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Home Insurance
Mar 9, 2020

What are the add-on covers in home insurance?

You spend most of your savings to buy that perfect dream home of yours. You decorate it with all your love and affection. You also install the latest security system to protect it. But is this enough? The answer is no! To safeguard your prized possession from perils such as fire, theft and more, you need to secure it by buying a home insurance policy.

What is a home insurance policy?

Home insurance policy safeguards your home from various perils and offers claim settlement amount for any kind of repair and rebuild. It also covers the content of your home. The coverage includes:
  • Damages to the structure of the insured house
  • Loss or damage to content
  • Loss or damage to portable equipment anywhere in India
  • Loss or damage to jewellery and valuables
  • Loss of or damage to "curios, works of art and paintings" whilst stored or lying in your Building

What are add-on covers?

Besides the basic coverage, there are many add-on covers available. The add-ons offer extended protection to your home insurance policy. They offer complete protection for your home along with safeguarding you from financial burden. Let’s look at the add-on covers available: Loss of rent cover: This add-on is useful for the people who have given their property for rent. This cover compensates the owner for the loss of rent caused due to any peril that makes the home unsafe to live and compels the tenant to vacate the home. Under this cover, you will get the rent from the insurer as per your claim and policy terms. Temporary resettlement cover: This cover is a must for all home owners. In case your home becomes inhabitable due to flood or fire or any such peril then you will have to shift into a temporary accommodation. With this cover, the insurer will compensate you for the shifting, transportation, packing cost and other such costs related to shifting to your alternate accommodation. Key and lock replacement cover: This cover is useful for both home owners and renters. The following coverage is given to you:
  • Loss or theft of the keys of your home
  • Loss or theft of your vehicle keys
  • Reimbursement of the cost of a locksmith for making new keys (home and vehicle)
ATM withdrawal robbery cover: You should be very careful after withdrawing money from the ATM. If you face any theft, this add on cover will compensate you for the amount lost right after your ATM transaction. Lost wallet cover: If you have lost your wallet or your wallet is stolen, this cover will come to your rescue. The insurer will cover you for the cost of the wallet and the money that you had in it. It will also give you reimbursement for the amount you pay to issue new cards or other important documents that you had in the wallet. Dog insurance cover: Your pet is also an important member of your family. This cover will insure your dog and pay for the claims when it falls sick during the policy period. Public liability cover: If someone gets injured because of a mishap at your home, this cover will cover the medical aids and other legal formalities required. If any other property is damaged due to structural issues of your home, then also this cover will help in the repairs of the property. Now that you know all about add-on covers of home insurance, what are you waiting for? Buy the best home insurance policy along with add on covers. Bajaj Allianz Home Insurance Policy will be the right option for you. Go for it and safeguard your prized possession from any mishaps or perils today!

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