of a Home Insurance to invest in a housing property and secure your financial future.

  • Fix Anything That’s Broken

Even the best of houses suffers from wear and tear with time. You can avail of a housing loan finance to renovate or reconstruct your house and make it a beautiful place to live in. This may include repainting, carpentry, or masonry works.

  • Upgrade Your House

You want to upgrade your house to make it more eco-friendly and more liveable. For example, you may want to add more space to your living room or turn your children’s room into a fantasy playground for them. You can apply for a house loan to meet all these expenses.