Home insurance or property insurance secures the structure along with its content against unwanted events like fire, theft, natural calamities (storm, cyclone, etc.) or man-made activities (riots and terrorism). With the arrival of auspicious occasions, it is advisable for you to invest in a home insurance policy, as securing your assets is one of the best things to do during this festive time. An unfortunate incident can cause irreversible damage, leading to vulnerable financial losses; hence, it is wise to buy property insurance.
The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for every insurer to offer a standard home insurance policy known as Bharat Griha Raksha from April 1, 2021. Bharat Griha Raksha provides coverage against loss, damage, or destruction of the home building and its contents due to unforeseen circumstances.
Our nation is prone to natural calamities and constant fire incidences, which lead to irreversible damages. For example, in 2021, cyclone yaas in Odisha and a major fire incident in Kullu, Himachal Pradesh in December 2021, gutted 15 houses and led to severe destruction of property. Hence, to avoid getting your years of income drained out in a fraction of seconds from these kinds of incidences, it is advisable to buy a home insurance policy.
Why there is a Need for Home Insurance in India?
While home insurance is not mandatory in India, you may think of getting a home insurance plan depending upon the risk factors in India. For example, many regions are prone to natural calamities like floods, earthquakes and cyclones; do not forget those fire incidents and thefts/burglaries that happen here most of the times. Hence, buy a home insurance plan to get coverage under following circumstances:
• Fire Accidents
• Thefts and burglaries
• Natural calamities
• Man-made hazards
• Damage to belongings.
What Does A Home Insurance Policy Cover?
- Fire Accidents:-A fire accident is quite traumatic and painful. But you can count on us to help you rebuild and restore your home the way it was.
- Thefts and Burglaries:-Burglars and thieves come uninvited to your home. Hence, it is better to secure your house with a home insurance policy to avoid financial losses. We cover losses from thefts and try to help you during your hard times.
- Electrical Breakdown:-You may take care of your electronic appliances and gadgets as much as you can. But sometimes they might breakdown. Worry not, we cover the sudden expenses incurred in case of electrical breakdowns.
- Natural Calamities:-Natural calamities like floods and earthquakes are beyond anyone’s control and within short span of time it can cause major damage to the home and its content. However, what’s in our control is to protect against potential loss of your home and its belongings with our home insurance policy.
- Alternate Accommodation:-When you are searching for a temporary roof over your head when your home is uninhabitable due to an insured peril, we are there to help. With our alternative accommodation clause**, we ensure that you have a temporary place to stay comfortably till your house is ready for accommodation again.
- Accidental Damage:-Put a seal of safety on expensive fittings and fixtures with our home insurance plan. We truly believe in retaining that you need to protect your precious belongings whether you’re a homeowner or a tenant.
- Man-Made Hazards:-A man-made hazard such as riots and terrorism can be just as damaging as a natural disaster. That’s why we’ve committed to doing all we can to help protect you from the financial burden in the aftermath.
What Does A Home Insurance Policy Not Cover?
- War:-Loss/Damages arising of events including war, invasion, Act of foreign enemy, hostile are not covered.
- Precious Collectibles:-Losses arising out of damage to bullions, stamps, work of art, coins etc. will not be covered.
- Old Content:-We understand that all your precious possessions hold emotional value but anything that’s over 10 years old will not be covered under this home insurance policy.
- Consequential Loss:-Consequential losses are losses that are not the natural result of the breach in the usual course of things, such losses remains uncovered.
- Willful Misconduct:-We ensure your unforeseen losses are covered, however if the damage is willfully conducted then it is not covered.
- Third Party Construction Loss:-Any damage caused to your property due to third party construction is not covered.
- Wear & Tear:-Your home insurance does not cover usual wear and tear or maintenance/renovation.
- Cost of Land:-Under circumstances, this home insurance policy shall not cover the cost of land.
- Under Construction:-Home insurance cover is for your home where you reside any under-construction property will not be covered.