Home Insurance - Introduction It is imperative that you secure your home from natural and man-made catastrophes. Our Home Insurance Plan ensures you peace of mind by protecting the structure and the contents of your home.
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 pipes
Burglary and Theft cover (only for contents): The contents of your home are also covered against loss due to burglary or an attempted burglary / housebreaking including larceny and theft. 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 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. 1,00,000 for up to 6 months. The cover is available only if you are insuring the structure of your home.
FICCI surveys show that realty rates may escalate 10%-15% in next 6 months of 2007
According to official statistics, the Maharashtra floods on July 26, 2005, has led to damages to over 1,87,000 houses all over the State, affecting eight lakh families
Protect your single largest investment against losses due to natural or man-made calamities like fire, floods, burglary, earthquake
Cover your household contents including furniture, durables, clothes, utensils, jewelry, at market value to accommodate inflation
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.
Digitally signed policy is available 24X7 online, customer can take prints instantly. The hard copy of the policy is couriered the same day (or next day if customer buys after 6 PM) and will reach him/her within 2-3 working days.
0% EMI option: You can pay online through ICICI Bank, Citibank & HDFC Bank Credit Card at 0% EMI (interest-free EMI). Note: EMI option subject to minimum annual premium of Rs. 1500. Click here to know more.
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