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Home Insurance Policy

Fire Related accidents have been all too common for business disasters. A small short – circuit or an explosion has destroyed huge factories and buildings. Fire damage can result in losses of crores of rupees. It can easily destroy years of savings and set your business back by years.

Moreover, after a fire incident, you would require substantial investments to resurrect your business. These investments will be required precisely at a time when you are stretched for resources as your business has been destroyed by a fire.

That is why it is always a wise idea to insure your valuable assets with a Fire Insurance Policy.

Home Insurance Policy

What does a Home Insurance Policy Cover?

A Basic Home Insurance Policy provides Insurance for Damage to the Home Structure as well as Contents of the house on account of Insured Perils. We can Insure a home for Perils like Fire, Earthquakes, Storm, Floods, Burglary and Theft.

Cover for the Home Structure:An Insurance for Home Structure will provide cover for any damage to the Physical structure of the House due to Insured Perils like Fire, Earthquakes, Storms Floods etc

Contents Cover:This Cover provides reimbursement for any damage to the contents of your house like Furniture and Fixtures, Personal Computers, Jewellery, TVs, Refrigerators, Air-Conditioners etc on account of Insured Perils like Fire, Earthquakes, Storms, Floods etc.

Some Home Insurance Policies also include Insurance for Portable Equipments like Laptops (upto 5 years old) and Mobile Phones (upto 3 years old)

Contents do not include Jewellery, Paintings, Works of Art & Curios

What are the Add-On Covers available under a Home Insurance Policy?

In addition to the Structure and Contents Cover, a Home Owner can opt for the following optional Add-On Covers under a Home Insurance Policy:

Burglary Cover:This Cover Provides reimbursement due to Damage or Loss to of Contents like TVs, Refrigerators, Ovens etc within the House due to Burglary or Attempted Burglary.

This Cover also provides reimbursement due to loss of expensive items Jewellery, Gold Ornaments, Silver Articles kept under Lock and Key.

Additional Expenses of Rent for Alternative Accomodation:This Cover provides Additional Expenses of Rent for Alternative Accomodation if the Home Structure is damaged due to Insured Perils like Fire, Earthquake, Storms, Floods etc.

The amount of Rent ranges from Rs35000 to Rs50000 for the period until Reconstruction is complete or for a maximum period of 24 months, whichever is less.

Cover for Jewellery, Paintings, Works of Art & Curios:This Insurance Cover pays for the Accidental Loss or Damage to Jewellery, Paintings, Works of Art and Curios provided the damage occurs whilst the Insured Jewellery, Paintings, Works of Art and Curios are lying in the Insured Home.

Also, the Cover for Jewellery, Paintings, Works of Art & Curios can be extended to Worldwide Territory on payment of Additional Premium.

Terrorism:This Cover provides Insurance against damage to the Structure and Contents of the House due to acts of Terrorism.

What are the Sum Insured Options For Apartment Structure under a Home Insurance Policy?

Agreed Value Basis: The Flat/Apartment structure can be insured under the Agreed Value Basis, which will compensate the Insured Owner of the Apartment, the Actual Value of the Flat based on Ready Reckoner Rates.

This means that the Sum Insured under Agreed Value Basis will be Total Area of Flat Mentioned in the Registered Sale Deed Agreement *Per Square Feet Value mentioned in the Ready Reckoner issued by Revenue Authorities at the time of Proposal.

The Compensation Amount under the Agreed Value Option will be much higher than the Reinstatement Value Basis or Indemnity Basis as the Agreed Value Option will compensate the market value of the flat (based on Ready Reckoner Rates) and not the Construction Cost in case of any damage.

Reinstatement Value Basis: The Flat/Apartment structure can be insured under the Reinstatement Value Basis which will compensate the Insured Owner of the Flat, the Reconstruction Cost of the Flat of the same type in case of any damage.

This means that the Sum Insured under that Reinstatement value option will be Area of the Flat (Square Feet) indicated in the Registered Sale Deed Agreement*Present Day Cost of Construction in area/ locality where the Insured Property is situated as per the data available with the local government authority.

Indemnity Basis: The Sum Insured of the flat under Indemnity Basis will be the same as under Reinstatement Value Option except that a depreciation rate of 2.5% per annum will be applicable to the flat value, with the total depreciation not exceeding 70%.

What are the Sum Insured Options For Contents under a Home Insurance Policy?

New for Old Basis:The New for Old Basis of Sum Insured for Contents under a Home Insurance Policy, represents the Replacement Value of the Insured Items by a New Property of the same kind without any allowance for depreciation.

Indemnity Basis:The Indemnity Basis of Sum Insured for Contents under a Home Insurance Policy, represents the Replacement Value of the Insured Items by a New Property of the same kind less the amount amount required for betterment, wear and tear and/or depreciation.

What are the Sum Insured Options For Jewellery, Paintings Works of Art and Curios under a Home Insurance Policy?

Agreed Value Basis: The Sum Insured for Jewellery, Paintings Works of Art and Curios under a Home Insurance Policy will be under an Agreed Value Basis based on a Valuation Report submitted by the Valuer approved by the Insurance Company

What are the Sum Insured Options For Jewellery, Paintings Works of Art and Curios under a Home Insurance Policy?

Who can Purchase a Home Insurance Policy?

An Owner of an Apartment who has an Insurable Interest in the apartment being insured can purchase a Home Insurance Policy for the structure and its contents.

A Tenant who is living in a rented apartment can purchase a Home Insurance Policy for its contents.

Who can Purchase a Home Insurance Policy?

What are the exclusions under a Home Insurance Policy?

A Home Insurance Policy does not cover the following:

Exclusions under a Home Insurance Policy

Damages which are Pre-Existing in nature are not covered under a Home Insurance Policy

Loss or Damage or Collapse of “Building”due to structural defects, latent defects,poormaintenance,workmanship are nor covered

Loss or Damage to Contents due to Burglary/Theft where the Insured or any of the Insured’s Family Member is alleged to be implicated will not be covered

 

How to make a Claim under a Home Insurance Policy?

The Insured Owner needs to submit the following documents in case of a Claim under a Home Insurance Policy:

  • Duly Signed and Completed Claim Form detailing the Loss and Quantum of Damage
  • Fire Brigade Report in case of Fire Damage
  • Police report (FIR) for Theft and Burglary Claims Cover)
  • Bills and Invoices, Valuation Reports etc required to support and substantiate the Claim Amount
  • NEFT Details and Cancelled Cheque
How to make a Claim under a Home Insurance Policy?
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All Risk Cover for Building Structure and Contents
All Risk Cover for Building Structure and Contents
Cover for Works of Art, Jewellery, Paintings
Cover for Works of Art, Jewellery, Paintings
Insurance against Burglary and Theft
Insurance against Burglary and Theft
Insurance for Fire, Floods, Storms, Cyclones and Earthquakes
Insurance for Fire, Floods, Storms, Cyclones and Earthquakes
Long Term Cover for 5 Years
Long Term Cover for 5 Years

Get a Free Quote for a Home Insurance Policy with Qian!

Most businesses are exposed to various risks in their normal course. Though you cannot avoid them, careful planning can help you emerge from these losses in a far better position than if you would have not planned for these risks.

If you are looking to purchase Fire Loss of Profit Insurance for your Factory or Commercial Establishment, Qians team of experts will help you understand the various Clauses and make sure that you are adequately Insured in terms of Coverages and Limits.

Request your FREE 1 Hour Business Interruption Policy Review with Qian. Contact us for your Fire Loss of Profit Insurance Policy right now at support@qian.co.inor022-22044989or fill thisContact Form. We will respond within 24 hours, guaranteed.

Get a Free Quote for a Home Insurance Policy with Qian!

FAQS

An Owner of an Apartment who has an Insurable Interest in the flat being insured can purchase a Home Insurance Policy for the structure and its contents.

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