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Useful Tips


  Home Insurance

Owning a home is a lifelong ambition for most of the people. After making substantial investments in that dream abode, one needs to insure it against future risks and perils. Besides natural calamities such as cyclones and earthquakes, man-made disasters too pose significant threats to residential properties.

Home insurance policy also protects against other hazards like gas cylinder explosion, fire due to electric short circuit as well as man-made disaster like burglary.

Home insurance policy available in the market covers broadly two things:

  • Building structure
  • Contents inside the home
Insurance Covers for a Building Structure are:

1. The Fire and Special Perils Cover

This is a comprehensive packaged cover that covers damages to the structure of home due to
  • Fire
  • Storm, tempest, flood & inundation
  • Riot, strike & malicious damage
  • Lightning
  • Explosion & implosion
  • Aircraft damage
  • Damage due to impact by vehicles
  • Subsidence, landslides and rockslides
  • Bursting and/or overflowing of water tanks, apparatus and pipes
  • Missile testing operation
  • Leakage from automatic Sprinkler installations
  • Bush fire
2. Earthquake Cover: Covers damages to the structure of your house due to earthquake

3. Terrorism Cover: Covers damages to the structure of your house due to acts of terrorism

A home insurance does not cover the market value of the home. The price of the home includes the cost of the land and the cost of constructing the building structure on this land and the land cannot be insured. The insurance cover is only for the cost of constructing the building. The sum insured is calculated by multiplying your home area by the construction rate per sq. feet.

Insurance Cover for Contents Inside the Home:

This cover is only for damages or loss of the contents inside the home -electronic and electrical goods, furniture and fixtures, clothing, jewelry and any other contents inside the home.

The covers that can be taken for the contents are as follows:

  • The Fire and Specials Perils Cover
  • Earthquake Cover
  • Burglary
  • Loss / damage to contents due to burglary or an attempted burglary
  • Loss of jewelry, gold ornaments, silver articles and precious stones kept under lock & key

 

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