Why do I need home insurance? You have always cherished to make your dream house. Saved every penny, worked hard, and planned harder - all towards a dream of a perfect abode to gift yourself and your family. To secure your dream, you need to secure your home and its content with insurance against fire, external conditions, robbery, etc. To protect your house against risks against unforeseen disasters you need home insurance else you can take home protection cover to cover your home belongings when you are away from your home during trip.
Property valuation is done by multiplying the built-up area of the property with the cost of construction per square feet.
Police FIR is mandatory in the case of burglary, theft, malicious damage, riot and strike.
Burglary is when there is forceful entry in the premises in order to rob. Theft is when there is a robbery without any evidence of forceful entry in the premises. Larceny is when a known person on the premises has robbed or stolen the insured’s belongings.
From the time the transfer of ownership becomes effective, the policy stands cancelled and the insured ceases to be an insured under the policy. We will then refund the premium for the balance of the insured period.
The original invoice has to be submitted, giving the value of the items stolen. In addition to this you also have to give the replacement cost/repair cost, FIR, Final police report and claim form.
No there is no age limit to buy a home insurance policy.
Your insurance cover starts from the commencement date indicated by you in the proposal form or receipt of the premium by us, whichever is later.
The policy covers losses to building due to natural calamity or manmade events like fire, storm, cyclone, typhoon, lightning, subsidence and landslides, flood and inundation, earthquake, riot, strike, malicious and terrorism damage (optional cover), explosion/implosion, etc. The policy covers your home building contents, appliances, valuables against fire and allied perils including terrorism damage (optional cover), earthquake along with burglary, housebreaking, hold-up and breakdown of mechanical / electrical appliances.