Property insurance broadly covers policies that provide either property protection coverage or liability coverage for property owners. It offers financial reimbursement to the owner or renter of a property and its contents in case there is damage or theft—and to a third-person other than the owner or renter if that person is injured on the property. Personal property is usually covered by a homeowners or renters policy.
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
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