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Aug 28, 2014

Top 10 Questions to Ask Your Home Insurer

Your home is the single largest investment that you will ever make. This is why you need to protect your investment and your finances against losses caused by damage to the house by opting for home insurance. However, before choosing the home insurance plan there are few questions that you need to ask the insurer to ensure that the policy you choose covers your home and its valuable contents entirely. Here are some questions about home insurance that you should definitely ask before buying your policy. Home Insurance FAQs Building Cover Can I get building cover on current market price or the cost of construction? You can get your building cover on the agreed value. This is the stated amount that the insurer agrees to pay the insured in the event of the total loss of the property insured. Bajaj Allianz General Insurance Co. Ltd. is the only company which offers compensation based on the Agreed Value clause instead of the cost of construction. For example – The construction cost of a 1000 sq. ft. flat in a prime location in Pune is only Rs.25 lakh but the purchasing cost of such a flat will be more than Rs.1.5 crore. If the society or other owners don’t choose to rebuild the building the insured gets only Rs.25 lakh. To cover this risk Bajaj Allianz has come up with the Agreed Value clause, where one can buy insurance at Rs.1.5 crore and at the time of total loss he will get the full value, while the ownership rights will be transferred to the insurance company. The Sum Insured for Flat / Apartment on Agreed Value Basis shall be value arrived at by: Based on the current registry Or Based on the Jantri rates of the property (Issued by the Revenue department of the State Government where the property is situated) Or Based on the amount mentioned in the Valuation Report of a Government approved Valuer as accepted by the insurer. Contents Cover Can I get cover for my contents as well? You can cover household contents such as furniture, fixture, fittings, electrical fittings, sanitary fittings, linen, clothing, electrical and electronic appliances, cutlery /crockery, draperies, pedal cycles, and other household articles contained in your house for not more than 10 years. This also includes portable equipment not older than 5 years in India belonging to your or your family members. This does not include jewellery and valuables, curios, work of art, bonds, credit and debit cars, cheques, documents, cash and currency notes and coins. Jewelry Cover Can I get jewellery cover in home and outside home (worldwide)? Under Bajaj Allianz My Home policy, you get Pan India coverage for jewellery and valuables. This means the insurer would indemnify you for accidental loss or damage to the jewellery anywhere in India. For an additional premium, this coverage can be extended worldwide. Is it mandatory to have the valuation report of the jewelry? For Bajaj Allianz My Home plan, you can choose the sum Insured/plan that best suits your needs from our Platinum (top), Diamond (medium) and Gold (base) options. For “Jewellery and Valuables” valued up to two lakh and fifty thousand for Gold plan, five lakh for Diamond plan and ten lakh for Platinum plan, you need to provide a list of jewellery and valuables with full description and market value. For “Jewellery and Valuables” valued above two lakh and fifty thousand for Gold plan, five lakh for Diamond plan and ten lakh for Platinum plan, you need to provide a valuation report of the valuer which is approved by the insurer. Other Home Insurance Covers Can I get a personal accident cover for me and family? There is a provision for personal accident insurance under Bajaj Allianz House Holders Package Policy. Can I get a cover for my domestic help? As an add-on cover, you can insure your maid, watchmen, guards, etc in your home insurance policy. What does fire and allied perils cover? Fire can cause huge damages, which can affect your finances. This section covers loss or damage to the premises (if specifically declared and insured) and contents whilst contained in the premises due to the following perils:
  • Fire
  • Lightning
  • Explosion/ Implosion
  • Aircraft Damage
  • Riots, Strike and Malicious Damage
  • Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
  • Impact Damage
  • Subsidence and Landslide including Rockslide
  • Bursting and/ or overflowing of Water Tanks, Apparatus and Pipes
  • Missile Testing Operations
  • Leakage from Automatic Sprinkler Installations
  • Bush Fire
  • Earthquake (Fire and Shock)
What is the difference between burglary and theft? While theft and burglary are often used interchangeably since they involve taking someone else’s property unlawfully, there is a marked difference between the two terms. A theft is committed when a person takes someone else’s property without his or her consent. This is with the intention to permanently deprive the owner of its use or possession. On the other hand, a burglary is committed when someone enters structure or dwelling unlawfully with the intention to commit a crime within it. Can I get liability cover? Sometimes our actions can cause injuries or property damages to third parties. In such cases coping with the liability can result in a large financial burden. Bajaj Allianz home insurance covers such public liabilities as an add-on cover for all plans. What is the documentation required at time of making a claim? For claims for fire damages, you would need a claim form and the fire brigade report. In case of chain snatching, you would require the FIR report and the claim form. You will also need to provide the proof of ownership of the article. In case of accidental losses, you would need the claim form only. To protect your home from unforeseen calamities and dangers, here is more information on our home insurance cover! This article was authored as an expert opinion piece by Mr. Aditya Sharma – National Head of Websales, Direct Marketing, Travel Insurance, Home Insurance and Retail Health at Bajaj Allianz General Insurance Co. Ltd. You can follow him on Twitter @adityarpsharma

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