You bought your dream apartment in a high-rise society. You paid huge maintenance charges. You assume, "If a fire happens, the Society Insurance will cover it."
This is a half-truth that could bankrupt you.
Society insurance typically covers only the "Structure" (the concrete shell). It does NOT cover what is inside—your false ceilings, modular kitchen, expensive electronics, jewelry, and furniture.
If a short circuit in your AC burns down your living room, the society pays you ₹0.
In 2026, Home Insurance in India is shockingly cheap, yet less than 1% of homeowners have it. Here is why you need it today.
Disclaimer: Insurance premiums depend on the carpet area and value of contents. "Bharat Griha Raksha" is a standard product mandated by IRDAI. This article is for educational purposes only.
You Spent ₹1 Crore on Your Flat and ₹20 Lakhs on Interiors
1. The "Netflix Price" Protection
Many Indians think Home Insurance costs as much as Car Insurance (₹15,000+).
The Truth: It is cheaper than your OTT subscriptions.
Estimated Cost for a 2BHK Flat (2026 Rates):
| Coverage Type | Sum Insured (Coverage) | Approx. Annual Premium |
|---|---|---|
| Structure Only | ₹50 Lakhs | ₹1,500 / year |
| Content Only (Furniture, TV, Fridge) |
₹10 Lakhs | ₹2,500 / year |
| Comprehensive (Structure + Content) |
₹60 Lakhs Total | ~ ₹4,000 / year |
For just ₹300 a month, you protect your life's biggest asset against Fire, Earthquake, Theft, and Terrorism.
2. Structure vs. Content: Know the Difference
If you live in a flat, you might not own the "Structure" entirely, but you definitely own the "Contents."
- Structure Insurance: Covers the walls, roof, windows, and floors. (Landlords usually buy this).
- Content Insurance: Covers everything inside that is not attached to the wall. Clothes, Jewelry, Electronics, Furniture. (Tenants SHOULD buy this too!).
Pro Tip for Tenants: Even if you don't own the house, buy a "Content Only Policy" to protect your gadgets and jewelry from burglary.
3. What is "Bharat Griha Raksha"?
In the past, policies were confusing with hidden "Average Clauses" (penalties for under-insurance).
To fix this, IRDAI introduced the Bharat Griha Raksha policy. It is a standardized, simplified product offered by all insurers (Tata AIG, ICICI Lombard, Bajaj Allianz).
Key Features:
- No "Under-Insurance" Penalty: If your claim is valid, they pay the full repair cost.
- Auto-Escalation: The sum insured increases by 10% annually to beat inflation.
- General Content Cover: Automatically gives 20% of the Sum Insured for general contents without a detailed list.
4. The "Gold & Jewelry" Clause
This is where most people get disappointed.
Standard Home Insurance has a sub-limit on Jewelry (usually up to ₹10,000 or 5% of total content).
If you have Gold worth ₹5 Lakhs in your locker at home:
- You must declare it specifically (called an "All Risk" cover).
- You must pay a higher premium for it.
- They may ask for valuation certificates.
Do not assume your standard policy covers your wife's wedding jewelry fully.
5. Exclusions: What is NOT Covered?
Before you buy, know the "No-Go" zones:
- Willful Destruction: If you burn your own house.
- Wear and Tear: Cracks due to old age or poor maintenance.
- Cash: Cash kept in the cupboard is almost never covered.
- War: Damage due to war or nuclear attack.
- Unoccupied Home: If you leave the house empty for more than 30 days without informing the insurer (similar to the US rule).
Conclusion: Sleep Peacefully for ₹10/Day
We spend thousands on security cameras and guards, but we ignore the only thing that can financially rebuild our home.
Don't wait for a neighbor's cylinder to blast or a monsoon flood to ruin your expensive flooring. Go to any aggregator site today and buy a Bharat Griha Raksha policy. It is the cheapest peace of mind money can buy.
Helpful Resources:
IRDAI: Bharat Griha Raksha Details
Policybazaar: Compare Home Insurance Quotes
0 Comments