Home Appliance Insurance
Appliance Insurance is never a bargain. Any modern appliance built today (and automobiles, too) will last long enough for you to get your money's worth. Most appliances (or autos) will break down during it's warranty period; this is called "infant mortality", and will be covered by your store or appliance guarantee. Further, and increasingly, the unit will fail more and more at the end of its life span; this is the time to decide on repair or replacement.
The domestic appliances insurance policy can be taken as an individual policy or as a part of Householder's Package Policy. 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. A comprehencive cover for the home and well as the home appliances and contents covers the losses to the structure and contents of your home due to any natural and man made calamities.
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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.
