Home insurance, one of the most useful and popular types of insurance plans worldwide, remains severely underutilized in India. There are many regions in India that are vulnerable to flood, cyclones, tsunamis etc., and having a home insurance can prevent you from the financial damage caused by these natural calamities to your house. It also provides cover against burglary, theft, fire, riots and accidental damages, making it a very beneficial insurance cover to have for any homeowner. To buy the right home insurance to protect your home, you must choose a plan from the best home insurance companies that can provide you excellent claim settlement service. But how does one find the top companies for home insurance?
Here’s our list of the best home insurance companies in India 2021:
HDFC ERGO
HDFC ERGO is a joint-venture between HDFC and ERGO international, and is a leading private sector general insurance company. It was established in 2002, and provides high quality customer service and fast claims settlement to all its customers. It offers up to 45% discount on premium, of which 15% is for installing additional security features and 10% for buying the insurance online. It operates in 80+ cities and has a nationwide presence, making it an excellent provider for buying home insurance in India.
Bajaj Allianz
Bajaj Allianz is a joint venture between Bajaj Finserv and German financial services company Allianz SE. It offers many different types of flexible home insurance plans, such as its householders package policy providing personal accident cover, or its easy householder policy providing coverage for declared jewelry and valuables. With 8 valuable add-on covers and one of the highest claim settlement ratios in the industry, it is a great choice for buying home insurance.
ICICI Lombard
ICICI Lombard is a private general insurance company in India. It is a joint venture between ICICI Bank and Fairfax Financial Holdings from Canada. It offers two types of home insurance plans: structure cover and contents cover. It offers up to 50% discount on premium when opting for a 10-year home insurance plan, and provides coverage from flood, fire, water seepage, riots etc. It is one of the leading affordable home insurance providers in India.
Bharti AXA
Bharti AXA is a private sector general insurance company, established in 2008. A joint venture between Bharti Enterprises and AXA group, it provides high-quality customer service and comprehensive home insurance plans for its customers. Bharti AXA’s home insurance plan covers the building and home content against natural calamities, burglary, theft and excludes war and terrorism. A key feature of its home insurance plan is that it includes public liability cover, which protects you from legal liabilities to third-parties such as guests, servants etc., which make it a very beneficial home insurance plan for its customers.
SBI General
SBI General Insurance is a public sector insurance company India, of which 70% is owned by the State Bank of India. With nearly 14000 branches and 21000 employees across the country, it has an excellent reach and is accessible to the majority of customers in India. The tenure in SBI General’s home insurance ranges from 3 to 30 years, and provides coverage against natural and man-made calamities, excluding terrorism as an add-on facility. With the trust and reach of SBI, it is one of the most accessible and affordable home insurance providers in India.
New India Assurance
New India Assurance is one of the largest government-owned general insurance companies in India. Founded in 1919, it operates in 28 countries worldwide and is an experienced and professional company. Its home insurance plans are very unique as they offer the choice to choose coverage options as per one’s requirements, such as fire & allied perils, burglary, personal accident, public liability etc. This allows people to customize their home insurance plans according to their needs and pay a lower premium as well, making it one of the best home insurance plans in India.
United India Insurance
Founded in 1938, United India is a public sector general insurance provider that was nationalized in 1972. It offers a comprehensive home insurance plan that provides cover against house and contents, and like New India Assurance, allows its customers to choose from coverage options such as fire & allied perils, burglary, jewels and valuables cover, domestic appliances etc. What makes United India’s home insurance plans stand out is its personal accident and third-party liability cover, which comes included in its householder insurance plan. It has a strong presence in tier 2 and 3 cities as well, and is one of the most accessible insurance providers of India.
That concludes our list of the top 7 home insurance providers in India. When buying home insurance, it is very important to not only compare the premiums, but also the types and extent of the coverage offered and availability of add-on options. We hope this article provided you some insight regarding the best home insurance companies in India. If you liked this article, please share and comment below.
