Home Insurance :

Your home is your most treasured asset. Hence, it is imperative that you secure it from natural and man-made catastrophes. Our Home Insurance Silver plan ensures you peace of mind by protecting the building and the contents of your home.

Policy Coverage.

What is Covered :

You can choose to buy insurance for only the building (structure) of your home, or only the contents (belongings) or both.

The policy covers the losses to the structure and contents of your home due to any natural and man made calamities.

1. The calamities covered are:

• Fire
• Riot, strike & malicious damage
• Explosion & implosion
• Earthquake
• Lightning
• Storm, cyclone, tempest, tornado, hurricane, flood & inundation
• Damage due to impact by vehicles
• Missile testing operation
• Subsidence, landslides and rockslides
• Leakage from automatic Sprinkler installations
• Aircraft damage
• Bursting and/or overflowing of water tanks, apparatus and pipes
  
  

Burglary cover (only for contents):
The contents of your home are also covered against loss due to burglary or an attempted burglary. It also covers loss of jewellery, silver articles and precious stones kept under lock and key, up to 25% of the total content sum insured or Rs. 1 Lac, whichever is lower.

Optional covers:
Terrorism cover - Covers any damages and losses to the structure and / or contents of your home due to acts of terrorism .

The insurance cover is only for the cost of constructing the building. And compensation will also be given by the insurance company for the same.

Additional expenses of rent for alternative accommodation – If you are forced to shift into an alternative accommodation because your home is destroyed or damaged by any insured peril, the policy will cover you against the additional rent .
The maximum coverage is up to Rs. 1,00,000 for up to 6 months. The cover is available only if you are insuring the structure of your home.

Key Benefits :

Avail 15% discount on a 3 years home insurance policy and 25% discount on 5 years policy.

Optional covers available - terrorism and additional expenses of rent for alternative accommodation.

Sum Insured :

How to calculate the sum insured for:

Home Structure:
The home insurance policy insures the structure of your home for its reconstruction value (and not for market value). Reconstruction value is defined as the cost incurred to reconstruct the home if it is damaged. On the other hand market value is a combination of cost of land, demand & supply scenario, etc.

Sum insured is calculated by multiplying the built up area of your home with the construction rate per sq. feet, e.g. if your built up area of your home is 1000 sq. feet and the construction rate is Rs. 800 per sq. feet, the sum insured for your home structure is Rs. 8,00,000.

We recommend the rate of construction for your location when you are buying online. However, this value can be revised appropriately if expensive material - like marble flooring, etc. – has been used in construction. If your home has lawn / garden surrounded by a perimeter wall, the construction rate can be revised to include the cost of construction of this wall in home structure sum insured.

Home Contents:
The contents of your home - furniture, durables, clothes, utensils, jewelry, etc. - are to be valued on market value basis i.e. the current market value of similar items after depreciation. Depreciation does not apply for jewellery ).

Policy Exclusions :

What is not covered -

• Willful destruction of property
• Loss, damage and destruction caused by war, wear and tear, atmospheric conditions etc.
• Losses if your home has been unoccupied for more than 30 days. .
• Cash, bullion, painting, works of art and antiques.

Claims :

• Inform the 24*7 Call Centre with policy details.
• Provide relevant information, which includes your policy and other details regarding your claim. Consequently, your claim request is authenticated and is escalated to the company's claims department.
• Company's claims department validates and registers the request. They appoint a surveyor within 48 hours
• The insured submits all the relevant documents to the surveyor. The surveyor submits the Final Survey Report (FSR) along with the documents within 7 days
• If surveyor is not appointed, the company's claims department sends a letter of requirement for submitting documents to the insured within 24 hours of claim intimation.
• On receipt of documents, the claims department processes the claim within 7 days. On approval of the claim, a letter is send to the insured giving the approved amount of settlement along with the discharge voucher.
• Payment cheque is released on receipt of the signed discharge voucher.
  

Documents required to settle the claim: (If available)

• Duly completed and signed claim form
• Xerox copy of policy
• Copy of FIR
• Final Report from police
• Copy of all invoices, price lists, repair estimates

Please note that this is an idicative list and some other documents may be required at the time of claim settlement

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FAQ'S :

What are the losses/ perils covered under this policy?
Home Insurance covers natural and man-made calamities.

Fire
Earthquake
Lightning
Floods
Explosion of gas cylinder
Spread of Fire due to short-circuit
Riot, Strike, Malicious damage
Aircraft laws
Impact from rail/ road vehicles
Storm, Cyclone, Flood
Landslide
Burglary
Terrorism

What is the procedure for assessing the value of my home structure and its contents?
The value of your home structure is assessed as per the area of your home multiplied by the rate of construction per. sq. feet, as on the date of taking the policy. For example, if your home is 1000 sq. feet and the construction rate per sq. feet is Rs. 800/-, then the sum insured for your home’s building structure is
Rs. 8,00,000.

On the other hand, the contents are assessed on the market value of the items. This means that if there were a loss, the claim would be paid on the value of purchasing a similar new item, less depreciation for the usage.

Household appliances
Jewellery
Furniture & fixtures
Personal items at your home
Against fire and allied perils like earthquake, terrorism and burglary.

You can transfer the policy to the person to whom the policy is sold by you.
Or cancel the policy and get the premium back on pro- rata basis.

What happens if a house is sold?
If the new owner of the house wants to continue the cover, we might issue an endorsement on the name of the insured and pass the policy in the name of the current owner of the house.

On what basis are the structure and contents insured?
The structure of your home is insured as per the re-instatement value and the contents are insured as per the market value.

How do you differentiate between riots and terrorism cover in case of Home policy?

Riot refers to the violent disturbance of the public peace by three or more persons assembled for a common purpose.
Terrorism/ Terrorist activity means use of force or violence harming human life or property, with the objective of pursuing personal or vested interests.