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Bharat Griha Raksha – Here’s Everything about Standard Home Insurance Cover

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Bharat Griha Raksha provides coverage for home building and its content. This policy has been made mandatory by the Insurance Regulatory and Development Authority of India (IRDAI) for every insurer to offer with effect from April 1, 2021. The IRDAI announced the introduction of Bharat Griha Raksha standard home insurance policy on January 4, 2021 that it will cover the risk of fire and allied perils for certain risks. Bharat Griha Raksha is basically a home insurance cover that provides coverage for loss, damage or destruction of the home building along with its content and jewellery. In Bharat Griha Raksha the policy can be extended up to 10 years. Valuable content of the house can also be covered with Bharat Griha Raksha under different optional covers.

Features of Bharat Griha Raksha

1. Perils Covered

The standard home insurance policy offers a wide range of perils: fire natural catastrophes, including storms, cyclones, typhoons, tempests, hurricanes, tornadoes, tsunamis, floods, inundations, earthquakes, and subsidence landslide and rockslide. It also provides coverage for forest, jungle and bush fires. In addition, damage from man-made hazards like a riot, strike, malicious damages, acts of terrorism and theft will also be covered under Bharat Griha Raksha.

2. Time

Under Bharat Griha Raksha, cover will be provided within 7 days from the occurrence of any perils and manmade hazards mentioned under this policy.

3. Wider Coverage

Apart from home building, the Bharat Griha Raksha policy covers general home contents automatically without any need for a declaration of details. It provides 20% of the sum insured for the building subject to a maximum of Rs 10 lakh. One can also opt for a higher sum Insured for general contents by declaring the details.

4. Optional Covers

Bharat Griha Raksha policy offers numerous optional covers. You can opt for coverage for your valuables like jewellery, silverware, paintings, works of art, etc., under the optional cover, where valuation has to be provided in some instances. Apart from this, add on coverage like loss of rent or rent for alternative accommodation, architect, surveyor and consultant engineer fee up to 5% of the claim amount and costs of clearing debris are also provided under this policy.

5. Other Features

Bharat Griha Raksha policy does not provide a complete waiver of under-insurance. The policyholder's claim will not be settled proportionately but up to the sum insured that is declared. For example, if the general home contents (such as television,, fridge washing machine) are insured for Rs 50,000, while the actual value is Rs 1 lakh, the policy will still pay the entire sum insured, i.e. Rs 50,000. Like all standard insurance policies introduced by IRDAI, the product has been designed with policyholder friendly features and have wording in simple language for the general public to understand it easily.

What Does Bharat Griha Raksha Policy Cover?

• Fire, explosion/implosion

• Riot, Terrorism and Malicious damage

• Natural Calamities – Earthquake, flood, cyclone, storm, hurricane, typhoon, lightning, etc

• Damaged caused externally due to third-party vehicles, other person’s tree, etc

• Theft

What Does Bharat Griha Raksha Policy Not Cover?

• Loss or damage to unset precious stones, manuscripts, plans and drawings

• Loss, damage or destruction to any electrical/electronic machine, apparatus, fixture, or fitting by over-running, excessive pressure and short-circuiting

• War, invasion, an act of foreign enemy hostilities or war-like operations

• Any willful negligence or misconduct

Conclusion

Homeowners looking for an ideal home insurance cover can opt for the Bharat Griha Raksha policy, which will secure the home structure and its content appropriately. Even tenants should consider buying the Bharat Griha Raksha policy to insure the belonging against any sort of unforeseen event.

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

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