You might have heard the term IRDA before, the term is an abbreviation, and its full form is – Insurance Regulatory and Development Authority. The authority oversees the functioning of the life insurance industry and general insurance companies operating in the company, and acts as the regulator of the insurance industry in India. Protecting the interest of the policy holders and regulating the insurance industry is the main objective of the IRDA.
Homeowners' insurance is a kind of property insurance covering losses and damages of the residence, furniture and other goods. Insurance for homeowners also covers responsibility for house and property accidents.