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What Our Plans Cover
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Fire
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Flood
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Earthquake
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Burglary and housebreaking of cont...
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Riot
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Impact damage from vehicles or fal...
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Alternative accommodation while th...
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Owner's liability to third parties
Who Can Consider This Plan?
- Legal ownership, or an insurable interest such as a lease
- Property of permanent construction, meeting the insurer's standards
- Accurate declaration of occupancy and use
- Sum insured set on a defensible valuation basis
- Compliance with any fire safety requirements applicable to the premises
What May Not Be Covered?
- Wear, tear, gradual deterioration and lack of maintenance
- Damage from seepage, rising damp and long-term water ingress
- Jewellery and valuables above the stated limit, unless separately declared
- Cash beyond a small stated amount
- Property left unoccupied beyond the stated period
Always check the policy wording before you commit.
Why Choose Wealth & Covers?
- Expert advice to choose the right plan
- Plans from leading insurance companies
- Hassle-free process and documentation
- End-to-end support, including claim assistance
- Dedicated relationship manager
Our Insurance Partners
- Star Health Insurance
- Care Health Insurance
- Niva Bupa Health Insurance
- HDFC ERGO
- ICICI Lombard
- Bajaj Allianz
We represent multiple providers to help you find the most suitable option at the best price.
- Expert Guidance Personalised advice from experienced insurance professionals.
- End-to-End Support From choosing the right plan to claim assistance, we are with you always.
- Claims Assistance Hassle-free claim support to ensure you get what you deserve.
- Transparent Process Clear information, easy documentation and a hassle-free experience.
Overview
Home insurance covers two distinct things: the structure, meaning the building itself and its permanent fixtures, and the contents, meaning everything inside it that you would take with you. They are insured on different bases and can be bought separately or together.
It is remarkably cheap relative to what it protects. A flat worth two crore can typically be insured for a few thousand rupees a year, because a total loss of a residential structure is genuinely rare. That same rarity is why so few households hold the cover at all.
The critical decision is the sum insured basis. Structure should be insured on reinstatement cost — what it would cost to rebuild — not on market value, which includes land and is irrelevant to a rebuilding claim. Getting this wrong is the most common and most expensive error on this page.
Who should consider it
Every homeowner, and every tenant for the contents. Owners of homes in flood-prone or seismic areas particularly, where the peril is real rather than theoretical.
Anyone with a home loan should note that the lender's interest and yours are not identical. A lender-required policy often covers the structure only, leaving your contents entirely uninsured.
Benefits
- Very low premium relative to the value protected
- Structure and contents can be insured separately or together
- Natural calamity cover, including flood and earthquake
- Burglary cover for contents, with valuables listed separately
- Alternative accommodation costs while the home is uninhabitable
- Public liability arising from the property
What is covered, and what is not
Read the right-hand column first. It is the one that decides whether a claim is paid.
Typically covered
- Fire, lightning, explosion and implosion
- Flood, storm, cyclone, inundation and landslide
- Earthquake, where the cover is taken
- Burglary and housebreaking of contents
- Riot, strike, malicious damage and terrorism
- Impact damage from vehicles or falling objects
- Alternative accommodation while the home is uninhabitable
- Owner's liability to third parties
Typically not covered
- Wear, tear, gradual deterioration and lack of maintenance
- Damage from seepage, rising damp and long-term water ingress
- Jewellery and valuables above the stated limit, unless separately declared
- Cash beyond a small stated amount
- Property left unoccupied beyond the stated period
- War and nuclear risks
- Damage caused by structural defects or unauthorised construction
- Consequential loss, including loss of rent unless specifically covered
Inclusions and exclusions vary between providers and between plans from the same provider. The wording in your own policy document is what governs — we will walk you through it before you buy.
How it works with us
- 1 We value the risk before we quote it Reinstatement cost of the structure, current value of the contents, and what a total loss would actually cost to rebuild today.
- 2 Perils matched to the location A coastal warehouse, a basement in a flood-prone city and a first-floor office are three different risks. The policy should reflect which one you are.
- 3 Quotes compared on sum insured basis, not premium Market value against reinstatement value changes what you receive far more than the premium difference between insurers.
- 4 Survey where the value warrants it Larger risks are surveyed before cover. It is also the moment to fix anything that would reduce a claim later.
- 5 Policy issued, and reviewed annually We revisit the sum insured every renewal. Under-insurance is the single most common reason property claims are cut.
Important considerations
The things a brochure tends to leave out. Read these before you decide.
- Insure the structure on rebuilding cost, not market value. Market value includes land, which cannot burn down, and using it inflates the premium while doing nothing for the claim.
- Under-insurance triggers the average clause. Insure for half of what the property is worth and the insurer can settle half of any claim, not just claims above the sum insured.
- Jewellery is subject to a low standard sub-limit. Anything meaningful needs to be declared item by item, often with a valuation.
- Long-term policies of five or ten years are available at a discount and remove the risk of a lapse. On a home, that is usually worth taking.
- A lender-required policy typically covers the structure only. Your contents are frequently uninsured and worth more than most people estimate.
Documents required
- Proof of ownership or the lease agreement
- Details of construction — age, materials, number of floors
- Valuation or reinstatement cost estimate of the structure
- Inventory and value of contents, stock or equipment
- Details of fire protection and security arrangements
- Previous policy and claims history, where applicable
- Photographs of the premises, for larger risks
Frequently Asked Questions
Should I insure my home for its market value?
No. Insure the structure for what it would cost to rebuild it, which excludes the land. Market value on an urban flat is mostly land value, and insuring on that basis means paying premium on something that cannot be destroyed. Reinstatement cost is the correct and cheaper basis.
What is the average clause?
If you insure for less than the property is actually worth, the insurer settles claims in the same proportion. Insure a one-crore property for fifty lakh and a ten-lakh claim may be settled at five. It applies to partial claims, not only total losses, which is why under-insurance is so damaging.
Is jewellery covered?
Only up to a low standard sub-limit unless declared separately. Anything of real value needs listing individually, usually with a valuation certificate, and it is worth doing before a burglary rather than after.
I rent. Do I need this?
You need contents cover. The landlord insures the structure and has no obligation to insure your belongings — and most tenants substantially underestimate what their contents would cost to replace.
Is earthquake cover included?
Usually as an add-on rather than by default. In seismic zones it is worth taking; the additional premium is small relative to the exposure.
Want a shortlist instead of a catalogue?
Tell us the situation and an advisor comes back with two or three options that actually fit — and names what each one gives up.