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Home Insurance

Home Insurance
Home is a place that people look forward to coming to. Irrespective of occupation, social position, financial status everyone needs a home and its security because that is where the sweetest moments of one’s life are spent. Home Insurance is covered by all General Insurers were in the risk of damage to the structure or contents of home against different man- made and natural disasters are covered.  Therefore, there is a scope to cover Disaster Insurance in your Home Insurance Policy.  

Home Insurance Cover

A comprehensive Home Insurance Policy offers protection for your home (residential building) and its contents against a wide variety of risks. Accordingly, the following risk covers are included
1.       Fire and Special Perils
Ø  Fire
Ø  Lightning
Ø  Impact Damage
Ø  Aircraft Damage
Ø  Explosion/ Implosion
Ø  Storm/ Cyclone/ Typhoon/ Tempest/Hurricane/ Tornado/ Flood/ Inundation
Ø  Riot/ Strike/ malicious Damage
Ø  Landslide/ Rockslide
Ø  Bursting and/or overflowing of water tanks, apparatus, and pipes
Ø  Missile testing operations
Ø  Leakage from automatic sprinkler installation
Ø  Bush Fire
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2.       Earth Quake Cover
 
3.       Burglary and Theft Cover (only for contents)
Covers valuables lost or damaged due to burglary and theft and other contents/ equipment 
Add- On Covers may be included to provide extra protection, such as,
1.       Terrorism Cover
2.       Additional expenses of rent for alternative accommodation

Basic Home Insurance Plan Vs Householder’s Policy

The rationalization of insurance products has brought together multiple benefits under the single policy. It is always advised to buy a policy that provides comprehensive coverage to take maximum benefit.  For instance, Oriental’s Householder’s Package Policy covers the risk of Personal Accident and Third Party Liability arising out of Accident, violence and visible means. Further covers the medical and hospitalization expenses as well. http://www.orientalinsurance.org.in/householder-insurance.jsp

What is not covered under Home Insurance Policy?

Ø  Wilful destruction of property
Ø  Damage caused due to war, wear and tear etc.
Ø  Losses if home has been unoccupied for more than 30 days
Ø  Cash, Bullion, Paintings, work of Art and Antiques.
Reference
http://www.newindia.co.in/Content.aspx?pageid=113
http://www.newindia.co.in/Content.aspx?pageid=16
http://www.icicibank.com/Personal-Banking/insurance/general-insurance/home-insurance/home-insurance.page
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