General
- What are the losses/ perils covered under this policy?
- What is the procedure for assessing the value of my home structure and its contents?
- I live on rent, why would I require insurance?
- I live in a building insured by my society. Would I need to take additional Insurance?
- Is my home insured if my wife uses a part of it (room) for conducting coaching classes?
- What are the exclusions of this policy?
- What if I sell the property during the insured period?
- If three people share an apartment can each one take a separate home insurance policy?
- What are the exceptions against cover within the purview of the Householder's Insurance Policy?
- How do we get the valuation done of our property?
- On what basis are the structure and contents insured?
- How do you differentiate between riots and terrorism cover in case of Home policy?
Cover
- Can the contents be covered in a building that is 45 years old?
- If parents/ in-laws live in the same house are their possessions also covered?
- If I work out of my home. Is my inventory and business property also covered?
- If I rent out my house will my tenants be also covered under Home Insurance?
- If my AC is damaged or is out of order due to the usual technical process, is it covered in the policy?
- If losses are incurred due to an incident like the garden catching fire and spreading to the premises. Will it be covered?
- If the insured carries his valuables outside his premises and the valuables are burgled the way, is the burglary covered?
- If the insured’s servant is involved in the burglary, is the loss covered?
- What are the documents required to buy a home insurance cover?
- What is the structure insured for?
- What are the contents insured for?
- How to calculate value of structure?
- How to calculate value of contents?
Premium
- If I take additional safety precautions like fire extinguishers, smoke alarms, sprinklers etc. will it reduce my premium amount?
- What are the different modes of payment?
Claim
- What do I do in case of a claim?
- What are the documents required for filing a claim?
- What do I do in case of a burglary claim?
- How is the value of jewelry calculated?
- How will you assess a claim?
- Why a list of items is not required?
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Question 1 : What are the losses/ perils covered under this policy?
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Answer :Home Insurance covers natural and man-made calamities.
- Fire
- Earthquake
- Lightning
- Floods
- Explosion of gas cylinder
- Spread of Fire due to short-circuit
- Riot, Strike, Malicious damage
- Aircraft laws
- Impact from rail/ road vehicles
- Storm, Cyclone, Flood
- Landslide
- Burglary
- Terrorism
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Question 2 : What is the procedure for assessing the value of my home structure and its contents?
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Answer : 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.
For example, if your home is 1000 sq. feet and the construction rate per sq. feet is Rs. 800/-, then the sum insured for your home’s building structure is Rs. 8,00,000.
On the other hand, the contents are assessed on the market value of the items. This means that if there were a loss, the claim would be paid on the value of purchasing a similar new item, less depreciation for the usage.
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Question 3 : I live on rent, why would I require insurance?
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Answer : There is an option to cover your Contents. The comprehensive Home Insurance policy covers your household appliances, jewelery, furniture & fixtures, personal items at your home against fire and allied perils like earthquake, terrorism and burglary.
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Question 6 : What are the exclusions of this policy?
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Answer :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.
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Question 10 : How do we get the valuation done of our property?
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Answer : The contents are covered on market value i.e. the cost of buying a similar new item after deducting appropriate depreciation on the basis of the age of the item. This includes household appliances, furniture, jewelery, personal effects and miscellaneous items.
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Question 17 : If my AC is damaged or is out of order due to the usual technical process, is it covered in the policy?
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Answer : The admissibility of the claim will depend on the home insurance product issued to the said customer. In case there is no coverage for mechanical and electrical breakdown, the loss to the AC will not be covered. Only if the damage is caused due to the action of insured perils in that specific policy will the cover be extended.
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Question 22 : What is the structure insured for?
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Answer : The structure of your home is insured as per the re-instatement value. The policy covers the losses to the structure of your home due to any natural and manmade 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
Optional covers:
Terrorism cover - Covers any damages and losses to the structure 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.
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Question 23 : What are the contents insured for?
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Answer : The contents of your home are insured as per the market value.
The policy covers the losses to the contents of your home due to any natural and manmade 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 jewelry, 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 contents of your home due to acts of terrorism.
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Question 24 : How to calculate value of structure?
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Answer : In home insurance policy, the structure of your home is insured for its reconstruction value (and not for market value). This value is the cost incurred to reconstruct the home if it is damaged. On the other hand market value of your home is a combination of cost of land, demand & supply scenario, etc.
The 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.
| City category |
Construction cost |
Large cities (like: Mumbai, Bangalore, Delhi, Gudgaon |
Rs.800 |
Mid-Sized cities(like: Hyderabad, Ghaziabad, Nagpur, Nagpur, Indore, Ahmadabad) |
Rs.600 |
Other cities/towns |
Rs.400 |
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Question 25 : How to calculate value of contents?
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Answer :The contents are assessed on the market value of the items. This means that if there were a loss, the claim would be paid on the value of purchasing a similar new item, less depreciation for the usage.
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Question 27 : What are the different modes of payment?
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Answer : Now you can choose between 5 payment options to pay your premium online:
- Credit Card – Make secure premium payment with your VISA, Master and AMEX card. Avail EMI without any extra charges on Bank.
- Net banking - Transfer premium amounts online through Bank and 9 other select Banks
- Bill Pay – Use your Internet Banking account to pay your Motor Insurance premium
- Debit Card – Just enter your Debit Card details to pay your insurance premium directly
- Cash Card - Use your Done Card to make payment online.
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Question 28 : What do I do in case of a claim?
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Answer :In case of claim:-
- Inform the Call Centre with the policy details.
- The company authenticates the claim request.
- Surveyor onsite within 48 hours.
- Surveyor submits report to the company within 72 hours on returning from site.
- The documents are processed by the company within 7 days.
- On approval, payment sent to the insured.
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Question 29 : What are the documents required for filing a claim?
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Answer :Documents required for filing a claim are:-
Claim Form of the company duly completed and signed
Other evidence of event occurring, nature and extent of loss such as:-
-- First Information Report
-- Fire Brigade Report
-- Estimate of the repairers
-- Rent Agreement
-- Transport details for baggage loss
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Question 30: What do I do in case of a burglary claim?
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Answer :In case of burglary claims, amounts up to 75% of the claim payable (as assessed by the company appointed surveyor) will be paid on receipt of a copy of the first information report (FIR). The balance settlement will be made only on receiving the final police investigation report.
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Question 32: How will you assess a claim?
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Answer : On providing the relevant information, including your policy details and claim details, your claim request is authenticated and is escalated to the company's claim Department.
The claim department validates and registers the request. a surveyor is appointed within 48 hours.
The surveyor submits the Final Survey Report (FSR) along with the documents within 7 days.
On approval of the claim, a letter is send to you giving the approved amount of settlement along with the discharge voucher.
Payment cheque is released on receipt of the signed discharge voucher.
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Question 33: Why a list of items is not required?
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Answer :
Insurance works on good faith. The insurance company trusts their customers. Therefore, the specific & detailed listing of your contents is NOT always necessary when you buy Home Insurance from us.
Preserving the bills helps in faster claims settlement. In absence of bills, alternate evidence will be taken into consideration.
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Frequently Asked Questions