WHY HOME INSURANCE?
There is no place like home in the entire world. After a tiring day at work, a home
is your haven of peace that gives shelter, comfort and warmth. A place where you
and your family can rejoice, unwind and make thousands of memories that last for
a long time.
Buying your dream house was probably the biggest financial investment you ever made.
And then came in the responsibility to protect it from unpredictable damages, natural
or manmade disasters and potential threats like burglary and theft. By investing
in a home insurance policy, you actually buy immense peace, assurance and safety
against these unexpected events. With a good home insurance you are completely equipped
to face any crisis or storm that comes your way.
WHY HOME INSURANCE AT HDFC ERGO?
HDFC is a pioneer in India for housing loans for more than three decades now and
ERGO is a worldwide market leader in general insurance. Together they provide affordable
solution for home insurance in India. HDFC ERGO Home Insurance policy provides a
reliable and protective coverage which encircles and covers your home.
The home insurance plan by HDFC ERGO not only safeguards the structure of your home
but also ensures a safety net for all the belongings and prized possessions collected
over the years with your hard earned money. The policy cover gives you a chance
to choose either the house structure or the household contents in a single policy
with minimum documentation
To make home insurance easily accessible, we have an instant online policy option
that helps you buy home insurance policy online with minimum hassles and worries.
Key highlights of the Policy
- Covers risk against Fire, Lighting, Explosion Flood, Inundation, Storm, Riot, Strike,
Earthquake, Terrorism(optional), Burglary, Theft, etc…
- Coverage upto 5 years
- Discount upto 25% +15%
- Provision for increase in Sum Insured at end of every year by 10%
- A unique umbrella policy for home owners with long term coverage
- No documentation, get instant online policy
Key features of Home Insurance
- Coverage for Fire & allied perils and Burglary including theft under one policy
- Covers Structure & Contents of house
- Flexibility to select between 2 plans
- Discount for availability of security system under Burglary section
- Policy can be availed by house/ flat owners only
- Building – on Reinstatement Value basis which is cost of construction * floor area.
- Content other than Personal Effects - on Replacement Value of Insured Item
- Personal Effects – Market Value which is Replacement Value less depreciation
Premium depends on following:
- Policy period
- Type of Plan
- Covers opted
- Add on covers opted
- Discount upto 25% for Plan type – Fixed Sum Insured
- Discount upto 15% based on security feature available at insured premises
Add on Covers
- Terrorism (at additional premium)
- Damage to the Insured's home and/or safe resulting from burglary and/or housebreaking
or any attempt threat subject to a maximum of 5% of the Sum Insured under Burglary
Section ( inbuilt)
- Earthquake (inbuilt)
- Loss and/or damage arising out of War, Invasion, Act of Foreign enemy, hostilities,
- Loss or damage due to nuclear perils
- Damage to property due to Pollution and contamination
- Loss or damage due to wear and tear, gradual deterioration or slowly developing
- Consequential Loss
- Willful Misconduct or Negligence
- Loss and/or damage to jewellery, precious stones, money, bullion or documents of
any kind unless specifically declared.
- Cost of land
- Co-operative societies cannot take long term policy for entire society building
- Property Under construction cannot be covered under this policy
(For a detailed list of exclusions, kindly refer our Home Insurance policy wording)
Read more ...
- 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
- 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
- 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.