Home Insurance FAQs
What does a home insurance cover?
A Home Insurance policy covers the Building structure and the contents inside the home.
How is the sum insured of house value calculated?
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. The price of the home includes the cost of the land and the cost of constructing the building structure on this land but the land cannot be insured.
If I am on rent what insurance can I take?
You can have a insurance cover for the contents of the home. All things like Household appliances, Jewellery, Furniture & fixtures, Personal items at your home etc cam be covered against fire and allied perils like earthquake, terrorism and burglary.
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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.
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
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.
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.
Is there any eligibility criteria for availing the policy?
This policy is available to any person, including property owned by foreign nationals, provided the property proposed for insurance is situated within The Indian territory. As regards the settlement of the claim , if any, the same shall be in Indian currency only.
What documents are needed to file a claim of loss?
You have to fill the Claim Form of the insurance company and submit it along with other documents showing the nature and extent of loss. The documents may the First Information Report, Fire Brigade Report, Estimate of the repairers in case of damage, etc.
