Why House Insurance
There is no place like home in the entire world. After a tiring day at work, a home is your haven of peace that gives shelter, comfort and warmth. A place where you and your family can rejoice, unwind and make thousands of memories that last for a long time.
Buying your dream house was probably the biggest financial investment you ever made. And then came in the responsibility to protect it from unpredictable damages, natural or manmade disasters and potential threats like burglary and theft. By investing in a home insurance policy, you actually buy immense peace, assurance and safety against these unexpected events. With a good home insurance you are completely equipped to face any crisis or storm that comes your way.
The home insurance plan not only safeguards the structure of your home but also ensures a safety net for all the belongings and prized possessions collected over the years with your hard earned money. The policy cover gives you a chance to choose either the house structure or the household contents in a single policy with minimum documentation.
To make home insurance easily accessible, we have an instant online policy option that helps you buy home insurance policy online with minimum hassles and worries.
Key highlights of the Policy
Home insurance that provides safety and protection to your valuable property and possessions
A home insurance policy that protects not just your home structure but the household contents too. Insurer has to mandatorily choose the fire cover whereas Burglary is an optional cover that is offered at a low cost that includes theft and Larceny
Sum Insured is decided based on reinstatement value
More discounts on premium can be availed by the insurer on deletion of risks like riots/ strikes, flood/storm and earthquake
The covers provided are:-
- Section I(a) Fire and Special Perils -Building (mandatory section)
- Section I(b) Fire and Special Perils -Contents (mandatory section if Burglary is opted)
- Section II Burglary including theft and Larceny –Contents
Key features of Home Insurance
- Applicable to any residential building with RCC/ RBC/ Tiles/ACC roof and walls of burnt brick /stone /concrete
- Covers building against risks like –Fire, Lightning, Explosion / Implosion, Storm, Flood, Riots, Strike Malicious Damage, Earthquake, Terrorism (optional)
- An individual with an independent house or a flat can opt for this benefit
- Sum Insured for this benefit is calculated as cost of construction x Built up area
- Value of land is not included in the Sum Insured
- Discounts can be availed on deletion of risks like terrorism, riots/ strikes, flood/storm and earthquake
- Covers articles like consumer durable, furniture, personal belongings specified items etc against fire & allied perils
- Coverage for contents against risks like fire, lightning, explosion/implosion, storm, flood, riots strike and malicious damage, Earthquake , Terrorism(optional)
- Sum insured for personal effects like clothing, footwear etc is calculated on market value
- Further Discounts can be availed on deletion of risks like riots/ strikes, flood/storm and earthquake
- Covers articles like valuables, consumer durable, personal belongings specified items etc against burglary and theft
- Sum insured for this cover has to be similar to the fire content section (I b),
- Discounts up to 15 % are given on appropriate security arrangements like Burglary alarm, 24 hour security, intercom, etc
- Damage to safe and almirah is covered upto 5 % of the sum insured
- Only jewellery locked in a safe is covered.
What is not covered - Home Insurance Exclusion Policy
- Loss or damage caused by depreciation or wear and tear and consequential loss of any kind
- Willful destruction of property
- Following properties not covered:
- Property under construction
- Kutcha property / construction
- Resident cum offices
- Resident cum shop
- Resident cum godown
- Loss, destruction or damage caused by war, invasion, act of foreign enemy, hostilities or war like operations (whether war be declared or not), civil war, mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, rebellion, revolution, insurrection or military or usurped power
- Loss or damage contributed by nuclear weapons material and/or ionizing radiations
- Loss, destruction or damage to articles of consumable nature, livestock and motor vehicles
- Loss, destruction or damage to any electrical machine, apparatus, fixture, or fitting arising from or occasioned by over-running, excessive pressure, short circuiting, arcing, self heating or leakage of electricity from whatever cause (lightning included) provided that this exclusion shall apply only to the particular electrical machine, apparatus, fixture or fitting so affected and not to other machines, apparatus, fixtures or fittings which may be destroyed or damaged by fire so set up
- Loss of earnings, or other consequential/indirect loss or damage of any kind or description whatsoever
- Loss caused by burglary and/or housebreaking and/or theft and/or larceny where any member of the Insured’s family is concerned as principal or accessory
- To securities, documents of any kind, stamps, coins, cash/paper money, deeds, ATM cards, credit cards, charge cards, bonds, bills of exchange, promissory notes, or any other negotiable instrument, books of accounts or any other business books, and explosives
- To articles of consumable nature, livestock and motor vehicles
- To curios, antiques, pictures and other works of art, guns, collection of stamps, coins and medals for an amount collectively in excess of Rs. 10,000 unless specifically stated to the contrary in the Schedule
- To jewellery and valuables in excess of Rs. 10,000 per single article unless stated to the contrary in the Schedule
The policy is designed for:
- Individuals residing in flats or independent houses provided that the external walls are of burnt bricks / stone / concrete blocks and RCC / RBC / Tiles / ACC roof
- Home owners and tenants can opt only for the contents cover for fire as well as burglary.
- The company follows a set standard for fair, just and timely settlement of insurance claims
- On claim registration, a surveyor would be appointed to estimate the loss/ damage, depending on the type of loss viz. Fire/Burglary etc.
- All claims registered with ZOOM shall be settled in 15 working days from the date of receiving complete documentation.