Building a Home Gym? Know If It Is Covered Under Your Home Insurance Policy

Posted on: Apr 4, 2024 | 3 mins | Written by: HDFC ERGO Team

Building a Home Gym? Know If It Is Covered Under Your Home Insurance Policy

Embarking on the journey to create your dream home gym is an exciting endeavour. It can be choosing the right equipment or designing the perfect workout space; we all want to create the best. However, besides all the excitement, it's crucial to pause and consider a factor that might not be at the forefront of your mind – home insurance. Ensuring that your insurance for home adequately covers your gym and its valuable equipment is a step often overlooked. Still, it could be a financially wise decision in the long run. HDFC ERGO can be your best pick when it comes to selecting the best insurance coverage for this purpose.

Personal Property Insurance Protects Pricey Equipment

Your home gym is likely equipped with valuable fitness gear and equipment that you've invested in to enhance your fitness journey. It can be specialised weightlifting machines or high-end treadmills; these items represent your heavy financial investments. They also play the crucial role of contributing to your physical well-being. Personal property insurance, a component of homeowners' or renters' insurance, generally covers these possessions. However, directly referring to the policy wordings for the assurance is the best way to walk!

Basic home gyms with affordable equipment might not raise concerns. But, if you have invested heavily to create a customised workout space, you should ensure your property insurance policy offers adequate coverage for these costly instruments. Checking for any exclusions related to exercise equipment in the policy is wise. We all know that accidents can happen, but we should be prepared for unwanted events by correctly understanding the terms of coverage.

Another vital thing to consider is personal injury liability. If you let someone work out in your gym outside of your family circle or run the gym for commercial purposes, you need to pay extra attention. If any of your clients get injured, proper insurance for home gym will be your shield for paying him/her medical expenses. So, opt for an insurance provider or, better to say, an insurance policy that takes care of this unwanted hassle. HDFC ERGO offers you one-of-a-kind insurance plans in this matter to safeguard your savings!

We have multiple policies with different benefits and coverage-

• Bharat Griha Raksha

• Home Shield Insurance

• Home Insurance

Please understand each policy benefit carefully and pick the one that suits your needs. You can also call HDFC ERGO's dedicated helpline to discuss with our experts and have a guide to choosing the best property insurance.

When You Need Extra Property Insurance

Like any other insurance, your home insurance has a certain amount of sum insured. It depends on the different premiums paid and the various types of benefits opted for. If you are having a new gym addition to your home, your property's worth might overlap the insurance limits. To avoid finding yourself underinsured in case of a mishap, it's advisable to have a conversation with your insurance agent about insurance for home gym.

Inquiring about additional insurance for home gym to specifically cover the elevated value of your home gym can provide you with peace of mind. This step becomes crucial when the cumulative worth of your fitness equipment surpasses the limits set by your existing policy. Understanding and proactively addressing these limitations can prevent financial distress in the event of damage, theft, or other unforeseen circumstances.

Not only that, but it is also best to note the types of accidental damages covered. Many insurance providers listed these details as "named perils" to avoid confusion. If you see this list, you will be well aware of things not covered in the insurance for home gym.

Lastly, if you are using your home gym for commercial purposes, it doesn't matter how small the business is; it is best to inform your insurance provider. Your insurance provider will evaluate everything and recommend the proper house insurance plans. It is an essential step as it may create a misunderstanding between you and your insurer at the time of claim. HDFC ERGO offers multiple add-on coverages that can add valuable benefits to your existing insurance plan and help you avoid any unwanted issues while filing a claim.

Conclusion

Building a home gym has more significance than just acquiring the latest fitness gadgets. You must safeguard your valuable investments appropriately. Your fitness sanctuary, adorned with cutting-edge equipment, deserves adequate protection. So, as you break a sweat in your personalised workout space, rest easy knowing that your fitness haven is protected. A well-insured home gym allows you to focus on what truly matters — achieving your fitness goals without unnecessary worries.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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