August 23, 2010

Home Insurance

Home Insurance protects your home from natural & man-made disasters and shelters the structure & contents of your home. The Policy covers the losses occurred to the building (structure) of your home or to its contents due to natural and man-made catastrophes.

What are the risks covered under Home Insurance?
Home Insurance protects the building and contents of your home against natural and man-made calamities like fire, earthquakes, storms, cyclones, tempests, tornadoes, hurricanes, floods or inundation, lightning strike, explosion, landslides, impact by vehicles or aircraft, and bursting or overflowing of water tanks and pipes. It also covers the contents (jewelry also) of your home in case of Burglary

What are the optional covers available?
The optional covers include Terrorism and Additional expenses of rent for alternative accommodation.

What do you mean by Alternative Accommodation?
Alternative Accommodation is an optional cover to the policy. If you are forced to shift to an alternative accommodation because your home is destroyed by an insured peril, then you will also be covered against the additional rent.

Is the sum insured calculated differently for structure of home & it contents?
Yes, the sum insured is calculated differently for the structure & for its contents, Sum Insured for the structure is calculated based on the Reconstruction value. Whereas the contents of your home such as furniture, durables, clothes, utensils, jewelry, etc. - are to be valued on market value basis i.e. the current market value of similar items after depreciation. Depreciation does not apply for jewelry.

What is the Reconstruction value?
Reconstruction value is defined as the cost incurred to reconstruct the home if it is damaged.
What is the procedure to calculate sum insured for the structure of home?
The Sum insured is calculated by multiplying the built up area of your home with the construction rate per sq. feet.

Does Home Insurance cover any loss to my Jewelry?
Yes, it covers loss to jewelry due to burglary or robbery but has a certain limit to it.
I have a rented house, how can I buy Home Insurance?
You have got an option to take a cover which guards the contents of your home against fire, other natural calamities, terrorism and burglary. It includes Household Appliances, furniture & fixtures, Jewelry etc.

If I use my Home for business purposes, can I insure it?
No, Home used for business purposes are not covered.

If we friends share a home, can we go for Home Insurance?
Yes, each one of you can buy a separate Home Insurance Policy for your part of asset.

Invest Inn
Pune, Mumbai, Maharashtra, India

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