Quick answer: the society usually insures the building, but not what is inside your flat. For a luxury home, buy your own home insurance for interiors, furniture, appliances and – with an add-on – jewellery and art. The standard Bharat Griha Raksha policy, offered by insurers since April 2021, covers fire, flood, earthquake and other listed risks. Start the cover at possession and raise it once the fit-out is done.
Last updated: 27 October 2026. A general guide for homeowners in Mumbai. Not insurance advice – read each policy’s wording and key features document before buying.
Buyers of a large home in Bandra West often spend heavily on interiors – custom kitchens, marble, lighting, home automation and art. Yet many never insure them. A leak from the flat above, a short circuit or a heavy monsoon can damage years of work in one night. This guide explains, in plain English, what home insurance covers and how to choose it.
Building Cover vs Contents Cover
| Cover | What it protects | Who usually buys it |
|---|---|---|
| Building (structure) | Walls, floors, roof, fixed fittings | The society, for the whole building – and sometimes the owner for their flat |
| Contents | Furniture, appliances, electronics, clothes, fixed interiors you added | The flat owner |
| Valuables add-on | Jewellery, art, silver, collectibles | The flat owner, with items declared |
Ask your society for a copy of its policy. It tells you what is already insured, so you do not pay twice – and what is left uncovered.
Bharat Griha Raksha: The Standard Policy
The insurance regulator IRDAI asked insurers to offer a standard home policy called Bharat Griha Raksha from 1 April 2021. In simple terms:
- You choose building cover, contents cover, or both.
- Listed risks include fire, natural disasters such as flood, storm, earthquake and landslide, burst pipes and tanks, impact damage, riots, malicious damage, terrorism and theft following these events. Check the exact list in your insurer’s wording.
- Automatic contents cover: if the building is insured, contents are covered for 20% of the building sum insured, up to ₹10 lakh, without a list. A luxury home will usually need much more, which you can declare.
- Valuables such as jewellery and art can be added for an extra premium, on an agreed value.
- Long-term policies are available, so you do not have to renew every year.
Insurers sell their own versions with extra add-ons, such as rent for alternative housing while repairs are done. Compare a few before you buy.
Risks That Matter for a Sea-Facing Home in Mumbai
Monsoon water and leaks
Heavy rain, wind-driven water and leaks from other flats are the most common claims in Mumbai. Check how the policy treats water damage and whether slow seepage is excluded. Our guide to west-facing homes, sunlight and sea breeze explains why the sea side of a building takes more weather.
Fire and electrical faults
Modern homes run many appliances, air-conditioners and smart systems. Fire from a short circuit is a standard covered risk – but only for the items and amounts you have insured.
Salt air
Salty sea air can slowly corrode metal and electronics. This is normal wear and tear and is not usually covered by insurance. Good maintenance matters more here – see our guide to what to check in sea-facing flats.
How Much Cover Do You Need?
- List the cost of your interiors and fit-out work – kitchen, wardrobes, flooring, lighting, false ceilings. Our interiors and fit-out guide helps you keep track.
- Add furniture, appliances, electronics and home automation at replacement value.
- List valuables separately with bills or valuation reports.
- Check the society policy so that the structure is not insured twice.
- Raise the cover when you add new items or redo rooms.
Insurance is one of several running costs of a luxury home. See our guide to maintenance charges and running costs to budget all of them.
Making a Claim: Keep It Simple
- Tell the insurer as soon as possible and follow their claim steps.
- Take photos and videos of the damage before you clean up.
- Keep bills, invoices and the policy document in one place – a digital folder works well.
- For theft, file a police complaint (FIR) and keep a copy.
- For damage from a neighbour’s flat or common pipes, inform the society in writing too.
Renting Out or Living Abroad?
If you let the flat, your tenant’s belongings are not covered by your policy, and some policies have rules for homes that are let or left empty for long periods. Tell your insurer. Our guides to renting out a luxury flat in Bandra West and the NRI guide to buying in Bandra West cover the other paperwork.
Protecting a Future Home at Godrej Bandra Bay
Godrej Bandra Bay at Bandra Reclamation is planned as one tower of approx. 26 storeys*, west-facing towards the sea, with 4 BHK homes only of approx. 2,900–3,500 sq ft* carpet, from ₹29 Cr*. MahaRERA registration is awaited and possession dates are not confirmed, so insurance is a step for later – at handover, before your interiors start. Read our guide to taking possession of a new flat and the complete Godrej Bandra Reclamation guide.
You can also read about Adani Bandra Reclamation nearby, or see another summary on the Godrej Bandra Reclamation property page. Visit the Godrej Bandra Reclamation project page, or send an enquiry for updates on the project.
Frequently Asked Questions
Does the society insurance cover my flat?
Usually the society insures the building structure and common areas. It normally does not cover your interiors, furniture, appliances, jewellery or art. Ask the society for a copy of its policy to see what is included.
What is Bharat Griha Raksha?
It is a standard home insurance policy that IRDAI asked insurers to offer from 1 April 2021. It covers the building, the contents, or both, against fire, natural disasters such as flood and earthquake, and other listed risks. Each insurer’s version can have its own add-ons and limits.
Are contents covered automatically?
Under the standard policy, if you insure the building, contents are covered for 20% of the building sum insured, up to ₹10 lakh, without a list. For a luxury home you will usually need a higher declared contents cover.
Is jewellery covered?
Jewellery, art, silver and other valuables usually need an add-on, with the items and their value declared. Keep bills or valuation reports.
Is home insurance compulsory with a home loan?
Lenders often ask for the property to be insured, but you can usually choose your own insurer. Ask the bank what it needs and compare policies.
When should I buy home insurance for a new flat?
Ideally from the day you take possession, and before the interiors work starts. Increase the cover once the fit-out is complete.
*Prices, sizes and other details are indicative and subject to change. Please verify all details with the developer and on the MahaRERA website before making any decision.
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