Insurance · Home + contents

Home Insurance

Covers structure (fire, flood, earthquake, lightning) + contents (furniture, electronics, jewellery) + tenant liability — typically ₹3,000-₹8,000/year for a ₹1Cr cover. Less than 1% of Indian homes are insured despite 7 of India's 10 worst disasters in the last decade being weather-driven. Bharat Griha Raksha is IRDAI's standardised retail home plan.

Who needs this

Every homeowner — especially in flood-prone (Kerala, Mumbai, Chennai), earthquake-zone (NCR, NE India, Gujarat), or coastal areas. Tenants benefit from contents-only cover from ₹1,500/year to protect electronics + furniture.

Key decisions

Q1
Structure-only or comprehensive?
Comprehensive (structure + contents + liability) for owned homes. Contents-only for rented homes — protects your laptop/TV/furniture without insuring the landlord's structure.
Q2
How is sum insured calculated?
Structure: reconstruction cost (NOT market value) — typically ₹1,500-2,500/sqft × built-up area. Contents: replacement value of all moveables. Land value is excluded entirely (land doesn't burn down).
Q3
What's actually covered?
Fire, lightning, explosion, riots, terrorism, earthquake, flood, cyclone, theft (with FIR). Burst pipes + accidental electrical damage covered in better plans. NOT covered: war, nuclear, intentional damage, gradual wear-and-tear.
Q4
Bharat Griha Raksha vs custom plans?
Bharat Griha Raksha (IRDAI-standardised, Apr 2021): same wording across all insurers, easy claim. Custom plans (HDFC Ergo / Tata AIG): better add-ons (jewellery on agreed value, art, electronics extension), 10-15% higher premium.

Top insurers ranked by claim settlement

Home Insurance — Claim Settlement Ratio

Source: IRDAI Annual Report 2024-25 · published values

HDFC Ergobest
95.35%
Tata AIG
90.00%
Bajaj Allianz
89.86%
New India Assurance
87.00%
ICICI Lombard
85.26%

HDFC Ergo:Home Shield — strong digital claim, fast surveyor allocation.
Bajaj Allianz:My Home Insurance — wide network, competitive premium.
Tata AIG:InstaSecure — agreed-value jewellery cover, comprehensive add-ons.
ICICI Lombard:Home Insurance — bundled with health/motor for 10% discount.
New India Assurance:Bharat Griha Raksha — public sector, lowest premium.

IRDAI rules + scheme specifics

Bharat Griha Raksha (IRDAI standard, Apr 2021): standardised wording across all insurers.
Sum insured = reconstruction cost only; land value excluded.
Earthquake + terrorism cover available as add-on (not all plans by default).
Claim TAT: 30 days after surveyor report submission (IRDAI norm).
Most policies are 1-year tenure; multi-year (3-yr / 5-yr) available with 5-15% discount.