General
What are the losses/ perils covered under this policy?
Home Insurance covers natural and man-made calamities.
- Fire
- Earthquake
- Lightning
- Floods
- Explosion of gas cylinder
- Spread of Fire due to short-circuit
- Riot, Strike, Malicious damage
- Aircraft laws
- Impact from rail/ road vehicles
- Storm, Cyclone, Flood
- Landslide
- Burglary
- Terrorism
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What is the procedure for assessing the value of my home structure and its contents?
The value of your home structure is assessed as per the area of your home multiplied by the rate of construction per. sq. feet, as on the date of taking the policy. For example, if your home is 1000 sq. feet and the construction rate per sq. feet is Rs. 800/-, then the sum insured for your home’s building structure is
Rs. 8,00,000.
On the other hand, the contents are assessed on the market value of the items. This means that if there were a loss, the claim would be paid on the value of purchasing a similar new item, less depreciation for the usage.
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I live on rent, why would I require insurance?
We have an option to cover your Contents. Our comprehensive Home Insurance policy covers your:
- Household appliances
- Jewellery
- Furniture & fixtures
- Personal items at your home
- Against fire and allied perils like earthquake, terrorism and burglary.
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Is my home insured if my wife uses a part of it (room) for conducting coaching classes?
No. Homes used for business purposes are not covered.
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What are the exclusions of this policy?
The company is not liable to make payment for:
- Any loss or damage by the insured and/ or insured’s domestic staff direct or indirect involvement in an attempted burglary.
- Any loss or damage on account of loss of livestock, motor vehicles, pedal cycles, money, securities for money, stamp, bullion, deeds, bonds, bills of exchange, promissory notes, stock or share certificates, business books, manuscripts, documents of any kinds, ATM debit or credit cards, unless previously specifically declared by the company.
- Any loss or damage to any property that is illegally acquired, kept, stored which is subject to forfeiture.
- Any loss or damage occurring while insured’s home is unoccupied, for a period of more than 30 days consecutively and if the insured failed to inform the company about the same.
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What if I sell the property during the insured period?
You have two options while selling your property during the insured period:
- You can transfer the policy to the person to whom the policy is sold by you.
- Or cancel the policy and get the premium back on pro- rata basis.
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If three people share an apartment can each one take a separate home insurance policy?
Yes, for their part of the asset.
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What are the exceptions against cover within the purview of the Householder's Insurance Policy?
Under Section 1 (B) the Householder's Insurance policy, any loss or damage suffered to the following is treated as an exception and cannot be claimed.
- Consumable articles
- Money/ Securities/ Stamps/ Stamp collection]
- Bullion and Livestock
- Motor vehicles and Pedal cycle
- Deeds/ Bonds/ Bills of exchange/ promissory notes/ Shares
- Books/ Manuscripts
- Loose precious stones, Jewellery and valuables
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How do we get the valuation done of our property?
The contents are covered on market value i.e. the cost of buying a similar new item after deducting appropriate depreciation on the basis of the age of the item. This includes household appliances, furniture, jewellery, personal effects and miscellaneous items.
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What happens if a house is sold?
If the new owner of the house wants to continue the cover, we might issue an endorsement on the name of the insured and pass the policy in the name of the current owner of the house. .
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On what basis are the structure and contents insured?
The structure of your home is insured as per the re-instatement value and the contents are insured as per the market value.
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How do you differentiate between riots and terrorism cover in case of Home policy?
- Riot refers to the violent disturbance of the public peace by three or more persons assembled for a common purpose.
- Terrorism/ Terrorist activity means use of force or violence harming human life or property, with the objective of pursuing personal or vested interests.
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Cover
Can the contents be covered in a building that is 45 years old?
We offer a cover for the buildings not more than 50 years old on case-to-case basis.
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If parents/ in-laws live in the same house are their possessions also covered?
The person with Insurable Interest can insure an asset. However, the insured can declare the possessions as ‘goods held in trust’ and take insurance for them.
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If I work out of my home. Is my inventory and business property also covered?
The Home Insurance product is only for residential property. In case you use your home as your place of business also, you have to take Merchant Cover.
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If I rent out my house will my tenants be also covered under Home Insurance?
The person who is the rightful owner can take Insurance Cover for an asset. If you own the building, you will have to take Building Insurance for the Civil Structure. In case your tenants want to insure their belongings, they have to buy insurance for the Contents separately.
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If my AC is damaged or is out of order due to the usual technical process, is it covered in the policy?
The admissibility of the claim will depend on the home insurance product issued to the said customer. In case there is no coverage for mechanical and electrical breakdown, the loss to the AC will not be covered. Only if the damage is caused due to the action of insured perils in that specific policy will the cover be extended.
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If losses are incurred due to an incident like the garden catching fire and spreading to the premises, will it be covered?
Yes, the spread of fire to the insured premises is covered but the fire should not be a deliberate action of the insured.
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If the insured carries his valuables outside his premises and the valuables are burgled the way, is the burglary covered?
No. Any burglary taking place outside the insured’s premises or when the insured items are outside the insured’s premises is not covered under the insurance policy. This is because this is a premises insurance policy and all coves are linked to the insured property inside the insured’s premises.
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If the insured’s servant is involved in the burglary, is the loss covered?
No. Any loss or damage caused due to burglary or attempted burglary where the insured's servants are involved is not covered under the policy.
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What are the documents required to buy a home insurance cover?
While buying the policy, you only have to fill the proposal form.
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What is the structure insured for?
The policy covers the losses to the structure 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 pipes
Optional covers:
Terrorism cover - Covers any damages and losses to the structure 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. 1,00,000 for up to 6 months. The cover is available only if you are insuring the structure of your home.
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What are the contents insured for?
The policy covers the losses to the 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 pipes
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.
Optional covers:
Terrorism cover - Covers any damages and losses to the contents of your home due to acts of terrorism.
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How to calculate value of structure?
In Home Insurance Policy, the structure of your home is insured for its reconstruction value (and not for market value). This value is the cost incurred to reconstruct the home if it is damaged. On the other hand market value of your home is a combination of cost of land, demand & supply scenario, etc.
The 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.
| City Category |
Construction Cost |
| Large Cities (like Mumbai, Bangalore, Delhi, Gurgaon) |
Rs. 800 |
| Mid Size Cities (like : Hyderabad, Ghaziabad, Nagpur, Indore, Ahemdabad ) |
Rs. 600 |
| Other cities/towns |
Rs. 400 |
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How to calculate value of contents?
The contents are assessed on the market value of the items. This means that if there were a loss, the claim would be paid on the value of purchasing a similar new item, less depreciation for the usage.
Premium
If I take additional safety precautions like fire extinguishers, smoke alarms, sprinklers etc. will it reduce my premium amount?
Installing fire-extinguishing apparatus does not lower premium in case of Home Insurance. Fire Extinguishing Allowance [FEA] is applicable for the entire building that the society can take.
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Claims
What do I do in case of a claim?
In case of claim:-
- Inform the Call Centre with the policy details.
- The company authenticates the claim request.
- Surveyor onsite within 48 hours.
- Surveyor submits report to the company within 72 hours on returning from site.
- The documents are procesed by the company within 7 days.
- On approval, payment sent to the insured.
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What are the documents required for filing a claim?
Documents required for filing a claim are:-
- Claim Form of the company duly completed and signed
- Other evidence of event occuring, nature and extent of loss such as:-
- First Information Report
- Fire Brigade Report
- Estimate of the repairers
- Rent Agreement
- Transport details for baggage loss
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What do I do in case of a burglary claim?
In case of burglary claims, amounts up to 75% of the claim payable (as assessed by the company appointed surveyor) will be paid on receipt of a copy of the first information report (FIR). The balance settlement will be made only on receiving the final police investigation report.
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How is the value of jewelry calculated?
Maximum value of jewelry covered will be 25% of total contents or Rs. 1 Lakh whichever is lower.
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Why a list of items is not required?
Insurance works on good faith. We as an insurance company trust our customers. Therefore the specific & detailed listing of your contents is NOT always necessary when you buy Home Insurance from us.
Preserving the bills helps in faster claims settlement. In absence of bills, alternate evidence will be taken into consideration. |
