Home Insurance
Home insurance is a type of insurance policy that protects your home building and its contents against various risks such as fire, lightning, explosion, and natural disasters. It pays for the cost of replacing or repairing the home building and/or its contents in case of a loss or damage due to such events.
But an unexpected event, such as a natural disaster or a fire, can damage this valuable possession or even lead to a complete loss. While the emotional impact can be overwhelming, rebuilding and moving forward becomes a necessity. With a TATA AIG home insurance policy, you can secure the financial support to repair or rebuild your home.
What is Home Insurance?
Home insurance is a type of insurance policy that protects your home building and its contents against various risks such as fire, lightning, explosion, and natural disasters. It pays for the cost of replacing or repairing the home building or its contents in case of a loss or damage due to such events. And the home insurance coverage applies to an individual house, flat, or apartment.
Whether you are a homeowner, tenant, or landlord, you may have invested a significant amount in your home and its belongings. A home insurance policy provides financial security to protect such valuable assets against unexpected events that could otherwise lead to major losses. You can purchase the home insurance plan for the building, for the contents, or for both.
What does Home Building and its Contents include?
| Home Building | Home Contents |
|---|---|
| The home building includes the entire structure of your house with fixtures and fittings. | General contents refer to furniture, electronic items, kitchen equipment, electrical equipment, and other daily-use items. |
| It also covers additional structures such as garages, parking spaces, compound walls, verandahs, and solar panels. | Valuable contents include jewellery, silverware, paintings, works of art, and other high-value belongings. |
Why Do You Need a Home Insurance Policy?
Increasing Incidence of Risks
According to the Global Report on Internal Displacement - IDMC (Internal Displacement Monitoring Centre, India recorded 5.4 million displacements (forced movement of people) due to various reasons such as floods, storms, and cyclones. It is the highest figure since 2012.
Financial Protection
Home insurance plans provide extensive financial coverage to help you pay for the repair and replacement costs if your home building or its contents are damaged. This ensures that your hard-earned investment is protected
Comprehensive Coverage
With a single home insurance policy, you can protect both your home building and your belongings against various risks, including fire, natural disasters, and man-made malicious damage.
Long-term Asset Protection
Your home and the valuables inside it are assets that you have built and collected over the years. A home insurance policy helps protect these assets, so they remain secure for you and your family in the years to come.
Key Features of TATA AIG Home Insurance Plans
| Coverage for Home Building | Coverage for Home Contents | Multiple Plan Options |
|---|---|---|
| Get a sum insured of up to the reinstatement value 10 Cr. | Get a sum insured of up to 10 Cr for home contents. | Choose from a diverse array of home insurance plans. |
| Customisable Plans | Affordable Plans | Personalised Support |
|---|---|---|
| Customise the policy with add-ons and sum insured. | Buy home insurance plans at an affordable price point. | Provide details online and get personalised assistance. |
Types of Home Insurance Plans
TATA AIG offers different types of home insurance plans with flexible features and sum insured options to suit various coverage needs. Here are two of our popular home insurance policy options.
TATA AIG Bharat Griha Raksha Policy - Key Features
- Building and Contents Cover - Offers financial protection for your home building and its contents.
- Coverage against Various Risks - Covers your home and its contents against various risks, such as fire, natural disasters, man-made damages, and theft.
- Building Sum Insured - The sum insured for the building is the prevailing cost of construction of your home building.
- Contents Sum Insured - The sum insured for the home contents is the amount specified in the policy.
- Automatic Restoration - The sum insured will be restored after a claim.
- Optional Add-ons - Optional add-ons available for valuable contents on an agreed value basis and a personal accident cover.
- Suitable For - Individuals looking for standard protection for their home, building, and household contents.
TATA AIG Smart Home All Risk Policy - Key Features
- Comprehensive Protection - Offers financial protection for your building and its contents, portable electronics, jewellery, fine art, and valuables.
- Fine Art Cover - Fine art refers to painting, antiques, sculpture, curios, and other bona fide works of art.
- Valuables Cover - Valuables refer to portable equipment, watches, medical devices, and any other items specifically mentioned in your policy.
- Sum Insured Options - Provides two sum insured options: reconstruction value basis and agreed value basis (applicable for flats and apartments only).
- Optional Add-ons - Multiple optional add-ons available for enhanced protection.
- Coverage across India and Worldwide - Covers loss or damage to portable electronics, jewellery, fine arts, and valuables occurring anywhere in India, unless otherwise specified in your policy. Worldwide cover is also available.
- Suitable For - Individuals who want broader protection for their home, including jewellery, fine art, and portable electronics.
Find the Right Home Insurance
What is Covered by TATA AIG’s Home Insurance Cover?
The TATA AIG [Smart Home All Risk Policy](https://www.tataaig.com/home-insurance/smart-home-all-risk-insurance) covers your building and its contents against loss or damage caused by any unexpected and accidental event other than those specifically excluded. The Smart Home Policy includes portable electronics, jewellery, fine art, and valuables.
What is Not Covered by TATA AIG’s Home Insurance Plans?
Regular Wear and Tear
Gradual deterioration or ageing, or minor cosmetic damage that doesn’t impact the item’s functionality.
Existing Damage
Damage already present before the policy was purchased or came into effect.
Repair or Renovation
Loss or damage caused by repair, restoration or renovation activities within the house property.
Electrical Damage
Loss or damage caused to an electrical machine, apparatus, fixture, or fitting by over-running, excessive pressure, arcing, short circuiting, self-heating or leakage of electricity.
Mechanical or Electrical Breakdown
Loss or damage caused by mechanical or electrical breakdown.
Precious Items
Loss or damage caused to bullion or precious stones, manuscripts, drawings, securities, and other similar items, unless specified in the policy.
Defects in Construction and Maintenance
Loss or damage due to structural defects, poor workmanship, or lack of proper maintenance.
Commercial Use
Damage occurring when the property or its contents are used for commercial or business purposes, except when rented out for residential purposes.
Unauthorised Structures or Government Actions
Loss or damage arising from unauthorised constructions or due to demolition or confiscation actions taken by government authorities.
Home left Unoccupied
Loss or damage that occurs when the house is left unoccupied, unless it was informed.
Digital Data
Any loss or damage resulting from issues with digital data or systems, such as network issues, data or software problems.
Intentional Acts
Damage or loss resulting from wilful acts of the insured or their family members.
Consequential Losses
Any consequential loss or damage, loss of use, loss of income, or reduction in value or functionality.
Pollution
Loss or damage caused by pollution or contamination, unless pollution has resulted from the covered event or the covered event causes pollution.
War and Nuclear Risks
Loss or damage resulting from war, terrorism, or any kind of nuclear reactions, or radioactive contamination.
Add-on Coverage Under Home Insurance Plans
TATA AIG offers a range of home insurance add-ons for additional protection. The add-ons vary based on the policy you choose.
Optional add-ons under the TATA AIG Bharat Griha Raksha Policy
- Cover for Valuable Contents - Get additional protection to cover valuable contents, such as your jewellery, silverware, paintings, and other similar items.
- Personal Accident Cover - Provides financial compensation in the unfortunate event of the death of the insured or their spouse.
- Temporary Resettlement Expenses Cover – Covers the cost of relocating to a safe location by paying for packing, unpacking, transportation, and basic essentials.
- Accidental Damage - General Contents – Covers accidental damage to your general household items except portable electrical and electronic devices.
- Personal Liability Cover – Covers compensation and legal expenses if you accidentally cause injury, death, or property damage to another person.
Optional add-ons under the TATA AIG Smart Home All Risk Policy
- Personal Accident - Provides financial compensation to the insured in the event of unexpected death or injury due to an accident.
- Breakdown of Domestic Electrical and Electronic Appliances - Covers repair or replacement expenses in case of mechanical or electrical breakdown.
- Public Liability Cover - Covers you against legal liability arising from accidental injury, death, or property damage to others.
- Fraudulent Charges - Reimburses unauthorised charges on your lost or stolen payment card or SIM card. It also covers fraudulent payments made on your e-wallet.
- EMI Protection - Covers your home loan EMI up to the sum insured in case of death, permanent total disability due to an accident, or loss of job during the policy period.
- Baggage Loss - Covers accidental loss, damage, or theft of personal baggage when you are out of town.
- Preventive Maintenance Expense - Covers preventive maintenance expenses for your home building and its contents. payable once every two years.
- Value Added Service (Pick Up and Drop) - Provides pick up and drop service for your insured property to and from the repairer in case of loss or damage.
Please note: The add-ons are subject to certain policy terms and conditions. Kindly refer to your policy document for complete details.
Who Should Buy Home Insurance?
Homeowners
If you have invested your savings in constructing or purchasing a home to live in, a home insurance plan helps you recover from the losses if your home or its contents are damaged.
Tenants
Even if you don’t own the house, you may keep valuable belongings such as jewellery and portable electronics at home. Also, you could still be responsible for certain repairs based on the rental agreement. Home insurance helps cover such unexpected losses and expenses.
Landlords
If you own a house and have rented it out, tenants may manage minor damages during their stay. However, major damage to the building or a total loss can result in a significant financial burden, which you can cover under a home insurance policy.
Property Investors
If you have invested in a housing property to rent it out or occupy it later, protecting it against unforeseen events becomes crucial. Buy home insurance to ensure comprehensive coverage with high sum insured limits for complete protection.
Benefits of Requesting a TATA AIG Home Insurance Quote Online
Provide your name, phone number, and pincode, and a TATA AIG representative will contact you themselves to understand your requirements and assist you with the next steps.
Get instant premium quotes for your home insurance policy based on the policy, coverage options, and sum insured limits you have chosen.
Get a complete breakdown of the premium amount with detailed explanations from the representative when you request and buy home insurance online.
Customise your home insurance policy with optional add-ons based on your specific requirements and request revised premium quotes accordingly.
Avoid unnecessary intermediary or agent charges to understand the policy and save time while exploring home insurance plans.
Factors You Should Consider While Buying Home Insurance Online
Before you buy home insurance, consider the following factors to ensure adequate coverage and a smooth insurance experience.
Sum insured
Assess the reinstatement value or reconstruction cost of your home building and the value of its contents to determine the appropriate sum insured.
Coverage Inclusions and Exclusions
Read through the policy inclusions and exclusions carefully to understand what is covered and the conditions that apply.
Add-ons
Customise your home insurance policy by considering the various add-on options available for enhanced protection.
Premium Affordability
Request the premium amount and ensure it fits your budget. However, avoid compromising on adequate coverage just to reduce the premium.
Claim Settlement Process
Understand the steps involved in the claim settlement process and the documents required to process the claim.
How to Buy Home Insurance Online?
At the top of this page, in the banner, provide your name, phone number, and pincode and click Submit.
A TATA AIG representative will call you on your mobile number to guide you through the next steps.
Provide the required information and proceed to buy home insurance.
Take the First Step to Protect your Home Today!
Documents You’ll Require for Filing Home Insurance Claim
If any unfortunate event occurs, you can file a home insurance claim with TATA AIG. Here are the documents you should keep ready before you file a claim:
- Duly completed claim form.
- Copy of the First Information Report (FIR) in case of theft and burglary claims.
- Copy of Fire Brigade Report in case of fire.
- Details of any other report made to the relevant authorities.
- Photographs showing the loss or damage.
- Copy of the Meteorological Report or relevant news articles in case of natural disasters.
- Repair or reinstatement quotations and invoices.
- Property title documents, Completion Certificate, Occupancy Certificate, and Building Layout Plan or Architect’s Report in case of total loss.
- Signed EFT (Electronic Funds Transfer) mandate and a cancelled cheque copy.
- CKYC documents (CKYC form, PAN, and address proof) for claims of ₹1 lakh and above.
- Details of any other insurance policy that covers the same damage for which you have applied a claim, if applicable.
- Any other documents required to process the claim
How to Raise your Home Insurance Claim at TATA AIG?
Inform TATA AIG
Call us at 022-6489-8282 and inform us about the loss or damage to your home building or its contents.
Inform the Relevant Authorities
Inform the relevant officials, such as the Police in case of theft or the local Fire Brigade in case of fire.
Prevent Further Loss or Damage
Take the necessary steps to prevent any further loss or damage to your home or its contents.
Cooperate During the Surveyor Visit
A surveyor will visit your home to inspect and assess the loss or damage.
Submit the Documents
Submit the duly filled claim form and the required documents within 30 days from the date of loss or damage.
How Do You Renew Your Home Insurance Online?
Under the ‘Renewal’ tab, click on ‘Others’ for home insurance renewal.
Enter the Policy Number and click ‘Renew’.
What are the Factors Affecting Your Home Insurance Premium?
Housing properties located in higher-risk areas, such as theft-prone, flood-prone, or earthquake-prone regions, may have a higher home insurance premium.
The type of house, whether an individual house, flat, or apartment, and the structural design and materials used in construction, can influence the premium.
The value of your belongings inside the house also affects the price. The higher the value of items such as jewellery and portable electronics, the higher the premium.
Older properties may attract a higher home insurance cost, considering the higher risk of structural issues.
The home insurance rates also depend on whether you choose coverage for only the home building, only the contents, or both.
The sum insured you choose for your home building and its contents directly impacts the premium. A higher sum insured results in a higher premium.
The add-ons chosen and the additional sum insured you have opted for can also increase the overall home insurance price.
If you have raised multiple claims in the past, it may indicate a higher risk and may lead to a higher premium.
How to Calculate Home Insurance Premium?
Evaluate your Assets
Calculate the reinstatement value or reconstruction cost of the home building and the total value of your home contents.
Request a Representative Callback
At the top of this page, in the banner, provide the required details and click ‘Submit’.
Provide the Required Details
Provide the required information, and the representative will calculate the home insurance premium for you.
Want to Request a Callback to Calculate Home Insurance Premium?
How Do You Lower Your Home Insurance Premiums?
Home insurance premiums depend on various factors such as the reconstruction value of your home, the declared value of contents, the sum insured, and the add-ons selected. You can lower the home insurance cost by considering the following aspects:
Combine Coverage for Home Building and Home Contents
Choose a bundled policy that provides coverage for both your home building and its contents.
Choose the Right Sum Insured
Determine the right sum insured by calculating the reconstruction value of your home and the value of your home contents. Get insurance coverage only for the valuable contents that need financial protection.
Install Safety Devices
Install safety devices such as theft alarms or security systems to improve the safety of your home. This can reduce potential risks and help lower home insurance rates.
File a Claim only when Required
File a claim only when you face a significant financial loss. Raising frequent claims can increase your risk profile and the premium.
Avoid Unnecessary Add-ons
Include add-ons only when you need additional protection, as selecting multiple add-ons with a higher sum insured can increase the home insurance price.
How to Compare Home Insurance Plans?
Assess your Needs
Determine the reconstruction value of your home building and the value of your home contents to decide the coverage and sum insured for your policy.
Compare the Coverage
Evaluate the coverage and benefits offered under different home insurance plans to identify suitable options.
Sum Insured
Review the inclusions and their sum insured limits to ensure they satisfy your requirements.
Exclusions
Check the policy exclusions and conditions carefully to understand what is covered under the policy.
Consider the Premium
Compare the premiums across different plans and choose a policy that offers adequate coverage for your specific needs at an affordable premium.
Disclaimer - The information provided above is subject to change. Policy coverage and claim eligibility are subject to the terms and conditions of the policy. Please refer to your policy document for complete details. For further clarification regarding your exact coverage, claim and policy inclusions and exclusions, kindly refer to your policy document and contact our claim representative.
Frequently Asked Questions
Can we buy insurance for a home?
Yes, you can buy a home insurance policy to protect your home building and its contents against potential risks, such as fire, natural disasters, and theft.
Can I buy insurance only for my home belongings?
Yes, the insurance coverage under home insurance is separate for the home building and its contents. Therefore, you can buy home insurance to cover your belongings, such as furniture, electronic items, kitchen equipment, and electrical equipment. You can also cover valuables, such as jewellery, silverware, and works of art.
What type of insurance can I buy for my home?
You can buy a home insurance policy to safeguard your home building and its contents against various risks that can lead to physical loss or damage. It covers damages due to natural disasters, man-made events, and theft.
Which home insurance is best in India?
There cannot be one policy that seems best for all individuals who want to buy home insurance. The best policy for your home is the one that provides adequate coverage for your home building and all its belongings at an affordable price. For this, you need to understand your requirements and compare the options to choose the best policy.
What is the cost of home insurance?
Home insurance rates depend on various factors such as the reinstatement value or the reconstruction value of your home, value of your home contents, location of property, type of coverage and add-ons chosen, and sum insured.
Are domestic appliances covered under home insurance?
Yes, domestic appliances such as kitchen equipment, electrical equipment, and water storage equipment are covered under home insurance.
Can tenants buy home insurance?
Yes, tenants can buy home insurance to cover their personal belongings, such as furniture, electronic items, water storage equipment, electrical equipment, and kitchen equipment.
They can also purchase home insurance to cover their jewellery, portable electronic items, and other valuable items such as paintings and sculptures kept in their house.
What is the policy duration of a home insurance policy?
Home insurance plans can be purchased for a 1-year policy term. It can be renewed further for continuous coverage.
What is the reinstatement cost?
Reinstatement cost refers to the amount required to rebuild, repair, or restore your home to its original condition.
What do you mean by home contents insurance?
Home contents insurance refers to a type of insurance coverage in home insurance that covers your general home contents, such as furniture, electronic items, kitchen equipment, and electrical equipment. It also covers valuable contents such as jewellery, paintings, silverware, and works of art.
