Your home is a fruit of your labour, it is your pride and provides you with immense joy. Insurance companies have come out with unique home insurance policies to protect it from various natural and man made disasters. Home insurance protects your house against burglaries, theft, fire, earthquake, explosion etc.
Calculation of Home Insurance Amount/Premium:Companies provide its customers with instant home insurance quotes. The amount of home insurance cover needed is calculated keeping a number of factors in mind. Area of house (in sq.ft.) , location of property, approximate rate of construction (in Rs./sq.ft.) are generally considered by insurance companies.
A property more than 50 years old is not insured. Another point considered while insuring a home is that companies only consider 'Pukka/Permanent' construction. Keeping the above factors in mind, an individual has to pay the premium every month/quarter/six months according to the sum insured.
Insurance companies come out with different home insurance policies to suit the unique needs of its customers. While some policies have a standard/fixed cover, others are flexible package, including a basket of coverages. The premium for such covers is higher than the standard cover.
This is because the risk of the company insuring is more
Home Insurance Claim Procedure:In the event of some burglary, theft, fire, the claims of individuals are settled fast by companies.
Leading insurance companies are launching 24 hours helplines and call centers to fasten the claim process and provide better service to customers.
The call center registers the claim request after the individual furnishes all personal details and details of the policy taken.
A company appointed surveyor inspects the site and submits the loss report.
In case a surveyor is not appointed, an individual must submit documents to be insured to the company.
The claim is processed by company within 7-15 days.
On approval of the claim, a letter is sent to the insured giving the approved amount of settlement.
Payment cheque is released.
Documents Required for Home Insurance Claim:
Duly completed and signed claim form
Copy of FIR
Final Report from police
Copy of all invoices, price lists
Letter of Indemnity from Insured
For Third Party Claims:
Claim form duly signed
RC copy of the vehicle
Driving license copy
Original policy copy
Original FIR copy
RTO transfer papers duly signed, mentioning that the vehicle cannot be located
Home Plans
Gold PlanThe Gold plan covers much more than just your home. It offers family protection, covers loss of cash, public liability, temporary resettlement, alternative accommodation and baggage insurance. Other add ons offered are loan repayment for home and car and cover for terrorism.(Code: Misc 46)
Policy CoverageBuilding cover This covers the structure of your home. You can avail compensation for repair damages to the building's structure caused by natural and man-made calamities.Contents cover This cover the belongings of your home.
It provides protection for incurred losses due to damages or burglary.Your house is covered for the following comprehencsive range
Fire and Special Perils Cover- Rs. 80,00,000.A comprehensive cover that provides for damages to the structure and the contents of your home due to- Fire- Storm, tempest, flood & inundation- Riot- Strike & malicious damages- Lightning- Cyclone- Explosion & implosion- Aircraft damage/ damage due to impact by vehicles- Landslides and rockslides- Bursting and/ or overflowing of water tanks, apparatus and pipes- Missile testing operation- Leakage from automatic Sprinkler installation
Burglary- Rs. 30,00,000 This covers the loss of contents due to burglary and loss of jewellery, gold ornaments, silver articles and precious stones that are kept under lock and key.
Family Protect- Rs. 1,00,000 Protects your financial commitments against death or injury due to an accident to you or your spouse.
Reimbursement of Medical / Hospital expenses- Rs. 20,000 This covers the medical expenses incurred in case of bodily injury sustained due to any insured peril as provided in the fire and special perils and burglary covers.
Loss of cash whilst-in-transit- Rs. 10,000: Loss of cash-in-teansit protects you for any loss of cash in your possessions while being carried from the bank or ATM on the way to the desired destination, due to burglary.
Baggage insurance- Rs. 10,000 (Excess Rs. 1,000) It covers the total loss or damage of your baggage during a trip to any part of India due to fire, riot, strike, or theft.
Public liability Premises- Rs. 4,00,000 (excess Rs. 40,000) It protects you against legal liability in case of accidental death, bodily injury or damage to property of a third party.
Expenses towards temporary resettlement- Rs. 10,000 Any damages due to packing, unpacking, moving the expenses to an alternative place in case the insured’s home is damaged by any peril is covered under this policy.
Expenses on rent for alternative accommodation- Rs. 1,00,000 The policy provides for any additional expenses incurred for the payment of rent, while shifting to an alternative accommodation due to perils covered under this policy.Basis of Valuation
Structure of your home The structure of your home is covered on ‘Reinstatement Value’ basis. This is the cost of rebuilding your home with the similar new construction. It does not cover the market value of your home as the land and the status value of that particular location also adds to this price. Only the cost of construction of the home is covered, as land is indestructible.
Contents of your home All the contents are covered at their market value. This means that if there were a loss, the claim would be paid on the value of purchasing a similar new item, less depreciation.
The limit for the value of jewellery that can be covered is 25% of the chosen sum insured or Rs. 1 lac, whichever is lower. Thus, if you have chosen a sum insured of Rs. 3 lacs, then the value of jewellery that can be covered is Rs. 75,000 and if you have chosen a sum insured of Rs.6 lacs your jewellery can be covered only for Rs.1 lac even though 25% of your sum insured comes to Rs.1.5 lacs.
Business Products
The key to successful business is proper risk management. It’s all about managing risk effectively. Our comprehensive commercial product line is aimed at businesses of all kinds and sizes. We offer products that match your personal and business needs and provide you a perfect protection cover
