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Home Insurance

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Key Features

  • Covers your home against loss from fire, burglary and natural calamities
  • Covers the contents of your home, including portable equipment
  • Cover for jewellery, valuables, works of art
  • Useful add-ons to customise your policy for total protection

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Home Insurance

What is My Home Insurance Policy?

Home Insurance/House Insurance Policy is a service that you can purchase for your home and/or it's contents to stay protected from risks of losses or damages that may be caused to them by any unforeseen events. Certain incidents can lead to sudden and huge expenses, which you are generally not prepared for. In such instances, 'My Home-All Risk' insurance policy will safeguard you from suffering from financial setbacks at that time, ensuring complete protection to you, your family and your Home.

Why Home Insurance?

Home Insurance

Why should you buy My Home Insurance Policy?

  • Home Insurance/House Insurance Policy provides coverage for losses or damages caused to properties or contents by an unfortunate event - natural and accidental
  • It is not just limited to Landlords who buy property insurance to those who have home ownership, it can also be purchased by tenants living in rented properties for their contents
  • You get the option to insure either your home or its contents, or both
  • The services stay enabled for you even when you are away from home, ensuring you have a stress free trip
  • It gives you an All risk Comprehensive Insurance coverage to secure your assets at affordable home insurance premium rates
  • You can opt for Home Insurance Policy for up to 3 years, making your policy purchase hassle-free
  • You get to avail upto 20% discount on the total premium*
*Discount percentage is calculated according to the tenure years of the policy

Key benefits of Bajaj Allianz My Home Insurance Policy

  • Home Insurance/House Insurance services provide complete protection for property, contents and interests of the insured and their family members in a single policy
  • You get to opt for Fire Insurance Policy which covers the cost of replacement or repair and reconstruction of property and contents in case of damage from fire and allied perils including Earthquake and other natural perils
  • It covers your home against loss from burglary and theft
  • It also covers the contents of your home, including portable equipment, even on a worldwide basis
  • It provides cover for jewellery, valuables and works of art kept at your home
  • You get additional benefit of rent for alternate accommodation in case you have to relocate temporarily from your home due to a peril
  • Home Insurance/House Insurance Policy comes with useful add-ons to provide you with a complete protection
  • You get to opt for Property Insurance or insure only your contents, or both
  • Affordable premium and attractive rebates come with Home/House Insurance Policy
*Available under specific My Home Insurance plans

Who is eligible to buy My Home Insurance Policy?

A) Home owners who own a property which is not more than 30 years old can purchase our Home Insurance Policy

B) Tenants living in a rented accommodation, as well as others that do not have home ownership can insure their contents of the property occupied by them


Coverage under My Home Insurance Policy

  • Loss or damage to content : You will be compensated in case of loss/damage to your furniture and fixtures, electronic items, kitchen items, clothing and personal belongings as well as other products, which you have insured at the time of purchasing the policy
  • Loss or damage to portable equipment anywhere in India : We will indemnify you in respect of the accidental loss or damage to "portable equipment" anywhere in India. However, on payment of additional home insurance premium, the coverage for "portable equipment" may be extended to worldwide
  • Loss or damage to jewellery and valuables : We will indemnify you in respect of the accidental loss or damage to "jewellery and valuables" anywhere in India. However, on payment of additional home insurance premium, the coverage for "jewellery and valuables" may be extended to worldwide
  • Loss of or damage to "curios, works of art and paintings" whilst stored or lying in your Building : We will indemnify you in respect of the accidental loss or damage to "curios, works of art and paintings" whilst stored or lying in your building. The valuation of the same shall be done by the government approved valuer and approved by us

Add on covers with My Home Insurance Policy

  • Loss of Rent Cover : In case your rental property gets destroyed due to some peril, and your tenant vacates it for which you stop receiving the rent, we will indemnify you for the amount lost till the time the property remains unfit to live in
  • Temporary Resettlement cover : In case your house gets destroyed due to some peril, such as fire, and you need to move to an alternate accommodation, we will indemnify you for the transport and packing costs
  • Key and Lock Replacement cover : If your house is broken into, or the keys of your house or vehicle gets stolen, we will reimburse you the cost of the locksmith
  • ATM withdrawal Robbery cover : In case you get robbed right after you withdraw money from the ATM, we will compensate you for the amount lost due to the same
  • Lost Wallet cover : If your wallet gets lost or stolen due to some uncertainty, we will pay you the replacement cost for the same as well as the cost of application for lost papers and cards that were present in the wallet
  • Dog Insurance cover : This cover will protect you from the cost of medical expenses for any diseases or accidents your pet may contract during the insurance period
  • Public Liability cover : If you use or occupy a place for residential purposes, and someone gets injured or their property gets damaged, Public Liability cover will the cost that may be incurred to fix for those damages
  • Employee's Compensation cover : In case an employee meets with an accident and gets injured during his employment period, he will receive the compensation for the same

My Home Insurance Cover Plans


  BUILDING INSURANCE (STRUCTURE)
My Home Insurance
- All Risk Policy
Agreed Value Basis
(Flat/ Apartment)
Reinstatement Value Basis
(Flat / Apartment / Independent Building)
Indemnity Basis
(Flat / Apartment / Independent Building)
New For Old Basis (Excluding Jewellery and Valuables, Painting, Works of Arts and Curios) PLATINUM PLAN -I
Flat/Apartment Insurance - Agreed Value Basis + Contents - New For Old
(For Contents Up to 5 Years)
DIAMOND PLAN -I
Flat/Apartment/Building Insurance - Reinstatement Value Basis + Contents - New for Old
(For Contents Up to 5 Years)
GOLD PLAN -I
Flat/Apartment/Building Insurance - Reinstatement Value Basis + Contents - New for Old
(For Contents Up to 5 Years)
Indemnity Basis
(Excluding Jewellery and Valuables)
PLATINUM PLAN -II
Flat/Apartment Insurance - Agreed Value Basis + Contents - Indemnity Basis
DIAMOND PLAN -II
Flat/Apartment/Building Insurance - Reinstatement Value Basis + Contents - Indemnity Basis
GOLD PLAN -II
Flat/Apartment/Building Insurance - Indemnity Basis + Contents - Indemnity Basis
Portable Equipments Coverage Inbuilt Coverage : India
Insurance Coverage Extension On Payment of Additional Premium : Worldwide
Inbuilt Coverage : India
Insurance Coverage Extension On Payment of Additional Premium : Worldwide
Inbuilt Coverage : India
Insurance Coverage Extension On Payment of Additional Premium : Worldwide
Jewellery and Valuables For Jewellery and Valuables:
Inbuilt Coverage
: India
Insurance Coverage Extension On Payment of Additional Premium : Worldwide
For Jewellery and Valuables:
Inbuilt Coverage
: India
Insurance Coverage Extension On Payment of Additional Premium : Worldwide
For Jewellery and Valuables:
Inbuilt Coverage
: India
Insurance Coverage Extension On Payment of Additional Premium : Worldwide
Rent for Alternate Accommodation 0.5% of the Flat/Apartment Sum Insured or actual rent which ever is less subject to a maximum of '50,000/- per month for the period until the Completion of Reconstruction or 24 months which ever is less 0.3% of the "Building" Sum Insured or actual rent which ever is less subject to a maximum of '35,000/- per month for the period until the Completion of Reconstruction or 24 months which ever is less -
OPTIONS TO INSURE Insured has the Option to insure either Flat/ Apartment Only OR Contents Only OR Both Insured has the Option to insure either Flat/ Apartment/Independent Building Only OR Contents Only OR Both. Insured has the Option to insure either Flat/ Apartment/Independent Building Only OR Contents Only OR Both.
OPTIONS FOR POLICY PERIOD 1 Year
2 Years
3 Years
1 Year
2 Years
3 Years
1 Year
2 Years
3 Years
ADD ON COVER FOR ALL PLANS 1. Loss of Rent
2. Temporary Resettlement Cover
3. Keys and Locks Replacement Cover
4. ATM withdrawal Robbery Cover
5. Lost Wallet Cover
6. Dog Insurance Cover
7. Public Liability Cover
8. Employee's Compensation Cover
1. Loss of Rent
2. Temporary Resettlement Cover
3. Keys and Locks Replacement Cover
4. ATM withdrawal Robbery Cover
5. Lost Wallet Cover
6. Dog Insurance Cover
7. Public Liability Cover
8. Employee's Compensation Cover
1. Loss of Rent
2. Temporary Resettlement Cover
3. Keys and Locks Replacement Cover
4. ATM withdrawal Robbery Cover
5. Lost Wallet Cover
6. Dog Insurance Cover
7. Public Liability Cover
8. Employee's Compensation Cover
Note: Standalone Cover for jewellery and valuables and/Or Curios, Paintings and Work of Arts cannot be Opted unless Contents are Insured.
Please contact our customer care for further clarification on quotes for home insurance and for content.

Basis on loss settlement under My Home Insurance Policy

The loss settlement under My Home Insurance Policy can be listed down to four different basis - Indemnity basis, Reinstatement basis, New for Old basis and Agreed Value basis, which have been further explained below:

  • Indemnity basis : When a property or item is insured on Indemnity basis, the insured will get a compensation for the item damaged after a deduction for wear and tear
  • Reinstatement basis: When a property or item is insured on Reinstatement basis, the insurer will settle the loss by replacing the damaged property or item with a new one, which is equal to but not better than the one damaged
  • New for Old basis : This basis means that when an item is damaged beyond repair, the insurer will pay out for the replacement for the same in full
  • Agreed Value basis : Agreed value basis means the loss will be settled by the insurer on the value of the property or content agreed by the insured at the time of purchasing the insurance policy

Note: The loss settlement for property or structure cannot be on New for Old Basis.


Exclusions

Our My Home policy that provides property insurance does not cover loss or damage to the property by/due to/arising from:

  • Misrepresentation, mis-description or non-disclosure of any material information
  • Damage which is pre-existing in nature (applicable to contents and building)
  • Manufacturing defects in electrical, mechanical and electronic items
  • Any flat/apartment/independent building which is more than 30 years old and which is of kutcha construction
  • Contents and valuables of a flat/apartment/independent which is not occupied by a tenant for residential purpose

For more information on exclusions, please refer to the brochure in the tools section.

Disclaimer: The above exclusions are indicative in nature. For details on exclusions please refer to the policy wordings.

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Frequently Asked Questions

1. What is home insurance?

A home insurance policy is a very affordable financial tool designed to cover your home and its contents against natural and man-made calamities such as earthquakes, floods, fire, theft, burglaries and any other risks your residential area might be prone to.

2. What is property insurance?

Property insurance is a policy offered to homeowners who wish to cover their property structure as well as its contents, which will protect them against financial losses caused due to perils such as fire, burglary, flood, theft, etc. specified in their policy document. One can also cover just the contents of the house that they have rented for living purpose.

3. What are the exclusions in My Home insurance policy?

Bajaj Allianz My Home policy covers several perils due to which damages can be caused to the property and the contents, but there are certain conditions under which they cannot be covered. Those could be pre-existing damages to the structure and content, defective workmanship, manufacturing defects in mechanical and electrical items, improper handling of contents, loss or damage directly or indirectly in consequence of war, invasion or act of foreign enemy hostilities, mysterious disappearance and unexplained losses, loss or damage to the insured property or to the general public arising out of immoral or unethical use, just to name a few . You can refer to the policy wording for more details on the exclusions.

4. What are the losses/perils covered under My Home Insurance Policy?

My Home Insurance policy covers you against any losses to your property and/or content from all risks, predominately covering fire, burglary, theft, accidental damage and natural calamities. Apart from that, you also get coverage for the works of art, jewelry and other valuable items in your home. If your property is unlivable for a certain period due to any of the perils mentioned above and it needs repairs, you will get the benefit of renting an alternate accommodation until the property is fixed again.

5. What are the documents needed to file a claim for home insurance?

The documents needed for home insurance claims depends on the peril due to which the damage was caused, since that can be presented as evidence. I.e. if there was a fire, the insured would need to present a fire brigade report along with the claim form duly filled and signed, whereas, if there was a theft, an FIR would need to be lodged and provided to the insurance company. In any case, the claim form is required to process the claim.

6. How to assess the value of my home structure and its content?

It is important to assess the value of the home structure and its content properly before purchasing a house insurance policy, just to make sure that they are not under or over insured. Doing so could affect the claim amount in case of a loss, or the insured might end up paying more premium then what they are supposed to pay.

To simplify the value assessment process, we have broken down the factors into three different basis for structure, and two different basis for content which the insured can choose from, as per their requirement.

  • Agreed Value Basis: Under this method, the insured can cover the structure of their property on the value they and the insured agree upon which could be higher than the market value. This is applicable only for structure and not content.
  • Reinstatement Value Basis: If the insured decides to purchase the House Insurance policy under reinstatement value basis, there will be no depreciation imposed at the time of claim and the insured will be paid the total cost of replacement depending on the sum insured. This is applicable only for structure and not content.
  • Indemnity Value Basis: Indemnity value basis, commonly known as market value basis is a method used to insure structure that considers the depreciation amount as per the age of the building, at the time of claim. This method can also be applied when insuring content so for example
  • New for old basis: When this method is chosen for insuring content, the item damaged beyond repair will be replaced with a new one or the insurer will pay out the cost for replacement of the item in full, regardless of its age.
7. How do I calculate my Sum Insured?

You can calculate the Sum Insured for your home and its contents either on Agreed Value basis, Reinstatement basis or Indemnity basis.

8. Can I increase my Sum Insured?

Yes, you may increase the Sum Insured for your home whilst the tenure of the policy by opting for an Escalation clause @ Extra premium not exceeding 25%. For E.g. The SI is Rs 10L and you opt for an Escalation clause of 25%. The SI increases as each day passes by and on the last day of the policy the SI will be 12.5L.
Note: Escalation clause is available only on Building SI chosen on the basis of RIV and Indemnity basis

9. How do I cover jewellery, curios and works of art?

Sum insured for jewellery, curios and works of art shall be covered, based on the valuation report provided by government approved valuer and approved by us.

10. Can I cover curios if I travel with it?

No, curios can only be covered when they are stored or present in your building.