Top 5 Home Insurance Companies in India

Top 5 Home Insurance Companies in India

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As a human being, our basic need is Food, Clothing, and Home (रोटी, कपडा और मकान). A home is a heaven on earth. A home is a place where we enjoy the security in a peaceful environment with our family. A home is not made of walls and beams; a home is made with love and dreams, it is a symbol of love, emotions, and memories. Having our own home is the biggest dream around the world. Own home and the household items/contents/articles are priceless for us. So we must take important steps to secure it from natural or manmade mishaps. Henceforth a good and comprehensive best home insurance policy is a perfect solution for us.

Home Insurance is a type of General Insurance (non-life) which offers you to cover your home against any kind of risks like natural calamities such as fire, floods, earthquakes, or landslides and also risks arising out of burglary/theft, riots, strikes, etc. Every leading insurance company in India offers multiple home insurance policies. The key point lies in choosing the right plan at the right time.

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How to choose the best Home Insurance policy in India

There are 31 General Insurance Companies (Non-Life Insurance) in India which are registered by IRDAI. All these companies offer different plans as per customer needs. When it comes to investing in home insurance, it might be a tough task but before deciding, here are some tips/points to keep in mind while choosing the best home insurance policy.

  • Company’s Reputation/Goodwill: – This is the first and foremost important point while choosing a home insurance policy. You need to do a small exercise; go online and do some research and analysis, talk to your relatives and friends, find out the pros and cons, see the customer’s reviews, etc. After that, you will get a fair idea about that company. Choosing the best company means half the battle done.
  • Coverage: – Coverage is the most important factor when you deciding to opt for a home insurance policy. You need to evaluate the risk of your home which you might face in the future. We will understand in this example if suppose a person is living in an area where cyclone, flood, earth quack, etc. are coming frequently so you need to check whether that policy covers all such kinds of perils/risks. You should go for that policy only who covers your all the risks.
  • Premium: – Insurance premium is another important factor to consider while choosing home insurance. Although paying a premium is an investment for uncertainty but currently, it is a part of our expenses. We should compare this factor also with other different insurance companies and find out which company covers all our risks with minimum premium.
  • Turnaround Time of claim settlement: – When a policy-holder suffers from uncertainty and your insurance company compensates their losses timely or before time then this will be a great help to policy-holder. No one wants to do struggle and no one wants a long procedure for claim settlement because already that policy-holder is quite stressful. This factor also to be considered while choosing home insurance. Working within Turnaround Time (TAT) builds the company’s goodwill and reputation.
  • Customer Care Service: – This department is working as a backbone for every service industry. If the company’s Customer Care Service team is experienced and polite, that company definitely will grow. If a customer is in trouble and needs help then only he/she calls to customer care. If you get a positive reply and support, choose that company only. For this, you need to check customer reviews posted on the customer support provided by the company. This will provide you useful information and these reviews can help you to choose the best home insurance.

All these points are very important and every customer who wants to opt home insurance consider before choosing home insurance. There are almost 31 non-life insurance companies in India and every company has its goodwill, quality, and market share. We will discuss the top 5 best home insurance companies in India and will consider all the above factors.

1. ICICI Lombard Home Insurance: – ICICI is one of the best home insurance companies in India. It is a joint venture between ICICI Bank and Fairfax Financial Holdings Limited, a reputed financial services company. The key features of ICICI Lombard Home Insurance are:

  • They have tailor-made plans
  • Online facility available
  • They cover up to 10 years for structure; 5 years for contents and 5 years for structure and contents
  • Up to 50 percent discount on insurance on the structure
  • Up to 25 percent discount on the insurance of contents
  • They also cover 50 years old house
  • Good customer service 

2. HDFC ERGO Home Insurance: – HDFC ERGO is a joint venture between HDFC Limited and ERGO International AG which was established in 2002 in India. This company has ISO certification. HDFC ERGO operates in 89 cities and has over 109 branches. The key features of HDFC ERGO Home Insurance are:

  • HDFC ERGO offers coverage for up to five years, along with an additional provision to increase the sum insured by 10% at the end of each year.
  • HDFC ERGO offers discounts of up to 25 percent plus an additional 15 percent (as per chosen policy tenure) to policy-holders if security systems are installed in their homes
  • Online facility available
  • Cover against terrorism-related acts can be taken optionally
  • Hassle-free procedure
  • Team of experienced customer service

3. SBI General Home Insurance: – SBI General Insurance Company Limited started its working in the year 2010 in India. It is a joint venture between State Bank of India and Insurance Australia Group (IAG). SBI General’s Distribution family includes over 21,000 IRDAI certified employees and over 8,000 Agents to make insurance easily available even in the remote areas of the country. SBI General Insurance has established its presence in over 23000 branches of State Bank Group and over 5500 Regional Rural Banks (RRBs). The company currently covers 110+ cities pan India with a presence of another 350+ locations through satellite resources.  The key features of SBI General Home Insurance are:

  • SBI is one of the largest banks in the world with a treasury pool of Rs. 10,50,702 crore, with 22,311 branches
  • Easy to approach
  • SBI offers 6 modes of paying the premium
  • A unique plan that can be taken up to 30 years
  • Online facility available
  • The policy has an inbuilt coverage of the earthquake
  • Hassle-free procedure

4. National Insurance Company: – National Insurance Company is India’s one of the largest and oldest General Insurance Company. National Insurance Company also nationalized insurance company and has a good reputation in the Indian market. The key features of the National Insurance Company are:

  • Coverage up to  10 years for structure and 5 years for contents and 5 years for structure and contents
  • Under a specific plan, the benefit of renting an alternate accommodation is also available
  • Strong network
  • Hassle-free procedures
  • Good Turnaround time of claim settlement
  • Good claim settlement ratio
  • Low-cost premium
  • Online services available

5. New India Assurance Home Insurance: – New India Assurance Co. Ltd. is a nationalized general insurance company who currently operates in 28 countries and is headquartered in Mumbai. New India Assurance is one of the leading company in selling non-life insurance. It is a 100% owned government organization. It is awarded an AAA/STABLE rating by CRISIL. The key features of New India Assurance Home Insurance are:

  • The complete cost of re-construction will be reimbursed in case of damage
  • It covers Surveyor, Architect and Engineer’s cost
  • Low-cost premium
  • Hassle-free claim settlement
  • Fast claim settlement procedure
  • Discount on premium also available

There are so many home insurance companies are available in India. It is advisable to first you analyze your risk, could be losses against any risk, and your budget because once you know about everything then only choosing the best insurance company will be easy as nowadays almost all the insurance companies provide tailor-made policy so you can choose that policy which is suitable for you. It is also advisable to take insurance as soon as possible because we never know what is next.

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