Jun
03

Importance Of Home Insurance

A home is a place for sanctity, which provides you the much required warmth and peace. It holds a lifetime of memories, and is the place where you and your family feel safe and happy. You take good care of your home – daily cleaning, regular maintenance, and fresh paint each year to keep it looking beautiful.

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However, your home can also be threatened with burglary, damages caused by natural and man-made disasters. Home Insurance Policy provides security to the structure and all contents of your home against unforeseen calamities. Your home is an investment of a lifetime, and protecting that investment becomes a necessary.

Policy Coverage

Fire & Other Such Perils

1.Fire
2.Lightning
3.Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and other such calamities
4.Riot, Strike, Malicious Damage
5.Subsidence and Landslide including Rockslide
6.Missile testing operations
7.Bush Fire

Earthquake Cover

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The policy covers loss or damage to any of the property Insured by this policy occasioned by earthquake including landslide.
Burglary cover and theft cover
The contents of your home are also covered against loss due to burglary or theft or an attempted burglary. It also covers loss of jewellery, silver articles and precious stones kept under lock and key, up to 25% of the total content sum insured or 1 Lakh, whichever is lower.

Policy Exclusions

•Wilful destruction of property.
•Loss, damage and destruction caused by war, wear and tear etc.
•Losses if your home has been unoccupied for more than 30 days
•Loss of Cash, bullion, painting, works of art and antiques.
•Willful destruction of property
•Loss or damage caused by depreciation or wear and tear and Consequential loss of any kind
•Loss or damage, directly or indirectly, caused by Nuclear weapons material and / or Ionizing radiations

The sum insured for home insurance policy can be either on:

•REINSTATEMENT VALUE
At the time of loss the claim will be settled without applying depreciation. In effect you will be getting new for old of breakdown under this policy possibility of losing your baggage during your travel.

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OR

•MARKET VALUE
At the time of loss, the claim will be settled after applying depreciation.

Conclusion
Policy details mentioned are indicative. It is suggested that you read the policy documents carefully before signing on the dotted line.

 

 

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