Home Insurance

What are the eligibility criteria to avail a Home Insurance policy?

For individuals - Any resident Indian who is the owner and / or occupant of the property can purchase a Home Insurance Policy. However Home Insurance - multiyear policy can be issued only to house / flat owners and not to tenants.
For Society – Any authorized member of society’s managing committee can buy policy to cover society building & common utilities wherein policy needs to be issued in name of society.

What will be the start date of my insurance policy?

Your insurance cover starts from the commencement date indicated on the policy schedule, this could be any selected date (not later than 15 days) after date of payment of premium.

What is the maximum policy period under Home Insurance?

Home insurance can be purchased for policy period from 1year and 3 to 5 years.

Do I need to pay premium in advance for multiyear policy, i.e policy period more than 1 year?

Yes, entire premium has to be paid in advance.

How do we do the property valuation for home insurance?

Property valuation is done by multiplying the built up area of the property with the cost of construction per square feet.
Currently the cost of construction is taken around 1500 to 2000 depending on the location of the property and type of construction.

If I have a home insurance policy with two different companies will I be benefited from both?

If you have a policy with two insurance companies, at the time of a claim both the insurance companies will pay on proportionate basis.

Can an entire society or building be covered under home insurance policy?

Yes, an entire society building can be covered for policy period of 1 year excluding commercial occupancy like shop/office forming part of society building.

What are options under multi year Home Insurance?

Option I – Method A which is Increase in Sum Insured at end of 12 months
Option II – Method B which is Fixed Sum Insured in lieu of Long term Discount.

Option I- Method A

> Allow automatic increase in the Sum Insured throughout the period of the policy in return of higher premium to be collected in advance.
> Sum Insured will increase by 10% of original Sum Insured at end of every 12 months upto number of years opted by the customer.
> No discount in premium.

Option II- Method B

There shall not be any automatic increase in sum insured as in method A. However appropriate discounts shall be allowed on applicable gross premium as per selection of policy period

Can a HUF / Leased (Mahada/ Cidco) property be insured?

If you have financial interest in the property as owner or leaser then you can insure the property.

Which are the types of property you do not cover under home insurance?

The following are the properties not covered under the Policy
> Property Under construction
> “Kutcha” construction
> Resident cum offices
> Land
> Shops

What happens to the Home insurance policy if the insured house is sold?

From the time the transfer of ownership becomes effective, the policy stands cancelled & the insured ceases to be an insured under the policy. We will then refund the premium for the balance insured period.

Is FIR necessary for a property damage claim?

FIR is mandatory in case of Malicious Damage Riot and Strike Terrorism, Burglary, Theft However it is not necessary in cases of:
> Flood
> Storm
> Earthquake
> Lightning
> Subsidence
> Impact Damage due to Aircraft Losses

What happens after the home insurance claim is registered?

Surveyor contacts the customer in 48 hours time. Claim form is sent to customer correspondence address within 7 working days time.

Will the company pay for debris removal during the reconstruction of the property? If yes how much?

Yes, the company will pay a maximum of 1% of the total claims amount for debris removal.