No. Home insurance and home loan insurance are different types of insurance products. Home insurance offers coverage to the insured home and its contents. Home loan insurance ensures that the home loan amount is paid by the insurer if the policyholder can’t repay the borrowed amount.

It means your insurer will pay for your temporary stay if your insured house has sustained damage and is not fit for occupation.

When selecting the right sum insured amount, you need to consider the total area of the property and the approximate value of the contents in the house.