Home Insurance

Risk

Our home is our most valued possession. It's a dream come true for most Indians. People take out homeowners insurance for the same reason that they take out car and health insurance: If a home is damaged or someone else injured on the property, insurance helps owners cope with the financial consequences.

Accidents can take place at any time and that is why it is necessary to play safe and take the necessary safety net available through insurance. Opting out of home content insurance or flood damage insurance would bring unimaginable misery in case of an accident.

Solution

Homeowners insurance isn't just for victims of major disasters. From water damage to vandalism to someone accidentally injuring himself at your home, homeowners insurance has many applications. The right home insurance cover will help you in recovering livelihood of your life time in case of any mishap.

A natural disaster or accident that may destroy or damage homes severely could lead to huge rebuilding or repair costs that people may not be able to afford at all. Home insurance also provides protection from any liability and legal responsibility for damage or injury your property, you or any member of your family including pets may cause to others.

You should therefore opt for the right home insurance that fits in your home budget. Your home insurance policy can also include cover for expensive personal belongings such as jewellery, cash, expensive electronic gadgets and appliances.

Cover

You can choose to buy insurance for only the building (structure) of your home, or only the contents (belongings) or both.
The following fire and special perils are covered:

• Fire
• Lightning
• Impact Damage
• Aircraft damage
• Explosion / implosion
• Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
• Riot, Strike, Malicious Damage
• Landslide including Rockslide
• Bursting and/or overflowing of water tanks, apparatus and pipes
• Missile testing operations
• Leakage from automatic sprinkler installations
• Bush Fire

Earthquake Cover

Under the earthquake cover, the policy covers loss or damage (including loss or damage by fire) to any of the property Insured by this policy occasioned by earthquake including Landslide / Rockslide resulting therefrom but excluding flood or overflow of the sea, lakes, reservoirs and rivers caused by Earthquake. Sum Insured for this cover is identical to the Sum Insured against the risk covered under main policy except for the value of the plinth and foundations of the building(s)

Burglary cover and theft cover(only for contents)

The contents of your home are also covered against loss due to burglary or theft 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 1 Lakh, whichever is lower. Jewellery, silver articles and precious stones are only covered for Burglary cover and not for Theft.

Optional covers

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

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 Lakh for up to 6 months. This cover is available only if you are insuring the structure of your home.