Does home insurance cover the land value of a property?

No, home insurance policies cover only the cost of reconstructing the building structure and replacing household contents, as plot land cannot be destroyed by fire, flood, or earthquake.

What is the average construction cost per sq ft for home insurance in India?

Construction cost per square foot ranges between Rs 1,800 and Rs 3,500 depending on quality of construction, city tier, and architectural finishes.

What is Bharat Griha Raksha policy?

Bharat Griha Raksha is a standard home insurance policy mandated by IRDAI that offers automatic coverage for home structure and contents against 14 natural and man-made perils including fire, flood, and earthquake.

How much does home insurance cost annually in India?

Home insurance is surprisingly affordable in India, typically costing between Rs 1,500 and Rs 4,500 per year for a Rs 50 lakh structure cover with Rs 10 lakh contents protection.

What is covered under household contents insurance?

Contents insurance covers furniture, electronic appliances, kitchen equipment, clothing, personal belongings, and optional jewellery against burglary, fire, and water damage.

Can tenants buy home insurance in India?

Yes, tenants can purchase a contents-only home insurance policy to safeguard their furniture, electronics, and personal valuables without insuring the building structure.

Is earthquake and flood cover included in home insurance?

Yes, standard home insurance policies in India automatically cover natural calamities including floods, earthquakes, landslides, cyclones, and storms.

What is agreed value basis in home insurance?

Agreed value basis is an option available for multi-story flats where the insurer agrees to pay a fixed pre-determined sum insured in case of total collapse of the apartment building.

How does this home insurance calculator work?

This calculator computes structure reconstruction value from built-up area and rate per sq ft, adds contents sum insured, applies insurer tariff rates, and adds 18% GST to estimate annual premium.

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Home Insurance Coverage Calculator: Structure & Content Cover

What Is a Home Insurance Coverage Calculator?

A home insurance coverage calculator computes the accurate sum insured and estimated annual premium required to protect your residential property structure and household contents against natural disasters, fire, and burglary.

In India, home insurance is fundamentally based on the reconstruction cost of the building rather than the market market price of the property, because land value does not depreciate or burn.

This calculator applies standard Bharat Griha Raksha parameters and regional per-square-foot construction costs across insurers like HDFC ERGO, ICICI Lombard, SBI General, and Bajaj Allianz.

Structure Reconstruction Cost Calculation Formula

Building structure sum insured is determined by multiplying total built-up area by local construction cost rates.

Structure Sum Insured Formula

Structure Sum Insured = Built-Up Area (sq ft) × Construction Rate per sq ft

Typical construction cost per sq ft across Indian city tiers.
Location / Construction Tier	Cost Range per sq ft	Sample Structure Cover (1500 sq ft)
Standard Tier 2/3 Town	Rs 1,500 - Rs 2,000	Rs 26.25 Lakh
Metro Premium Builder Quality	Rs 2,500 - Rs 3,500	Rs 45.00 Lakh
Luxury Villa / High-End Finishes	Rs 4,000 - Rs 5,500	Rs 71.25 Lakh

How to Use This Home Insurance Coverage Calculator

Select Coverage Mode: Choose between Structure & Contents or Structure Only.
Enter Built-Up Area: Input your property area in square feet.
Set Construction Rate & Contents: Adjust per sq ft cost and household contents value.
Review Sum Insured & Premium: View total recommended sum insured and estimated annual premium with 18% GST.

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Frequently Asked Questions

Home insurance structure sum insured is calculated by multiplying total built-up area in square feet by the current local construction cost per square foot, excluding land value.

Disclaimer: Figures provided by this calculator are indicative estimates based on standard IRDAI Bharat Griha Raksha parameters and typical construction rates in India. Actual property sum insured and premium quotes depend on specific insurer underwriting rules from providers like HDFC ERGO, ICICI Lombard, or SBI General.