Other than health, life & automobile, another biggest asset of an individual is his/her home and valuables inside which usually comes with lifetime savings & earnings. With home insurance, a customer, not only covers their valuables against risk of burglary or theft, they also cover their home against risk of natural calamities
What can be covered under Home Insurance?
- Cost of building, foundation & structure
- Furniture & fixtures
- All Electrical, Electronic and mechanical machines/items such as Television, Security system, Washing machine, refrigerator, computer etc.
- Cash in Safe
- Jewellery, Gold, bullion or any other precious metal items, watches etc
- Fine arts such as painting or any other artwork
- Or any other items as declared.
- Repair or replacement cost due to electrical or mechanical breakdown of such item
What are coverage under home Insurance?
Home Insurance compensates against financial losses incurred by a customer due to physical damage of property insured because of below circumstances:
- Aircraft damage
- Impact Damage
- Riot, Strike, malicious damage
- Storm, cyclone, Typhoon, tempest, flood, Inundation, Hurricane, turnado
- Landslide including rockslide
- Bursting and/or overflowing of water tanks, apparatus, and pipes
- Missile testing operations
- Leakage from automatic sprinkler Installation
- Bush fire
What are general exclusion under home Insurance?
- Any loss or damage caused by you or your 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 your home is unoccupied for a period of more than 30 days consecutively and if you failed to inform the company about the same.
- Natural wear and tear
- War, invasion related circumstances