Home Insurance Policy

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

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.

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%.

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.