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Bharat Griha Raksha Policy
Dec 5, 2023

Demystified: Home Building Coverage In Bharat Griha Raksha Policy

If you own a house, the thought of protecting it may have crossed your mind. You may think of security systems and fortifying your house. In addition to this, a measure that may help you protect your finances against house-related losses is getting the space insured. The Bharat Griha Raksha Policy offers crucial protection to homeowners in India against various risks. This comprehensive general insurance can help policyholders achieve peace of mind by covering their property. The Home Building cover is one of the key coverages offered by this policy. Let’s take a quick look at this policy and the fundamental inclusions and exclusions of this policy.

What is Bharat Griha Raksha Policy?

The Bharat Griha Raksha Policy is an insurance policy tailored for homeowners. It offers protection against numerous unforeseen events, ensuring that your home and its contents are financially secured in case of damage or loss. This policy is a safety net for homeowners, providing a sense of security and financial stability during challenging times.

Home Building Coverage

The Home Building Cover provided under the Bharat Griha Raksha Policy is an essential aspect of the insurance policy tailored for homeowners in India. This coverage is designed to protect one's residential structure, ensuring that it can be repaired or rebuilt in case of damage or loss due to specific unforeseen events. When buying any policy, it is crucial to look at the various coverages offered.

Inclusion of Home Building Coverage

The Bharat Griha Raksha Policy's Home Building Cover includes several inclusions through which the policyholder may be able to protect their finances against the damages to their house. Here are some of these inclusions.*
  • Protection Against Insured Events

This cover under general insurance encompasses physical loss or damage to your residential structure due to certain specific events that may be detailed in the policy. This protection extends to events such as fire, explosion, lightning, earthquake, storm, cyclone, typhoon, flood, and some other natural disasters.
  • Architect's and Engineer's Fees

In addition to the coverage for damage or loss, this policy also covers the fees of architects, surveyors, and consulting engineers. These professionals play a crucial role in assessing and overseeing the repair or reconstruction of your home.
  • Cost of Removing Debris

The policy provides financial support for the cost of removing debris resulting from an insured event. Clearing debris is a necessary step in the restoration process, and this coverage ensures that homeowners are not burdened with these expenses.
  • Loss of Rent

Homeowners may face a situation where their homes become uninhabitable due to damage or loss. In such cases, the policy offers coverage for the loss of rent. This means that if you are renting out your home and your tenants are forced to relocate due to damage, you can recover the rent you would have received.
  • Rent for Alternative Accommodation

In cases where your home is not fit for living following damage from an insured event, the policy covers the rent for alternative accommodation. This ensures that you and your family have a place to stay while your home is being repaired or rebuilt.

Exclusions of Home Building Coverage

It is as important to understand the exclusions of coverage as it is to understand the inclusions. This allows you to get a comprehensive view of the policy. Some of the exclusions of the Home Building Cover are as follows:
  • Non-Residential Use

The policy covers your home building only if it is used for residential purposes. If your home is used as a holiday home, for lodging and boarding, or purposes other than residential, the coverage is not applicable. For any small business you are running, you may consider a relevant MSME insurance policy.
  • Superior Alternative Accommodation

If you choose alternative accommodation that is superior to your home building, the policy will not cover the difference in rent. The coverage is designed to provide you with accommodation that is similar in value to your insured home.
  • Declaration of Sum Insured

The sum insured for Home Building Cover is determined based on the cost of construction at the policy's commencement date, as declared by you and accepted by the insurer.
  • Restoration of Sum Insured

In the event of a claim, the policy is restored to the full original sum insured. However, you will need to pay a proportionate premium for the unexpired policy period. This ensures that you maintain the same level of coverage. These are some of the inclusions and exclusions of the Home Building Cover offered under the Bharat Griha Raksha Policy, a policy for homeowners in India. It is ideal to go through your policy document to understand the details of what your policy has to offer to you. Understanding the inclusions and exclusions of Home Building Cover is crucial for homeowners to make informed decisions and ensure their homes are adequately protected.   *Standard T&C Apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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