Home Insurance - Introduction

Policy Coverage

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.

• 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 pipe

• 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.

• 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.

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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.

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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.

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• Wilful 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.
• Loss to the structure and / or contents of your home due to acts of terrorism.

For more details, kindly refer to the Policy Wordings

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