We build our home of dreams with lots of care and excitement. We want to prevent it from any kind of danger and risk. For this we need to get it insured. We need to pay a specific amount to get it insured. This gives us security that if unfortunately any mishap occurs, a repayment of the losses incurred is assured.There are number of housing insurance companies like ICICI Lombard, Bajaj Allianz General Insurance Co. Ltd., Iffco Tokyo, National Insurance Co. Ltd., New India Assurance, Oriental Insurance etc. They are some of the top insurance companies, which offer home insurance at a competitive rate.You can choose to insure the building of your home, or the contents (belongings) or both.The insurance companies offer various types of policies that covers the losses to the structure and contents of your home due to any natural and man made calamities.

The calamities that are covered are:

Fire
Malicious damage
Explosion
Earthquake
Lightning
Storm, cyclone, tempest, tornado,
Hurricane & flood
Leakage from automatic Sprinkler installations or gas leakage or any blast
Bursting and/or overflowing of water tanks, apparatus and pipes
Burglary & theft

While you are purchasing full protection in the form of a the risk cover, bear in mind the following 6 key points which will also give you peace of mind.

You should be fully aware of the coverage you are getting under the plan, and not be perturbed later to find out that the cover carries exclusions you had not even expected. The cover ought to feature material possessions, structure of your dwellings, and your indebtedness to others. Should a disaster strike, you need to be in a position to rebuild your home and replace everything in it.

One should be aware of the claims process. Two policies could promise the same amount of coverage, but they can be vastly different when it comes to making you whole after a loss. You have to make sure that you choose the policy in which you receive the entire claim upfront, and not just a fraction. Also the insurance companies should pay for all the things you have lost not just those you replace.

You should go for replacement value insurance if you want to reiterate. It is necessary that you make it clear that insurance companies have covered both your home and its contents under replacement-value insurance.

Take inventory. When you fill the claim with a housing insurance company of you choice, it involves two steps.
Firstly, proving you owned certain items and secondly verifying their worth.
For this you can go through your homes with a video camera, walking through each room, and doing a quick sweep, so that you get everything you own on tape. Another way is that you make a list and shoot a few rolls of film.
Keep the video or photos in safe custody, preferably not at home where it might be destroyed when any mishap will happen.

Inflation today is at over seven per cent in India It is important that you keep pace with the inflation and replace the cost of cover from what you paid a couple of years back.

If you are residing in area that is prone to catastrophes like flood and earthquake, ideally your cover should include the same.