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Difference between Home Insurance and Home Loan Insurance

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Difference between Home Insurance and Home Loan Insurance

Last updated: June 11 2019
18 | Posts
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  • #11

    #11

    Re : Difference between Home Insurance and Home Loan Insurance

    Right, they would not cover that though I wonder why not? War is a rare phenomenon and they would hardly receive claims for such kind of insurance. So why do insurance companies exclude war related losses?
    Last edited May 24 2019, 11:58 AM.

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    • #12

      #12

      Re : Difference between Home Insurance and Home Loan Insurance

      Well, war indeed is a rare phenomenon but if that were to happen and an insurance company would have included it in their services, then the extent of the losses would have been too much to be paid. The obvious fact is that the magnitude of losses would be overwhelming and no company would be able to bear it.
      Last edited May 24 2019, 12:00 PM.
      Talk TRUE; Talk IREF

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      • #13

        #13

        Re : Difference between Home Insurance and Home Loan Insurance

        Thanks! That makes sense. I don't know why I even asked that question

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        • #14

          #14

          Re : Difference between Home Insurance and Home Loan Insurance

          No harm in asking
          Talk TRUE; Talk IREF

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          • #15

            #15

            Re : Difference between Home Insurance and Home Loan Insurance

            Right! So coming back to loans - how different is a home loan insurance from a home insurance? Not that we don't know the basic difference but detailed information would be good.

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            • #16

              #16

              Re : Difference between Home Insurance and Home Loan Insurance

              Well, talking about a Home Loan Insurance:

              Unlike a home insurance which provides protection against any damage to the house, a home loan insurance provides protection to the loaned amount. Also called as Home Loan Protection Plan (HLPP), it promises to settle any amount of home loan outstanding amount in the case of disability to repay the loan or death of the borrower.
              Talk TRUE; Talk IREF

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              • #17

                #17

                Re : Difference between Home Insurance and Home Loan Insurance

                Thanks! So what is the term of the home loan insurance and how does it work?

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                • #18

                  #18

                  Re : Difference between Home Insurance and Home Loan Insurance

                  Generally, the term of the policy or home loan insurance, is as long as the tenure of the loan. However, people can opt for a lower term too.
                  Talk TRUE; Talk IREF

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                  • #19

                    #19

                    Re : Difference between Home Insurance and Home Loan Insurance

                    I guess a tenure till the home loan ends would be more advisable in that case, isn't it?

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