Home Insurance
Home insurance policy offers sufficient protection to the structure and contents of the house in any event of physical damage caused by uncontrollable events. An efficient home insurance provides a protective coverage against natural calamities like floods and storms, and even human induced trouble like theft, riots, and terrorist activities.
Home insurance plans offer efficient coverage to the house against any kind of damages. Some insurance plans also cover the personal property/belongings that are the house’s contents such as electronic appliances, home furnishings etc. Your dream house is one of the biggest financial investments ever made by you. You must make all the efforts to keep it secure and protected against unforeseen circumstances.
When you plan your insurance with Suraksha, you get the assurance of the best service and most updated information on the policies. Our team is experienced and dedicated to take all your queries and complaints seriously. With so many different types of policies available, confusion is bound to happen. But with Suraksha, you get the assurance of clarity and coverage information to the last detail.
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
This is a policy that protects not just the home structure but the household contents too. Insurer has to mandatorily choose the fire cover whereas burglary is an optional cover offered at a low cost that includes theft and larceny.
- Sum Insured is decided based on reinstatement value.
- More discounts on premium can be availed by the insurer on deletion of risks like riots/ strikes, flood/storm and earthquake
The covers provided are:
- Section I(a) Fire and Special Perils -Building (mandatory section)
- Section I(b) Fire and Special Perils -Contents (mandatory section if Burglary is opted)
- Section II Burglary including theft and Larceny –Contents
Scope of Coverage
Scope of the home insurance policy are:
- Applicable to any residential building with RCC/ RBC/ Tiles/ACC roof and walls of burnt brick /stone /concrete.
- The policy covers your home against risks like – Fire, Lightning, Explosion / Implosion, Storm, Flood, Riots, Strike Malicious Damage, Earthquake, and Terrorism.
- The policy benefit extends to anyone with an independent house or a flat.
- Sum Insured for this benefit is calculated as the cost of construction x Built-up area.
- Value of land is not included in the Sum Insured.
- Discounts can be availed on the policy upon the deletion of risks like terrorism, riots/ strikes, flood/storm and earthquake.
- The policy also covers articles like consumer durables, furniture, personal belongings specified items, etc. against fire & allied perils.
- Coverage for contents against risks like fire, lightning, explosion/implosion, storm, flood, riots strike, and malicious damage, Earthquake, Terrorism (optional).
- Sum insured for personal effects like clothing, footwear, etc. is calculated on market value.
- Further discounts on the policy can be availed on the deletion of risks like riots/ strikes, flood/storm, and earthquake
- Covers articles like valuables, consumer durable, personal belongings specified items, etc. against burglary and theft.
- Sum insured for this cover is required to be similar to the fire content section (I b).
- Discounts up to 15 % are given on appropriate security arrangements like Burglary alarm, 24-hour security, intercom, etc.
- Damage to safe and almirah is covered up to 5 % of the sum insured
- Only jewelry locked in a safe is covered.
Key Exclusions
- Loss or damage caused by depreciation or wear and tear and consequential loss of any kind.
- Willful destruction of property.
- The following properties are not covered:
- Property under construction
- Kutcha property/construction
- Resident cum offices
- Resident cum Shop
- Resident cum Godown
- Land
- Loss, destruction or damage caused by war, invasion, the act of a foreign enemy, hostilities or warlike operations, after effects of war, mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, rebellion, revolution, insurgence, military or usurped power.
- Loss or damage contributed by nuclear weapons material and/or ionizing radiations.
- Loss, destruction or damage to articles of consumable nature, livestock, and motor vehicles.
- Loss, destruction or damage to any electrical machine, apparatus, fixture, or fitting arising from or occasioned by over-running, excessive pressure, short-circuiting, arcing, self-heating or leakage of electricity from whatever cause (lightning included) provided that this exclusion shall apply only to the particular electrical machine, apparatus, fixture or fitting so affected and not to other machines, apparatus, fixtures or fittings which may be destroyed or damaged by fire so set up.
- Loss of earnings, or other consequential/indirect loss or damage of any kind.
- Loss caused by burglary and/or housebreaking and/or theft and/or larceny where any member of the Insured’s family is concerned as principal or accessory.
- To cover securities like documents of any kind, stamps, coins, cash/paper money, deeds, ATM cards, credit cards, charge cards, bonds, bills of exchange, promissory notes, or any other negotiable instrument, books of accounts or any other business books, and explosives.
- Covers articles of consumable nature, livestock, and motor vehicles.
- Covers antiques, pictures and other works of art, guns, collection of stamps, coins and medals for an amount collectively in excess of Rs.10,000 unless specifically stated to the contrary in the Schedule.
- Provides coverage for jewelry and valuables in excess of Rs.10,000 per single article unless stated to the contrary in the Schedule.
Who can take the policy?
The policy is designed for:
- The home insurance policy is designed for individuals residing in flats or independent houses provided that the external walls are of burnt bricks/stone / concrete blocks and RCC / RBC / Tiles / ACC roof.
- Homeowners and tenants can also opt for this policy only for the contents that provide coverage from fire and burglary.
Claim Process
The company follows a set standard for fair, just and timely settlement of insurance claims. For claim filing, please connect with us at insurance@surakshainsurance.com and provide all required documents so that a Competent Surveyor may be deputed immediately.