Household Insurance covers your home (the structure) and its contents (personal belongings) from financial loss in case of damage or destruction. It covers your precious possessions and can provide you with compensation for liability claims, medical expenses and other amounts that result from property damage and personal injury suffered by others. Most lenders require you to own a householders' insurance if you apply for a mortgage.
Apart from personal property, the place of dwelling, liability insurance for that person and his dependents are also covered. If the spouse resides in your dwelling, it is generally assumed that he or she is included in your policy, even if not mentioned.
Property insurance protects your home, any structures attached to your dwelling as well as other tools like sheds, indoor pools, etc. Personal property like furniture, clothing, electronic gadgetry and outdoor items like sports gear and gardening tools are also included in the coverage.
Some policies insure at actual cost of the property while others do it at the replacement cost of such property. Unless the policy specifically states that property is covered for its replacement value, coverage is for actual cash value.
Under this policy, a person can insure against loss or damage to the
ICICI Lombard home insurance can be taken not only for your home but also for your household equipments if you live in a rented house.
Assessing the value of the house
The value of your home structure is assessed as per the area of your home multiplied by the rate of construction per. sq. feet, as on the date of taking the policy. For example, if your home is 1000 sq. feet and the construction rate per sq. feet is Rs. 800/-, then the sum insured for your homeís building structure is
On the other hand, the contents are assessed on the market value of the items. This means that if there were a loss, the claim would be paid on the value of purchasing a similar new item, less depreciation for the usage.
In case of a rented house
We have an option to cover your Contents. Our comprehensive Home Insurance policy covers your:
Furniture & fixtures
Personal items at your home
Against fire and allied perils like earthquake, terrorism and burglary.
Exclusions in the policy
The company is not liable to make payment for:
Any loss or damage by the insured and/ or insuredís domestic staff direct or indirect involvement in an attempted burglary.
Any loss or damage on account of loss of livestock, motor vehicles, pedal cycles, money, securities for money, stamp, bullion, deeds, bonds, bills of exchange, promissory notes, stock or share certificates, business books, manuscripts, documents of any kinds, ATM debit or credit cards, unless previously specifically declared by the company.
Any loss or damage to any property that is illegally acquired, kept, stored which is subject to forfeiture.
Any loss or damage occurring while insuredís home is unoccupied, for a period of more than 30 days consecutively and if the insured failed to inform the company about the same.
Householders Policy from National Insurance Company Limited
Personal effects and household goods belonging to individual householders can be covered under this Insurance. It covers under single policy a number of risks.
Section I : Fire & Allied Perils
This covers loss of or damage to the building/contents by fire & allied perils, such as riot, strike, lightning, explosion, flood, cyclone, inundation earth quake etc. (for further details please contact nearest office)
Rate of Premium : Rs. 0.50 per mille.
Section II : Burglary & Housebreaking including larceny and theft
This covers all contents in the premises against the above risks. The Sum Insured on contents under this section as well as Section I will be the same.
Rate of Premium : Rs. 2.40 per mille.
Section III : All Risks
This covers loss or damage to jewellery & valuables caused by accident whilst anywhere in India. Recent invoice/receipt or valuation Certificate should be obtained for items valued at more than Rs.5000/- each.
Rate of Premium : Rs.10.05 per mille.
Section IV : Plate Glass
This covers loss of or damage to fixed plate glass in the insured premises by accidental breakage.
Rate of Premium : Rs. 10.05 per mille.
Section V : Breakdown of domestic appliances
This Section Covers Loss or damage to domestic appliances caused by mechanical and/or electrical breakdown. Sum Insured in respect of each item should be its new replacement value.
Excess : One percent of the Sum Insured in respect of each domestic appliance separately or Rs.50/- whichever is higher.
Householders Insurance Policy from Oriental Insurance Company Limited
The House holder's Insurance Policy is a comprehensive shelter that protects your house and the various contents in it against a variety of risks. It is a single policy that takes care of a number of contingencies. The policy is divided into 10 sections. Sec 1(B) and a minimum of any 2 other sections are compulsory.
Section 1 : Fire and Allied Perils.
Section 2: Burglary.
Section 3:All risks.
Section 4 : Plate Glass.
Section 5 : Breakdown of domestic appliances.
Section 6: T.V. Set.
Section 7 : Pedal Cycles.
Section 8 : Baggage Insurance.
Section 9: Personal Accident.
Section 10: Public Liability
Covered Risks :
Buildings of class 'A' construction, Plate Glass, Breakdown of domestic appliances, T.V. Set, Pedal Cycles,Baggage Insurance, Personal Accident,Public Liability