Household Insurance
This is a package policy specially designed to meet the insurance requirements of a householder by combining under a single policy, a number of our standard policies usually taken by householders. Discount in premium is offered depending upon the number of sections of the policy, opted for, by the proposer.
Who can apply for this policy?
This policy is suitable for all householders - whether you are a landlord or a tenant. Policies can be issued for a maximum period of one year. You can choose a comprehensive cover or a separate cover. Under the home insurance policy, there are 10 sections. If you opt for a comprehensive household insurance policy, all these 10 get covered at one go. If you opt for a separate policy, then you can pick and choose the sections on which you want coverage. But you have to take a minimum of two: the burglary and the fire coverage.
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What it covers?
Broadly, the policy insures you against loss of or damage to your house and its content including jewellery and other valuables and domestic appliances, third-party liability and even loss of baggage during travel. The coverage provided under various sections is given below which are subject to the standard exclusions as may be applicable.
- Fire & allied perils: Covers loss or damage to building and contents due to fire, lightning, impact damage, explosion/implosion, etc.
- Burglary & theft: Covers loss or damage of household property and contents due to burglary or theft during the normal course of occupancy and even if the house has been unoccupied.
- Audio and audio-visual appliances: A comprehensive coverage for your appliances like television covering loss or damage caused by fire, burglary and theft, mechanical and electrical break-down as well as legal liability up to specified amount.
- Breakdown of domestic appliances: Covers appliances like refrigerator against the risk of unforeseen and sudden mechanical and/or electrical breakdown.
- Purchase protection: Provides automatic protection for newly purchased articles against fire and burglary.
- Baggage: Your accompanied baggage is protected even while you travel.
- Transit of household goods: In case you need to relocate to a different city or to a different household in the same city, Home Secure will protect your possessions against loss or damage during transit in case of an accident to the carrying vehicle or if all the goods are not delivered.
- Personal Accident: Home insurance provides personal accident cover to the entire family on account of death, permanent total or partial disablement and medical expenses and ambulance charges up to specified limits related to and arising out of accident.
- Pedal cycle: Covers your pedal cycle comprehensively against accidental damages. Additionally it also covers liability towards third party injury and/or property damage up to Rs 10,000 only.
- Jewellery and valuables: Covers loss, destruction and damage to jewellery and valuables anywhere in India due to accident and/or misfortune.
How to select the sum insured
For the insurance of household items, it would be necessary to group the items in a broad category like furniture, clothing , linen, utensils , crockery etc. and give a value equivalent to the market value i.e. the value for which this used item could be bought or sold in the market.
How to claim
In case of any incident leading to a valid claim under the policy, following steps should be taken:
- Take necessary steps to minimize the loss/damage.
- In case of fire, inform fire brigade immediately.
- In case of theft, larceny or burglary inform the police immediately along with a list of items stolen and their approximate value.
- Inform insurance company by phone or fax and in writing.
- Extend full co-operation to the surveyor appointed by the insurance Co. and provide necessary documents to the substantiate the loss. A claim form issued by the company is also to be submitted.
- In case any rights of recovery exist against any other party responsible for the loss, your rights of recovery have to be subrogated to the insurance company on payment of claim
