Personal lines insurance covers individuals against loss resulting from death, injury, or loss of property. It generally protects people and their families from losses they can’t afford to cover by themselves. Personal Line insurances make it possible to do things such as driving a car and owning a home without risking financial ruin. An individual’s willingness to pay in premiums accordingly determines the coverages.
Home insurance offers coverage to a house and its content from unforeseen circumstances such as damages caused by natural calamities (earthquake, fire, flood, storm, landslide, etc.) and man-made activities (theft, burglary, terrorism, riot, etc.). Be it a damage or loss to your owned apartment, luxurious bungalow or a rented flat, a home insurance policy covers your home to ensure it always stands strong to give you the shelter and protection you need.
Below are some of the key features of Home Insurance:
The fundamental feature of a home insurance policy is the coverage it offers against different damages. Home insurance policies not only protect your house but its surroundings, and the contents of the house.
Cover for the building/structure is the basic coverage that every home insurance plan offers. This protects the physical structure of the building/house/dwelling against different risks and perils. The coverage offers protection to the structure including electrical apparatus, air-conditioning, building, plumbing, heating etc.
Apart from coverage to the building, home insurance policy also offers coverage to the additional structures around the house (that might not necessarily be attached to the building). Some of the examples may be fence around the house, detached garages, retaining wall, backyard shed, mailbox, the driveway, pool etc.
Home insurance policies also offer cover for personal possessions/property or the house’s contents against different perils and risks. House insurance policy might include electrical appliances, personal computers, television sets, refrigerators, microwaves, air-conditioners, etc. It includes furniture such as dining tables, couches, beds, together with furnishings such as rugs, curtains etc. Most often, expensive assets including jewellery are also covered.
Fire & Allied Perils
Coverage for building
Covers contents of the dwelling belonging to the proposer and his/her family members permanently residing with him/her.
Fire, Lightening, Explosion of gas in domestic appliances
Bursting and overflowing of water tanks, apparatus or pipes.
Damage caused by Aircraft
Riot, Strike, Malicious or Terrorist Act
Earthquake, Fire and/or Shock, subsidence and Landslide (including Rockslide) damage
Flood, Inundation, Storm, Tempest, Typhoon, Hurricane, Cyclone.
Impact damage
Burglary Theft & House Breaking
All Risks (Jewelry & Valuables)
Plate Glass
Breakdown of Domestic appliances
T.V. Set (ALL RISKS)
Pedal Cycles
Covers loss or damage to pedal cycles by:
Fire & allied perils
Burglary, housebreaking, theft
Accidental external means
Third party personal injury or Third-party property damage
Accompanied Baggage Insurance
Personal Accident
Public Liability
Damage as a consequence of war, invasion, act of foreign enemy, hostilities (whether war be declared or not), civil war, rebellion, revolution etc.
Any damage due to confiscation, commandeering, acquisition or destruction by the order of any government or lawfully constituted authority
Any damage directly or indirectly caused by or contributed to or arising from ionizing radiation or contamination by radioactivity
Depreciation and damage caused by wear and tear or gradual deterioration.
Damage to property and contents due to pollution of any kind
A rented house is also a home and should be protected. One may feel that the landlord would insure his property anyway, then why should they bear this additional expense. But what about your belongings and valuables in the house? This particular indemnification can draw the fine line between losing everything you possess and getting back on your feet in a flash when misfortune strikes you. Hence renters insurance protects valuable possessions against unforeseen circumstances and damages.
This insurance provides coverage for individual assets and the legal accountability of the insured:
Coverage against unforeseen catastrophes like fire, burglary, theft etc.
Recover or replace all your personal valuables, furniture, electrical or mechanical appliances, garments and even items of everyday use.
Coverage against natural calamities and manmade hazards
Compensation for third party injury incurred while in your rented place
Damage to property is also covered with the expenses required for all the legal hassles.
Based on your plan and deductibles opted, you can get compensation for legal, medical and other repair expenditures.
Shifting expenses, rent for alternative/hotel accommodation, emergency purchases, and brokerage in case your home becomes unfit for living because of any covered cause of loss.
Portable Electronic Equipment such as laptop, camera, binoculars, musical equipment; sports gear any other specified item of portable nature.
Jewellery and Valuables like ornaments or articles made of gold or silver or any precious metal including diamonds as well as sculptures and watches.
Losses to static exercise cycle as well as your pedal cycle with or without gear. It covers losses caused by fire, calamities, theft and accidents.
Loss due to a terrorist attack wherein your home structure/content gets destroyed
The following eventualities are generally not covered:
Loss and/ or damages arising out of situations such as war, invasion, act of foreign enemy,
Loss of precious collectibles like bullions, stamps, work of art, coins etc.
Old items that are over 10 years old
Consequential losses
Willfully done damage to your property,
Damage caused to your property due to third party construction
Usual wear and tear or maintenance/renovation.
The cost of land
Under construction property
Disability insurance provides risk coverage for the lost income due to failure to work in case of any permanent or temporary disability. This helps in providing a part of the lost income along with the medical expenses, if the insured meets with an accident that leads to disability. It covers sick leave, and offers disability benefits for short and long-term periods.
Some of the benefits of this insurance are:
Accident and disability of the earning member of the family can have a tremendous impact on the financials of an individual as well as the family. Having disability insurance will keep you and your family secure in case of any mishap
If an accident leads to disability, chances are high for you to be unable to work for some time. Thus, disability insurance can can help pay for the essential expenses
One can save tax by having disability insurance as the premium paid towards this is exempted as per Income Tax Act, 1961
A disability can happen due to various reasons. The coverage offered by this insurance is as follows:
A weekly benefit is offered as compensation for the lost income for short-term disabilities, up to a particular period as specified in the policy
In case of an accident, leading to disability, the insured will receive 125% of the sum insured
Some insurance offer a waiver of premium in their base coverage
Certain conditions are usually not covered under disability insurance, also called exclusions. They are as follows:
Any pre-existing medical condition
Injuries and disabilities due to suicide attempts, war or accident and accidents
Any disability due to incarceration
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