Explained: home insurance vs. home-loan insurance Premium
The Hindu
Difference between home insurance and home-loan insurance, coverage details, premium comparison, and who can buy explained concisely.
Housed in safety
Should you buy home insurance or home-loan insurance is a million-dollar question. People often use the terms interchangeably, though they are not supposed to be used that way. Fundamentally they are apples and oranges.
Home insurance protects you from losses arising out of damages caused to the structure of your house and its contents. In contrast, a home-loan insurance protects a person (or his family) from the liabilities of the home loan or the equated monthly instalment (EMI) payments. Let’s dive into the details.
Home insurance
On April 1, 2021, IRDAI made it mandatory for all general insurers to offer standard home insurance policy called ‘Bharat Griha Raksha’. For instance, if someone’s house and the contents thereof are damaged owing to fire accident, flood, earthquake, volcano or other accidents or natural calamities, home insurance acts as a lifesaver.
Under the policy, three types of coverage – for building structure, things at home and optional cover – are offered. One can include the optional cover in his/her policy by paying an additional premium. The optional cover is available for valuables such as jewellery, silverware, paintings, etc. based on agreed value. Further, this also includes personal accident cover if the damage to the building also resulted in the death of the insurance policy holder or his/her spouse.
Mohammad Monish, senior associate, home insurance, PolicyBazaar, (PW24995), says, “Most insurers offer coverage in the standard policy for cost of repairs, architect or surveyor’s fees, costs of clearing debris, loss of rent, rent for alternative accommodation or cost of construction. However, some insurers may charge additional premium by offering few additional benefits via add-ons, making the policy costly. Therefore, buyers must carefully study the inclusions of standard policy, inclusions through the add-ons, premium amount payable, etc.”
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