Get Building Insurance Online for your Home, Shop, Office & Building
Whether you’d like to protect a commercial building or your residential apartment; a building insurance is a customized insurance policy that will help protect your building from unforeseen circumstances such as fires, natural disasters and other risks.
Not sure why a Building insurance is important?
Read on..
India recorded 1.6 million fire accidents in 2021. (1)
64% of people in India are not equipped to handle home safety threats. (2)
Fire Outbreak is ranked as the 3rd biggest risk to business continuity and operations. (3)
70% of India’s Thefts are Home Thefts. (4)
What’s great about a Building Insurance by Digit?
Value for Money: To cover for a building may seem like an expensive affair. However, given that our insurance is completely online and digital, our costs are lesser and hence the premium too is lesser and more affordable than what you may find otherwise.
Digital Friendly: Being one of India’s first online insurance companies, most of our processes; right from buying a building insurance to making claims can be done online! So even when there’s an inspection required for a claim, you can just do it online. However, for claims above Rs 1 lakh. As per the IRDAI, those need to be done manually only.
Covers All Business Categories: Whether you’re looking to cover your office building or your chain of retail stores, we cover all business categories big and small.
Plans for Renters: A lot of millennials today are choosing to rent than own and that’s why, one may not find the complete building insurance plan relevant. Hence, we’ve built customized building insurance plans for those who’d like to cover for only the things that they own in their rental apartments as well.
What’s covered in a Building Insurance by Digit?
Types of Building Insurance Plans
At Digit, our insurance covers your building against fire and natural calamities such as floods and earthquakes through our GoDigit Bharat Laghu Udyam Suraksha, GoDigit Bharat Sookshma Udyam Suraksha and GoDigit Bharat Griha Raksha Policies. However, since buildings are also at a risk of burglary, we also cover burglaries as a separate policy Digit Burglary Insurance Policy. This way, your building will not only be protected from damages and losses due to fires and natural calamities but also from burglary. To simplify this for you, we have differentiated coverage options as below:
| Option 1 | Option 2 | Option 3 |
| Covers only the contents of your home or business. | Covers both your building and the contents of your home or business. | Covers only your building. |
Things to know about Building Insurance
Content - If you’re confused as to what ‘contents’ refers to in a Building Insurance, it refers to those articles or things in Your Premises that are not permanently attached or fixed to the structure of Your Premises. For example, if there’s a burglary in your house and your laptop is stolen; your building insurance will cover for the contents, i.e. your laptop too.
Building/Structure - As the name suggests, a ‘Building’ or ‘Structure’ in your Building Insurance refers to the entire property you want to cover. For instance, if you’re looking to protect your family’s standalone building, your entire building is what would be referred to as the ‘building’ covered for.
Our Building Insurance Offerings
Who needs a Building Insurance?
Whether it’s been your home for years, or is your newfound dream home, a house is anyone’s most precious possession. Thus, protecting it from circumstances out of your control is the least you can do to protect both your pocket and home.
Typically, people assume a building insurance is only dedicated for people who own their properties. However, at Digit we also have customized building insurance policies for those who’ve rented homes or even, offices for their respective businesses. So, if you’re someone who falls into this category, a building insurance is designed for you too!
Whether you run a small general store or a small boutique with customized fashion and handicrafts, this building insurance is customized to suit all types of businesses. If you’re someone running an independent, small business, a building insurance would be vital to protect your business from any potential losses and risks that could arise out of circumstances out of your control; such as natural calamities and burglaries.
If you run a chain of general stores, restaurants or a medium sized enterprise; a building insurance is also suited for medium sized business owners to cover for any damages and losses that could be caused due to a , fire, explosion or natural calamities such as floods, storms and earthquakes.
If you’re someone who owns multiple buildings owing to the large operations of your business, a building insurance is vital in protecting not one but all your buildings that will not only help reduce business risk, but also improve goodwill for being a responsible business enterprise.
Types of Home Properties Covered
If you live own or live in a rented independent flat that is either part of a housing society or a standalone building, our customized offerings are well suited for you.
Perhaps you and your extended family live in a standalone building, owning or renting flats in the entire building. In this case, you can choose to cover for them all with a building insurance by Digit.
If you own or have rented an independent villa or house, a building insurance will be applicable for the same, to protect your villa and its contents from potential risks such as flood, storm and other unforeseen circumstances.
Types of Business and Shop Properties Covered
Businesses that primarily sell mobile phones, mobile accessories, or other electronics. Stores like Croma, OnePlus, Redmi, etc are good examples of such buildings. In such a case, a building insurance would help protect the store and its primary contents from potential losses and damages.
From neighborhood kirana shops to your budget friendly supermarkets and general stores; all grocery stores and general stores too are covered for in a building insurance. Shops like Big Bazaar, Star Bazaar and Reliance Supermarkets are some common examples of the same.
Designed to suit office premises and educational institutions such as colleges, schools, and coaching classes. Insuring such a property isn’t only vital to protect losses but, also give your employees or students more confidence towards your respective institution.
From your favorite malls and clothing stores to spas, gyms and other stores; a Building Insurance by Digit also covers for all businesses in the personal lifestyle and fitness sector. Examples of such properties includes Enrich Salons, Cult Fitness Centers, Phoenix Market City, and other stores.
The one place everyone devours! From cafes and food trucks to restaurant chains and bakeries; a building insurance by Digit is well-suited for all kinds of eatery joints as well.
One of the most vital properties that should be protected; a building insurance also covers for Hospitals, Clinics, Diagnostic Centers and Pharmacies and other Medical Stores.
This category of businesses includes everything from carpentry and plumbing repairs to motor garages and engineering workshops.
Apart from the categories mentioned above, a building insurance by Digit is suitable for all sizes and nature of businesses. If you can’t find your category in the list, feel free to get in touch with us and we’ll help you out in selecting the best suited building insurance for your home or business.
Know more about Building Insurance
How is a building insurance premium calculated?
Your building insurance premium will be influenced by the following factors:
- Type of Building: The kind of building you’re insuring will have a direct impact on your building insurance premium. For example, a factory would have a higher premium than that of a General Store due to the difference in the nature of the property to be insured.
- Age of Building: Like any other insurance policy, age is a prime factor in determining premium prices. The older the building is, the lower would be its premium and vice versa.
- Area of Property: The area of the building to be insured has the highest and direct impact on its building premium. This is because a bigger property will have a higher sum insured and hence a higher building insurance premium respectively.
- Security Measures: Many homes and businesses today opt for various security measures to protect their homes and shops from risks such as and fire. Therefore, if your home or shop includes this, your risk and therefore building insurance premium will be lower.
- Additional Coverages: While a building insurance mainly covers for the building and its contents, there are other priced possessions such as any accidental damage in a shop or jewelry kept at home. To cover for the same, you can opt for add-ons that will consequently give you better coverage and, increase your building insurance premium.
Tips to compare building insurance plans
Deciding on the right building insurance can be a quite a dilemma. After all, it’s the choice you’re making to protect your lovely home, or your dear business! To make your decision-making process easier, here are our recommendations on the three most important things you should compare and think about:
- Coverage Benefits: The most important part of your insurance is the kind of coverage you’re getting. You need to know what you will be covered for in the case of an unfortunate event. Therefore, always look at what is covered and what is not covered to help evaluate the most valuable plan to you.
- Sum Insured: Your Sum Insured in a building insurance refers to the total amount you’ll be covered for in the case of a claim you make. Therefore, be very wary on the amount you’d like to go for since this won’t only affect your building insurance premium but will also affect the claim amount you will receive in the case of damages and losses!
- Add-ons Available: Sometimes, you need coverage beyond just the basic plan benefits. This is where add-ons come in use. Different insurance providers give different range of add-ons for people to choose from. Compare your options and see what works for you and your building the best!
How to choose the right building insurance plan?
The best way to choose the right building insurance plan is to compare and evaluate all your options and make your choice accordingly. Look at your coverage benefits, sum insured, add-ons available, building insurance premium, customer support, etc. before choosing who you’d trust to protect your most important possession!
How to select the right Sum Insured for a building insurance?
Your Sum Insured refers to the total value of your property, i.e. also the maximum amount you can receive in case of a claim. So, you need to be sure that it reflects the true value of your property. To choose the right Sum Insured for your building insurance, you can use our calculator here that helps determine your building insurance premium and the recommended Sum Insured based on your property's area.
What are the benefits of a building insurance?
Take a glimpse through the key benefits of a building insurance in India:
- Complete Coverage: A building insurance does not only help protect your property (i.e. your building or store) but, also the contents within it, ensuring your pocket is steered away from all possible losses. Additionally, many insurance providers also provide for add-ons to increase your coverage as per your needs.
- Reduces Business Risks: A building insurance also comes with customized policies to protect your shop and its contents, thus reducing the risk of business losses in the occurrence of events such as a fire, earthquake, flood, burglary, et al.
- Peace of Mind: Whether it’s your store or your home, both hold a large amount of financial significance. A building insurance prevents you from facing significant losses in occurrence of unforeseen circumstances and thus ensures you don’t have too much to worry about, cause your insurance provider will have your back!
FAQs about Building Insurance Online in India
Is having a building insurance policy, a legal requirement?
No, having a building insurance in India is not a legal requirement yet. However, it is always recommended as losses and damages to both commercial and residential buildings can be an expensive affair.
Who needs to pay the premium for a building insurance policy in the case of commercial properties?
In case of commercial properties, it is usually the owner's responsibility to pay for the premium for availing a building insurance policy. However, for gated communities, the builder may also cover and pay the building insurance premium for all buildings in their property.