OneInsure Blog

Property Insurance

Diwali is here and O'boy it sure is an exciting time! Shopping for dresses, buying sweets, decorating our homes…..the things to do are endless. The festival of lights is celebrated with much zeal across the country, with people lighting diyas and bursting crackers all around. Now, a matter of concern for many during this time is the damage that fire crackers can cause. What if your property gets damaged due to stray firecrackers? There have been several cases where houses have caught fire because of such mini explosives. Given that the risk is most definitely there, what can you do to put such fears to rest? Well, this is where home insurance comes to your rescue.

What is Home Insurance?

Home insurance is a kind of property insurance that protects the structure and contents of your home against losses or damages suffered as a result of natural disasters (floods, earthquakes, storms, etc.), burglaries and riots, among other events.

How can I benefit from home insurance?
  • Repair or rebuild a damaged property - A home insurance cover will help you with repairing or rebuilding your house in case it is damaged by fire, floods, riots, lightning, storms, etc.
  • Repair or replace damaged appliances - When your policy insures contents too, your possessions will be covered against mechanical/electrical damage and burglary.
  • Temporary relocation - In the event that your home is severely damaged, the insurance company will take care of the relocation costs for a temporary home till the time reconstruction is complete.
How is my sum insured calculated?

The sum insured for the structure of your home can be calculated two ways - either on a market value basis (also referred to as depreciated cost basis) or reinstatement basis. Under market value, the sum insured will be determined based on the cost of constructing your home after subtracting depreciation. In case of reinstatement, the sum insured is based on the complete value of construction of your house. The sum insured for contents is calculated based on the full value of replacing your possessions should there be a total loss.

Exclusions in home insurance
  • Loss of cash
  • Damage caused by war
  • Loss or damage caused by wear and tear
  • Damage caused to any electronic equipment because of excessive pressure

Things to note before buying home insurance

Before buying home insurance you need to take into account the cover that you are getting, the amount of premium that you have to pay and the time taken by the insurance company to settle claims. Look for policies that give you the maximum protection at an affordable rate. Shortlist those home insurers that have a record of settling claims the fastest and whose settlement process is easy. When you know what the claim settlement process is like, you'll know what exactly to do when any damage to your property or mishap occurs.


See to it that you disclose accurate information while purchasing home insurance. During the time of claim settlement, you may be asked to provide the proof of belongings or its valuation. It is recommended that you keep all the bills of your possessions so that you can prove its value during the claim settlement. You also need to maintain your home in the best condition and ensure regular and timely repairs are made. Poor maintenance can lead to rejection of the claim.

Don't delay in buying a home insurance cover, especially with Diwali coming up. You want to secure yourself as much as you possibly can so that you can enjoy this occasion without a care in the world.

For any query or quote related to home insurance call us at 86559 86559.

  • By clicking on the "GET A CALL" button, I accept the terms and conditions & authorize OneInsure representatives to contact me (via Call/SMS/Email).