🏠Home Insurance Replacement Cost Estimator
Calculate how much coverage you need to rebuild your home
Home Insurance Calculator – Indian Property & Natural Perils
Estimate your property insurance premiums in India, covering structure and contents. This tool accounts for risks like earthquakes, monsoonal flooding, and fire, helping you protect your biggest investment under IRDAI-approved guidelines.
Expert Guidelines
The Bharat Griha Raksha Policy
The IRDAI has introduced a standard home insurance policy called 'Bharat Griha Raksha' which all Indian general insurers must offer. It provides comprehensive cover against fire, flood, earthquake, and even 'STFI' (Storm, Tempest, Flood, and Inundation). Using this calculator helps you estimate the premium for this standardized policy, ensuring you get the essential protections recommended by the Indian government at a fair price.
IRDAI – Insurance Regulatory and Development Authority
Earthquake Risk Zones in India
India is divided into five seismic zones. Properties in Zone V (Himalayas, Kutch, North-East) face the highest risk. The National Disaster Management Authority (NDMA) emphasizes the need for earthquake-resilient construction and adequate insurance. Our tool factors in your city's seismic zone to give a realistic premium estimate, as Indian insurers charge higher rates for high-risk geological areas.
National Disaster Management Authority (NDMA)
Insuring Structure vs. Contents
In India, many homeowners only insure the building 'structure.' However, the Ministry of Consumer Affairs notes that household contents (jewelry, electronics, furniture) are often more valuable in the event of theft or fire. This calculator allows you to separately value your structure and your belongings, ensuring your 'First Loss' coverage for burglary is sufficient for your urban Indian lifestyle.
Ministry of Consumer Affairs – India
Frequently Asked Questions
Does home insurance cover gold and jewelry in India?
Yes, but with limits. Most standard Indian policies (like those from SBI General or HDFC ERGO) have a cap on high-value items. You may need an 'All-Risk' jewelry rider. Given the cultural importance of gold in India, our tool helps you estimate the cost of adding specific protection for your family ornaments against theft and fire.
Is home insurance mandatory for home loans in India?
Technically, the RBI does not make it mandatory, but almost all Indian lenders (HDFC, ICICI, SBI) require you to insure the property structure before disbursing a loan to protect their collateral. This calculator helps you factor in the annual insurance cost into your total EMI and ownership budget for your new flat or bungalow.
What is 'Agreed Value' vs 'Reinstatement Value' in India?
For apartments in India, 'Agreed Value' (including land cost) is common, while for independent houses, 'Reinstatement Value' (cost to rebuild) is used. Reinstatement value doesn't account for depreciation, making it the preferred choice for ensuring you can actually rebuild your home after a disaster. Our calculator uses current Indian construction indices to estimate these values.
What is Replacement Cost Coverage?
Replacement cost coverage pays the full amount to rebuild your home with similar materials, regardless of market value or depreciation. This is different from market value - a home may cost more to rebuild than its sale price.
Factors Affecting Rebuild Costs
Construction costs vary widely by region, material quality, local labor costs, and special features. Historic homes cost more due to preservation requirements. Additional structures (pools, garages) and special features (solar panels, smart home) add significantly to costs.
Choosing Your Deductible
A higher deductible means lower premiums, but more out-of-pocket costs when making claims. Common deductibles range from 0.5% to 2% of dwelling coverage. For a $500,000 home, a 1% deductible means $5,000 out of pocket per claim.
Contents and Liability Coverage
Contents coverage protects your belongings (furniture, electronics, clothing). Typically recommended at 50-70% of dwelling coverage. Liability coverage protects you if someone is injured on your property - $300,000+ is recommended for most families.
Financial Accuracy
Disclaimer: This calculator provides estimates for informational purposes only. This is not financial, tax, or legal advice. Please consult a qualified financial advisor for advice specific to your situation.