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Your home is heaven! The home we live in is the ultimate destination from wherever we are going back there, school, college, office, picnic, outing, movie. Throughout The day you struggle with your responsibilities and assigned tasks, you get tired, exhausted even if you completely drained out there's a hope of going back home which is the most incomparable feeling ever. There is a sense of reliability and relaxation with our homes. Our home means the world to us and it took years to earn it and make it own to live a comfortable life the way we want. It's not only a home but the emotions, connections, hard work, desires, aim, a lot of savings, and what not? It protects us from all the external influences such as prickling sunlight, dusty wind, heavy rainfall, pollution and many other things. Therefore we all need to make sure that we and our houses must be safe in any condition. Any loss to our house can affect the financial condition very badly. Therefore you must have to take care of this. How? Home Insurance Policy!

Property Insurance meaning Shriram General Insurance


Home insurance is a form of insurance that covers loss and damage to your house along with the contents of the house. Though home insurance is not mandatory as per legalities in India, it is quite necessary for the financial safety. People buy big and luxurious properties for their living and think it's done but what they need is to safeguard the property. For your understanding, home insurance policy is an agreement between the homeowner and insurance company (insurer). The insured (policyholder) promises to pay a fixed amount of premium to cover unforeseen losses as per the insurer's guidelines.  

Owning a house is one's big dream and one works hard to build and buy his/her own house. It is equally important to protect this dream. Incidents like fire can damage a house in minutes. And, that fire may be caused due to any reason such as an electrical spark, burning candle, smoking cigarettes, or an LPG explosion. Earthquakes, lightning, floods can also cause serious damage.


Home insurance is important for every homeowner if they want financial safety in not so pleasurable times. Well, this policy can be taken by any person or firm that has a financial interest in the property to be insured.  For example, owners of properties, firms that hold properties in trust or on commission, financial institutions that have a financial interest in a property. So, if you fall in such a category you can buy home insurance in India. Not only a homeowner but a tenant can also buy home insurance for their valuable contents in the rented house.

Why choose property insurance Shriram Insurance


Protect your house from loss or damage: As a known fact, natural disasters are uncertain and they can occur at anytime without informing. Unfortunately, these natural calamities are the robust reality you can't neglect. Humans have no power to control these natural forces, they can only take some safety measures to reduce the risk. Home insurance policy plays a vital role in your life that helps to curb the financial losses after the disaster. Calamities come unknowingly and cause irreversible havoc to your home and finances. Therefore, to protect your building and its contents, buying home insurance is necessary.  

Protect from man-made risk: Not only natural calamities, man-made disasters also hurt the most such as riots, strikes and  malicious damage. You have to be careful about these nasty activities and in terms of securing yourself and your house buying home insurance is necessary. Instead of using the best safety gadgets and security appliances, the loop can still exist that invites such incidents. Man-made calamities can arrive anytime and here home insurance can help you to cope with the situation and gives complete protection against theft, burglary, and others.

Give financial assurance: Buying home insurance policy gives the ultimate sense of financial security at the time hazards that occur unknowingly. We are always there to assist you financially because we know the worth of it. As per the guidelines you get the compensation for the damage of loss accordingly. This is one of the reasons why you should buy home insurance coverage.

Safeguard your valuable items: The obvious reason to buy home insurance policy is to ensure safety of valuable items your house contains. Apart from the building structure home insurance policy covers the contents of the house which are domestic/ electrical appliances, furniture and more from losses and damages. People keep important items in their houses according to their need and status which needs to be protected.

Helps relocation to other places: Say, if a fire breaks out into your home in your absence as you were on vacation. After you come back you see the destruction where you no longer can stay. In such a situation you need to arrange some temporary accommodation elsewhere. The home insurance policy will help you with alternate accommodation by covering the expenses.

Protects from lawsuit: If you have purchased home insurance policy you can protect yourself and family from property-related lawsuits. This cover will help you assist during unfortunate events i.e. accidentally damaging another property. The unfortunate events such as fire and mechanical damage and it will also cover the medical expenses.

Peace of mind: Everybody wants to be relaxed and stay peacefully in their life as per today’s lifestyle, peace of mind is the need of the hour. And, if you insure your home it will help in attaining complete peace of mind. Once you have selected your home insurance policy, it is shield with extra protection and financial safety.

property insurance advantages Shriramgi


Give complete coverage, building and content: Home insurance policy provides complete coverage to both the building and contents of the house. If it gets damaged because of natural or man-made forces the insurance company reimburse accordingly. When you buy home insurance, contents like Electrical / electronic instruments, furniture fixtures, fittings appliances, furniture, electronics, and other personal properties are also covered.

Protect attached structures:  Buying home insurance is one of the great decisions because of the following benefits. Home is attached with different structures such as garage, deck, porch, fence, shades which are also being protected under the home insurance cover. These are the benefits you will get when you buy a home insurance policy.

Protect your valuables: Valuable means gold, silver or any precious metals or articles made from any precious metals, watches, jewelry or precious stones or models or coins or curios, sculptures, manuscripts, stamps, collections of stamps, rare books, medals, moulds, designs or any other collectibles, ATM cards, credit cards, charge cards, bonds, bills of exchange, bank, treasury or promissory notes, cheques, money, securities, or any other negotiable instrument.

You can buy it for the long term: If you buy home insurance it will cover both building and contents, and you can have it for one year and then you have to renew it. Whereas in dwelling insurance only the building part is covered which you can buy for a long period. Here you are completely free from annual renewal.

Liability coverage: One of the benefits you get when you buy home insurance is that if somebody gets injured on your premises you will not be liable to reimburse. It is designed to guard you against expensive lawsuits that could arise in your premise.

Reduces the level of stress: We have come to that phase of life where nobody can trust anybody, not even neighbours. People have this fear of unknown events after leaving their houses whether it’s safe or not? Where, buying home insurance helps in reducing your stress level with the promise of home safety.

Dwelling insurance add-ons Shriram General Insurance


  • Architects, Surveyors and Consulting Engineers Fees ( in excess of 3% of the claim amount) : Fees for making structure or equipment repair.
  • Removal of Debris (in excess of 1% of the claim amount): Insurer incurred expenses for removal of debris
  • Forest Fire: damage to the house caused by wildfire
  • Impact Damage due to Insureds own Rail/Road Vehicles, Fork lifts, Cranes, Stackers and the like and articles dropped there from.
  • Omission to insure addictions, alteration or extensions: Any additional purchase of assets during policy year.
  • Loss of rent clause: loss of rent due to damage of the building
  • Additional expenses of rent for an alternative accommodation: Additional expenses paid by the insured for occupying an alternate accommodation.
  • Terrorism: damage to the building due to terrorist activities.


When you are ready to buy a home insurance policy, it is important to go through the process of premium calculation as this can enable you to get the most suitable cover for your house. The Home insurance premium calculator is based on several factors such as area (sq.ft), cost of reconstruction (per sq. ft.) and the estimated value of the properties. Home insurance covers both buildings and contents whereas, homeowners can insure both but a tenant can cover only the content part which is home appliances, jewelry and others. In addition, a homeowner, as well as a tenant can opt for add-on covers.

  • The process for calculating home insurance premium online is quite easy. You have to visit our home insurance page via desktop, laptop or smartphone. Click to buy now and then you will get a page with several blanks that required your basic details which are Proposer's Full Name, Email Address, Mobile, Built up area (Sq.ft), Construction cost(/Sq.ft), Sum Insured, Period of Insurance(Year), Aadhaar Number.
  • Proceed Next and a page with some more additional details will appear which are Built up area (Sq.ft), Construction cost (Rs/Sq.ft), Sum Insured, Period of Insurance(Years), Is Hypothecated to Bank / Financial Institution? Building address with, City, Area, Other Area and Pincode and some additional details about the proposer Proposer's Full Name, Email Address, Mobile, Phone Number, Occupation, Address, City, Area, Other Area, Pincode.
  • Proceed Next, and your home insurance quote will be generated, a page with complete details about you and your property appeared properly bifurcated and calculated premium. You can still review the complete process and recorrect if anything’s wrongly mentioned.

1. Finally you are at the payment gateway where you can pay your home insurance premium by different payment means such as debit/ credit cards, net banking, UPI wallets (Paytm)


Recently a powerful storm Amphan inflicted havoc in major parts of West Bengal and Odisha. And, an earthquake triggered in Delhi-NCR and other parts of the country. It affected the lives of the people residing in those areas and left injured, homeless due to damage to properties. These situations have hit hard on financial as well as the emotional front. This is the time when you really need a home insurance policy that provides covers for financial losses to the house and contents. Those who have home insurance can register the home insurance claim and settle on time.


Contact your insurer: According to your home insurance coverage the very first thing you should do is to contact your insurance provider after the incident takes place. Intimation is very important in the claim process for the revelation of an incident i.e. when and how it occured. These are the basic information they should know from your end. Therefore, whenever in such a situation don't panic and bravely intimate your insurer about the occurrence of calamities.

Take snap of the damaged property: The second thing is not to forget clicking pictures of the damages due to man-made or natural forces. That's how home insurance plan works. Just breathe and take snaps of each and damage occurred due to the incident. This will be counted as proof of the property destruction and helpful for the insurer and you too in getting the genuine reimbursement. Therefore, always be attentive in such a situation though it's not that easy.

Collect the required documents: Yes, documents are serious and authentic written proof of every agreement done between you and the insurer about the home insurance service. Therefore, keep them safe because this is the time it is required. Without documents, it would be difficult to even register a claim. Documents such as Home insurance policy, invoices of owned belongings, rent agreement (if a tenant), repair bills, fire brigade report (in case of fire), your own identity proof, FIR (if any).

Coordinate with the appointed surveyor: To inspect the situation, the insurer sends the surveyor to the location of the incident. Where he scrutinizes the level of loss and damages to the property. It is important to coordinate with the person who has been appointed there as a surveyor. After assessing the damage he collects the information and submits back to the insurer. This is how the whole situation examines and proceeds further for the reimbursement. And, as per the covers mention in your home insurance policy you will get reimbursement.

Reimbursement process: After the claim validates by the insurer going through the whole process from intimating claim to the surveyor scrutinization. They provide a claim amount to the insured. Keep these claim steps in your mind so that you can apply it when you are in need. It is important to stay updated with every terms and condition of the policy.

property insurance Shields Shriram General Insurance


Section I – Standard Fire and Special Perils Policy


Excluding destruction or damage caused to the Property insured by


1.     i) Its own fermentation, natural heating or spontaneous combustion.

2.     ii) Its undergoing any heating or drying process.

   b) Burning of Property insured by order of any Public Authority.

2. Lightning:

It is the naturally occurring electrostatic discharge which can severely damage your house if it comes in contact.

3. Explosion/ Implosion:

Excluding loss, destruction of or damage:

   a). to boilers (other than domestic boilers), economizers or other vessels, machinery or apparatus (in which steam is generated) or their contents resulting from their own explosion/implosion,

   b). Caused by centrifugal forces.

4. Aircraft Damage:

Loss, destruction or damage caused by aircraft, other aerial or space devices and articles dropped there from excluding loss, destruction or damage caused by pressure waves.

5. Riot, Strike and Malicious Damage:

Loss of or visible physical damage or destruction by external violent means directly caused to the property is covered under the policy period. Though there are some exclusions such as permanent or temporary dispossession of any building or plant or unit or machinery resulting from the unlawful occupation by any person of such building or plant or unit or machinery or prevention of access to the same.

6. Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation :

Loss, destruction or damage directly caused by storm, cyclone, typhoon, tempest, hurricane, tornado, flood or inundation excluding those resulting from earthquakes, volcanic eruptions or other convulsions of nature.

7. Impact Damage:

Loss of or visible physical damage or destruction caused to the property due to impact by any rail/ road vehicle or animal by direct contact not belonging to or owned by

   a) the Insured or any occupier of the property or

   b) The insured’s employees while acting in the course of their employment.

8. Subsidence and Landslide including Rock slide:

Loss, destruction or damage directly caused by subsidence of part of the site on which the insured property stands or landslide/rockslide excluding:

    a) the normal cracking, settlement or bedding down of new structures

    b) the settlement or movement of made up ground

    c) coastal or river erosion

    d) defective design or workmanship or use of defective materials

    e) Demolition, construction, structural alterations or repair of any property or ground works or excavations.

9. Bursting and/or Overflowing of Water Tanks, Apparatus and Pipes:

If your house witnesses incidents like bursting and/or overflowing of water tanks, apparatus and pipes. It would be covered under the home insurance policy as per the terms and conditions mentioned in the policy.

10. Missile testing operations:

If you reside in such areas where missile testing operations are being performed it can badly damage your house if any unfortunate incident happens. Here home insurance policy provides you cover for the respective loss and damage.

11. Leakage from Automatic Sprinkler Installations: Excluding loss, destruction or damage caused by a) repairs or alterations to the buildings or premises in which the property is situated b) repairs, removal or extension of the sprinkler installation c) Defects in construction known to the insured.

12. Bush Fire: Excluding loss, destruction or damage caused by forest fire. You can opt this cover as an add-on in home insurance policy cover.

Section II - Burglary/House Breaking

Buying home insurance means protecting it from multiple perils including burglary and housebreaking. Under this section, if any loss or damage occurred due to burglary or house-breaking (theft following upon an actual forcible and violent entry of and/or exit from the premises) or damage caused to the premises. And, any loss or damage happens to your property due to theft, insure is liable to indemnify the amount of loss suffered. This is how home insurance is helpful to us. Therefore buying home insurance policy India is the wisest decision ever.

Section III - Personal Accident

Under this section of the home insurance policy, people against both death and disablement (permanent total/partial) from accidental bodily injury are covered worldwide. This is another good reason to buy home insurance covers.

Section IV - Employee’s Compensation

The Employee Compensation Act, 1923 provides for the payment of compensation by the employer to his employees (for their dependents in the event of Fatal Accidents) if personal injury is caused to them by accidents arising out of and in the course of their employment.

Section V – Plate Glass And Sanitary Fittings

Under the plate glass section, if there is an accidental breakage of any of the Glass or Sanitary fittings mentioned in the policy guidelines. In such cases, the insurer will pay the reinstatement value of a glass plate as per the sum insured.

Section VI - All Risk

Coming to another section named all-risk policy covers laptops, mobiles and other valuable items like jewellery, cameras and items of similar nature are exposed to losses due to an accident.

Section VII - Breakdown of Electrical And Mechanical Appliance

We often go through different kinds of incidents in our daily life in our houses such as electrical and mechanical appliances breakdown. These losses can be small or big but anyhow affects your monetary status. Whereas, having home insurance can help to overcome these losses under Breakdown of Electrical And Mechanical Appliance coverage section. Therefore, in unforeseen and sudden physical damage, the company is liable to indemnify the payment or reinstatement or repair to the insured.  

Section VIII - Electronic Equipment Insurance

All electronic equipments like computers, medical, biomedical, microprocessors; audio/visual equipments including the value of systems software may be covered under this section. Therefore, if still not planned to buy home insurance. You are missing something very important.

Section IX – Baggage

The policy covers the loss of or damage to Baggage due to accident/ burglary/ housebreaking/ theft or personal mishap whilst on journey anywhere in the territorial limits defined in the Schedule. The insurer will indemnify the insured in respect of such damage up to the actual value of the baggage at the time of happening of damage.

Section X - Public Liability

Under the public liability cover the company indemnifies insured against their legal liabilities such as personal injuries, loss or damage to property, and death to pay compensation including claimant's costs, fees and expenses anywhere in India, in accordance with Indian Law.

property insurance online ShriramGI


Today's lifestyle has taken a different angle by entering the world of digitalization. This has turned life into the most convenient and easy pathways. There's nothing left that is not available on an online platform. Home insurance policy is the one you should buy online without a second thought. Home insurance online is quite a convenient way to buy home insurance. It's like a perk for people as it doesn't need much effort to rush to the insurance office.


Avail at the home comfort: The best part about buying home insurance is to stay at home and easily buy the policy. Whether you have a desktop, laptop, or mobile phone any means can be comfortable. Try to get a policy via online means as it's there with a complete homely environment. You don't have to rush anywhere else, just sit quietly, buy and pay.

Can explore more: When you buy home insurance online, you get the opportunity to explore more as you have several options to choose. After visiting the website you can read each and every instructions by yourself. Also select as much coverage as you want to buy for your requirement.

Few & paperless documentation: While you are buying home insurance policy online it includes less paperwork or no paperwork as everything’s done intangibly online. The whole process of purchasing goes online due which there is less or no paperwork needed? After you are done with policy making, you can anytime download the policy pdf from the website. Other than that a policy copy will be sent to your postal address with complete details.

Safe money transaction: Some people are still not comfortable with online home insurance policy purchasing because of the fear of fraud. Whereas, the reality is completely different because now online transactions are safe. Thereforefore, without any issue you can trust and process your transaction online after purchasing home insurance policy.

Quick services: The benefit of buying home insurance online is that you get quick services. Like, at the time of purchasing if you find any difficulty feel free to put up a query right there and you will get instant assistance online and through call. Online buying is this easy, you can do everything while sitting at home only and get what you want.

Types of Property insurance Shriram General Insurance


We have already come across how home insurance is important for homeowners in India as well as their benefits and number of coverages. And, we know home insurance policy covers both building and contents of the house which is a complete package if anyone wants to have it. Along with home insurance covers their are other types available in the stream which are following -

Dwelling insurance: Before we go to dwelling insurance it is important to know “what is dwelling’’ first. Dwelling is the physical structure, area or part of residence you live in. That is the building, apartment, house and attached structure to your house which are generally garage, porch, fence and deck. Now coming to the dwelling insurance policy it is a part of homeowner insurance policy. It helps pay for the repair of the physical structure of your home whenever damaged by a covered hazard.

Therefore if you only want to cover the physical structure of your house you can buy dwelling insurance which premium option you can see below:


Table A:

Premium shall be charged in full without any discount. However, sum insured under the policy shall be deemed to have increased by 10% of the original sum insured at the end of every 12 months period.

Table B:

There shall not be any automatic increase in sum insured as in Table A. However appropriate discounts shall be allowable on applicable gross premium as per Table B

Content  insurance: When you buy a beautiful house, you also buy stuff that goes with the households and for comfort. These items are quite valuable and usable such as electrical appliances like furniture, jewellery, refrigerators, televisions, microwave ovens, toasters and other appliances mentioned in the policy guidelines of content insurance. Content insurance provides cover against the loss and damage to these contents of the house.

Tenant insurance: Home insurance is available for tenants also as they don’t own the house but they have valuable assets inside their rented flat or house. For the safety of those valuable contents one can buy tenant insurance cover. Also, if you are sharing your room with your roomie then also you can insure your part of the content. So, to have financial backup It is important for you to buy insurance cover as a tenant against loss and damage to the valuables.

Landlord insurance: Being a landlord it’s a big responsibility to look after the entire structure of the house. You might not be aware about the upcoming unknown events from any source; it can be your tenant or other residents in your building also. Landlord insurance is there for the landlords to cover against the loss of rent as well as public liability. Therefore for the safety’s sake of you and your family and the house you should buy landlord insurance cover.

Property insurance exclusions SGI


1) Liability arising out of violation of any rules and regulation of the Govt. or Statutory Authorities.

2) Loss or damage directly or indirectly, proximately or remotely occasioned by or which arises out of or in connection with war, invasion, act of foreign enemy, hostilities or civil war,rebellion, revolution, insurrection, warlike operation (whether war be declared or not), usurped power or civil commotion or loss or pillage in connection therein or confiscation or detention by the order of any Government or public authority.

3) loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any act of terrorism regardless of any other cause or event contributing concurrently or in any other sequence to the loss.

4) Any loss or damage to any property whatsoever or any loss or expense whatsoever resulting or arising there from or any consequential loss and any legal liability of whatsoever nature directly or indirectly, caused by or contributed to by, or arising from ionizing radiation or contamination by radioactivity from any source whatsoever.

5) Any accident, loss, destruction, damage or legal liability directly or indirectly caused by or contributed to by or arising from nuclear weapons material.

6) Liability arising due to martial law or state of seizes or any of the event or cause which determines the proclamation or maintenance of martial law or state of seize.

7) Loss or damage wear and tear, depreciation, gradual deterioration/ development of flaws, atmospheric or climatic condition.

8) Loss or damage caused by or  arising out of willful act/gross negligence of the insured.

9) Loss of or damage to any Property insured under this Policy in the event of non-cooperation, misrepresentation, mis description or non-disclosure in any material particular or if a claim be fraudulent or any fraudulent means or devices be used by the Insured or any one acting on his behalf to obtain any benefit under this Policy.


Q- If I change my address do I have to inform the insurer?

Ans- Yes, cover for fire is location specific, hence it is mandatory to inform the insurer.

Q- Is my home insured if my wife uses a part of it for conducting coaching classes?

Ans- No, homes used for business purposes are not covered.

Q- If three people share an apartment can each one take a separate policy?

Ans- Yes, for their part of assets


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