Home Insurance - A home insurance policy protects you from financial ruin if your home is damaged or destroyed by calamities like floods and earthquakes. The insurance company reimburses an amount as laid down by the terms and conditions of the policy. Depending on the kind of policy you buy, your possessions in the house like electrical appliances can also be covered.

You can use this policy to insure your house (if it is your own), its contents, jewellery and valuables, plate glass, domestic appliances, consumer durables, pedal cycles and baggage while on travel, among other things. These items can be covered against fire, theft, burglary, natural disasters or breakdown. Additionally, you can also insure against accidental injury causing death or disability, liability to third party and domestic servants. You have the option to insure them entirely or separately.

Fire set of perils : Cover is the same as for home contents

Resettlement expenses : If you have to move to an alternative accommodation due to your home being rendered uninhabitable due to fire set of perils, this policy will cover the cost of packing and transportation of household goods to the alternative residence, for up to Rs. 2,500. The additional rent payable for a maximum period of 1 month will be covered for a sum up to Rs. 25,000.

 

You will be protected against litigation expenses and damages of up to Rs. 500,000 that may arise due to:

Accidental death or injury to people or accidental damage to property of any person while in your home (other than your family and domestic staff).

Claims payable to domestic staff under the Workman's Compensation Act.

 

The cover for the building is at replacement value i.e. cost incurred in rebuilding the property (Cost of land not included), while the cover for home contents is at market value .