|
1 |
Can I insure my House for the value for which I have purchased? |
|
|
|
2 |
What are the criteria for arriving at the cost of construction? |
|
|
|
3 |
|
|
|
|
4 |
How will I arrive at the sum insured of my contents? |
|
|
|
5 |
What is Market Value and Reinstatement Value? |
|
|
|
6 |
Is it necessary to produce bills of purchase while taking the insurance cover for my contents? |
|
|
|
7 |
Can I pay my premium in installments? |
|
|
|
8 |
|
|
|
|
9 |
Is my home insured if my wife uses a part of it (room) for conducting coaching classes? |
|
|
|
10 |
What are the exclusions of this policy? |
|
|
|
11 |
What if I sell the property during the insured period? |
|
|
|
12 |
|
|
|
|
13 |
|
|
|
|
14 |
How do you differentiate between riots and terrorism cover in case of Home policy? |
|
|
|
15 |
What happens if a house is sold? |
|
|
|
16 |
|
|
|
|
17 |
If I work out of my home. Is my inventory and business property also covered? |
|
|
|
18 |
|
|
|
|
19 |
|
|
|
|
20 |
|
|
|
|
21 |
|
|
|
|
22 |
What is my house covered against in a Home Insurance Policy? |
|
|
|
23 |
What are the documents required for filing a claim? |
|
|
|
24 |
Can I reinstate my Sum Insured during the policy period? |
|
|
|
25 |
Is my mobile and laptop covered, when out of my house premises? |
|
|
|
26 |
Is my jewelry insured, when worn in person? |
|
|
|
27 |
Is the jewelry kept in my bank locker covered under the policy? |
|
|
|
28 |
|
|
|
|
29 |
|
|
|
|
30 |
Is third party liability covered under the policy? |
|
|
|
31 |
Does the policy pay for any consequential loss? |
|
|
|
32 |
|
|
|
|
33 |
How will I lodge a claim? |
|
|
|
34 |
What is the basis for the claim payment? |
|
|
|
35 |
What if I undervalue my building or contents? |
|
|
|
36 |
|
|
|
|
37 |
|
|
|
|
1 |
Can I insure my House for the value for which I have purchased? |
| |
|
Sum Insured for your house excludes the cost of land. |
| |
|
Sum Insured is calculated as follows- |
| |
|
Covered Area (Sq. ft) * Cost of construction (per sq. ft) = SI for your Building |
| |
|
E.g. (400sq ft) * (Rs 700/sq ft) = Rs 280000/-(SI of Building) |
|
| |
2 |
What are the criteria for arriving at the cost of construction? |
| |
|
Cost of construction includes material and labour cost/sq. ft. |
| |
|
In a place like Delhi cost of construction varies from Rs800/sq ft. to Rs1200/sq ft. depending on the quality of construction. |
|
| |
|
Can I insure my contents at different values under fire and burglary sections? |
| |
|
No, the contents have to be insured at same value under both the sections. |
|
| |
4 |
How will I arrive at the sum insured of my contents? |
| |
|
Sum insured for your contents will be the reinstatement value except for your personal effects. |
| |
|
Sum insured for personal effects will be the Market Value. |
|
| |
5 |
What is Market Value and Reinstatement Value? |
| |
|
“Market Value” means Replacement Value less depreciation. |
|
| |
|
“Reinstatement Value” means the cost of replacing or reinstating on the same site, property of the same kind or type but not superior to or more extensive than the insured property when new. |
|
| |
6 |
Is it necessary to produce bills of purchase while taking the insurance cover for my contents? |
| |
|
No, you do not need to produce bills of purchase while taking insurance for your contents. |
|
| |
7 |
Can I pay my premium in installments? |
| |
|
No, you cannot pay your premium in installments. |
| |
|
8 |
I live in a building insured by my society. Do I need to take additional Insurance? |
| |
|
The insurance that your society provides may offer you a limited cover and generally includes only structure and not contents. You should buy home content insurance cover for your belongings if building structure of your house is insured by the society. |
|
|
| |
9 |
Is my home insured if my wife uses a part of it (room) for conducting coaching classes? |
| |
|
No. Home used for business purposes are not covered. |
|
|
| |
10 |
What are the exclusions of this policy? |
| |
|
|
| The company is not liable to make payment for: |
|
| 1. |
Any loss or damage by the insured and/ or insured's domestic staff direct or indirect involvement in an attempted burglary. |
|
| 2. |
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. |
|
| 3. |
Any loss or damage to any property that is illegally acquired, kept, stored which is subject to forfeiture. |
|
| 4. |
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. |
|
|
|
| |
11 |
What if I sell the property during the insured period? |
| |
|
| You have two options while selling your property during the insured period: |
|
| 1. |
You can transfer the policy to the person to whom the property is sold by you. |
|
| 2. |
You can also cancel the policy and get the premium back on pro- rate basis. |
|
|
|
|
12 |
If three people share an apartment, can each one take a separate home insurance policy? |
| |
|
Yes, for their part of the asset. |
|
|
| |
13 |
What kind of assets are not covered under the Home Insurance Policy? |
| |
|
|
Under Section 1 (B) the Householder's Insurance policy, any loss or damage suffered to the following is treated as an exception and cannot be claimed. |
|
| 1. |
Consumable articles |
|
| 2. |
Money/ Securities/ Stamps/ Stamp collection |
|
| 3. |
Bullion and Livestock |
|
| 4. |
Motor vehicles and Pedal cycle |
|
| 5. |
Deeds/ Bonds/ Bills of exchange/ promissory notes/ Shares |
|
| 6. |
Books/ Manuscripts |
|
| 7. |
Loose precious stones, Jewellery and valuables |
|
|
|
| |
14 |
How do you differentiate between riots and terrorism cover in case of Home policy? |
| |
|
| 1. |
Riot refers to the violent disturbance of the public peace by three or more persons assembled for a common purpose. |
|
| 2. |
Terrorism/ Terrorist activity means use of force or violence harming human life or property, with the objective of pursuing personal or vested interests. |
|
|
|
| |
15 |
What happens if a house is sold? |
| |
|
If the new owner of the house wants to continue the cover, we might issue an endorsement on the name of the insured and pass the policy in the name of the current owner of the house. |
|
|
| |
16 |
If parents/ in-laws live in the same house are their possessions also covered? |
| |
|
The person with Insurable Interest can insure an asset. However the insured can declare the possessions as 'goods held in trust' and take insurance for them. |
|
|
| |
17 |
If I work out of my home. Is my inventory and business property also covered? |
| |
|
The Home Insurance product is only for residential property. In case you use your home as your place of business also, you have to take Merchant Cover. |
|
|
| |
18 |
If I rent out my house will my tenants be also covered under Home Insurance? |
| |
|
The person who is the rightful owner can take Insurance Cover for an asset. If you own the building, you will have to take Building Insurance for the Civil Structure. In case your tenants want to insure their belongings, they have to buy insurance for the Contents separately. |
|
|
| |
19 |
If losses are incurred due to an incident like the garden catching fire and spreading to the premises. Will it be covered? |
| |
|
Yes, the spread of fire to the insured premises is covered but the fire should not be a deliberate action of the insured. |
|
|
| |
20 |
If the insured carries his valuables outside his premises and the valuables are burgled the way, is the burglary covered? |
| |
|
No. Any burglary taking place outside the insured's premises or when the insured items are outside the insured's premises is not covered under the insurance policy. This is because this is a premises insurance policy and all coves are linked to the insured property inside the insured's premises. |
|
|
| |
21 |
If the insured's servant is involved in the burglary, is the loss covered? |
| |
|
No. Any loss or damage caused due to burglary or attempted burglary where the insured's servants are involved is not covered under the policy. |
|
|
| |
22 |
What is my house covered against in a Home Insurance Policy? |
| |
|
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 man made calamities. The calamities covered are: |
|
| 1. |
Fire |
|
| 2. |
Riot, strike & malicious damage |
|
|
| 3. |
Explosion & implosion |
|
| 4. |
Earthquake |
|
| 5. |
Lightning |
|
| 6. |
Storm, cyclone, tempest, tornado, hurricane, flood & inundation |
|
|
| 7. |
Damage due to impact by vehicles |
|
|
| 8. |
Subsidence, landslides and rockslides |
|
|
| 9. |
Leakage from automatic Sprinkler installations |
|
|
| 10. |
Aircraft damage |
|
|
| 11. |
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. |
|
|
|
|
|
Burglary cover (only for contents): The contents of your home can also be covered against loss due to burglary or an attempted burglary. It also covers loss of jewelry, silver articles and precious stones kept under lock and key,. |
|
|
| |
23 |
What are the documents required for filing a claim? |
| |
|
Documents required for filing a claim are: |
|
| 1. |
Claim Form of the insurance company duly completed and signed |
|
| 2. |
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 |
|
|
|
| |
24 |
Can I reinstate my Sum Insured during the policy period? |
| |
|
Yes, the Sum Insured can be reinstated during the policy period. |
|
| |
25 |
Is my mobile and laptop covered, when out of my house premises? |
| |
|
No, your mobile and laptop are covered only within your house premises. |
|
| |
26 |
Is my jewelry insured, when worn in person? |
| |
|
No, jewelry is covered when kept in locked safe in your house, and duly certified by valuators. |
|
| |
27 |
Is the jewelry kept in my bank locker covered under the policy? |
| |
|
No, Jewelry kept in your bank lockers is not covered. |
|
| |
28 |
Does the policy pay for electrical and mechanical breakdown of electronic items? |
| |
|
Yes, electrical and mechanical breakdown are covered under the policy. |
|
| |
29 |
Am I reimbursed for medical expenses arising out of injury caused during a burglary? |
| |
|
No, the policy does not pay for medical expenses. |
|
| |
30 |
Is third party liability covered under the policy? |
| |
|
Yes, third party liability can be covered under the policy. |
|
| |
31 |
Does the policy pay for any consequential loss? |
| |
|
No, the policy does not pay for the consequential losses. |
|
| |
32 |
Does the policy reimburse rent for alternative accommodation if my home is rendered uninhabitable due to an insured peril? |
| |
|
Yes, the policy can pay the rent for alternative accommodation if this benefit is opted for, by paying an additional premium. |
|
| |
33 |
How will I lodge a claim? |
| |
|
You can lodge a claim on our service helpline no. 0 98 1070 1070 |
|
| |
34 |
What is the basis for the claim payment? |
| |
|
Claim will be payable based on reinstatement value for building and contents except for personal effects.
Claim for personal effects are paid according to the Market value. |
|
| |
35 |
What if I undervalue my building or contents? |
| |
|
For underinsurance the claim will be payable on pro-rata basis. |
| |
|
Example: Your Property Value is Rs1000000/-
You take your Sum Insured Rs 700000/-
Loss Amount is Rs 100000/-
Claim Payable - 700000/1000000*100000 = Rs 70000/- |
|
| |
36 |
Can I claim more than once under my policy during the policy period? |
| |
|
Yes you can claim more than once during the policy duration upto the limit of sum insured. |
|
| |
37 |
Will I be entitled for any discount on the renewal for a claim free year? |
| |
|
No, there are no discounts available on renewal for a claim free year. |
| |
