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| 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 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 structure of your home is insured as per the re-instatement value.
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 contents of your home are insured as per the market value.
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.
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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 |
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