Stay covered against natural calamities

Calamities come unannounced and can cause irreparable damage to your home and finances. With comprehensive home insurance, secure your home and its contents against natural calamities and stay rest assured.A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradise

5 Reasons to buy A Home Insurance Policy in India

5 Reasons to buy A Home Insurance Policy in India
Descriptions- It takes years to build a house, where you create beautiful memories with your dear ones. So why not protect your haven with home insurance cover

UNDERSTAND YOUR HOME INSURANCE POLICY COVERAGE

Your policy covers:

  • Home insurance policy gives protection for only the building (structure) of your home, or only the content (belongings) of your home, or both as per the coverage opted. The policy covers losses to the structure and/or content of your home, that might occur due to a number of natural and/or man-made calamities.

Your policy does not cover:

  • Willful destruction of property
  • Loss, damage and destruction caused by war, wear and tear etc.
 

Home Insurance
Home Insurance Policy
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Check the sum insured offered by your home insurance policy

When you are considering the value of your home for insuring the structure, you should remember that it is not determined by the market value, which is a combination of cost of land, demand and supply, etc. The value, called reconstruction value, is decided on the basis of how much it would cost you to reconstruct the house if it is damaged.

Insuring the structure of the home

  • The sum insured is calculated by multiplying the built up area of your home with the construction rate per sq. feet, e.g. if the built up area of your home is 1000 sq. feet and the construction rate is `800 per sq. feet, the sum insured for your home structure is ` 8 lakhs.
  • We recommend the rate of construction for few major cities when you buy online; click here to know the construction cost. However, this value can be revised appropriately if expensive material – like marble flooring – has been used in construction. If your home has lawn / garden surrounded by a perimeter wall, the construction rate can be revised to include the cost of construction of this wall in the home structure sum insured.

Insuring the content of the home

  • The contents of your home – furniture, durables, clothes, utensils, jewellery, etc., is to be valued on market value basis, that is the current market value of similar items after depreciation.

WHY SHOULD YOU PURCHASE HOME INSURANCE?

The age old adage, “Home is where the heart is” stands true, especially when that home is the result of your hard earned money. A place where you weave your dreams and watch them come to life, your home needs to be secured as much as anything else in life. Home Insurance, also known as property insurance is the best way to keep your house protected. Safeguarding your property from threats like natural calamities, missile test damage, fire, burglary, and other unforeseen events, house insurance offers complete peace of mind and keeps you financially covered for the monetary loss incurred.

EXPLORE OUR SIMPLE, HASSLE-FREE CLAIM PROCESS

  • When in an emergency, call us on our 24×7 toll free insurance helpline, 1800 2666, and leave the rest to us
  • Provide relevant information, which includes your policy and other details regarding your claim
  • We will then authenticate your claim request and escalate it to our claims department
  • Once our claims department validates and registers your request, we appoint a surveyor within 48 hours
  • You will then need to submit all the relevant documents to the surveyor, after which the surveyor submits the Final Survey Report (FSR), along with the documents, within 7 days
  • On receipt of the documents, our claims department processes the claim within 7 days
  • Duly completed and signed claim form
  • Photocopy of policy
  • Copy of FIR
  • Final report from police
  • Copy of all invoices, price lists, and repair estimates

Please note that this is an indicative list and some other documents may be required at the time of claim settlement. If you wish to make a claim, download the Home Claim Form.

GET ANSWERS TO COMMON QUERIES ABOUT HOME INSURANCE

How can you renew your home insurance policy?

You can renew your policy by visiting the nearest branch. Alternatively, you can also visit Devyani enterprises and renew your home insurance policy instantly.

What is the procedure for assessing the value of my home structure and its contents?

The value of your home structure is assessed as per the area of your home multiplied by the rate of construction per. sq. feet, as on the date of taking the policy. For example, if your home is 1000 sq. feet and the construction rate per sq. feet is ` 800/-, then the sum insured for your home’s building structure is ` 8,00,000. On the other hand, the contents are assessed on the market value of the items. This means that if there were a loss, the claim would be paid on the value of purchasing a similar new item, less depreciation for the usage.

Is my home insured if my wife uses a part of it (room) for conducting coaching classes?

No. Homes used for business purposes are not covered.

I live in a building insured by my society. Would I need to take additional insurance?

The insurance that your society provides may offer you a limited cover and generally includes only structure and not contents. You could consider home content insurance cover for your belongings if the building structure of your house is insured by the society.

Can the contents be covered in a building that is 45 years old?

We offer a cover for the buildings not more than 50 years old on a case-to-case basis.

What is the Policy start date for Home Insurance?

The policy start date for home insurance will be 7 days from the online transaction date.

Who can take the insurance?

The owner of the property (dwelling and contents) with insurable interest can insure an asset. However, you can declare the possessions as ‘goods held in trust’ and take insurance for them.

If I work out of my home, is my inventory and business property also covered?

The home insurance product is only for residential property. In case you use your home as your place of business also, you have to take Merchant Cover.

If I take additional safety precautions like fire extinguishers, smoke alarms, sprinklers etc., will it reduce my premium amount?

Installing fire-extinguishing apparatus does not lower the premium in case of home insurance. Fire Extinguishing Allowance [FEA] is applicable for the entire building, which the society can take.

What do I do in case of a claim?

In case of a claim:

  • Inform the Call Centre with the policy details
  • The company authenticates the claim request
  • The surveyor is onsite within 48 hours
  • The surveyor submits a report to the company within 72 hours on returning from the site
  • The documents are processed by the company within 7 days
  • On approval, you will receive the payment
What are the documents required for filing a claim?

The documents required for filing a claim are:

  • Claim Form of the company duly completed and signed
  • Other evidence of the event occurring, nature and extent of loss such as:

First Information Report
Fire Brigade Report
Estimate of the repairers
Rent Agreement
Transport details for baggage loss

What do I do in case of a burglary claim?

In case of burglary claims, amounts up to 75% of the claim payable (as assessed by the company appointed surveyor) will be paid on receipt of a copy of the first information report (FIR). The balance settlement will be made only on receiving the final police investigation report.

How is the value of jewellery calculated?

The maximum value of jewellery covered will be 25% of the total contents or `1 Lakh, whichever is lower.

What are the exclusions of this policy?

The company is not liable to make payment for:

  • Any loss or damage caused by you or your domestic staff direct or indirect involvement in an attempted burglary
  • Any loss or damage on account of loss of livestock, motor vehicles, pedal cycles, money, securities for money, stamp, bullion, deeds, bonds, bills of exchange, promissory notes, stock or share certificates, business books, manuscripts, documents of any kinds, ATM debit or credit cards, unless previously specifically declared by the company.
  • Any loss or damage to any property that is illegally acquired, kept, stored which is subject to forfeiture.
  • ny loss or damage occurring while your home is unoccupied for a period of more than 30 days consecutively and if you failed to inform the company about the same.
What if I sell the property during the insured period?

You can cancel the policy and take the premium back.

If three people share an apartment, can each one take a separate home insurance policy?

Yes, for their part of the asset.

How do we get the valuation of our property done?

The contents are covered on market value i.e. the cost of buying a similar new item after deducting appropriate depreciation on the basis of the age of the item. This includes household appliances, furniture, jewellery, personal effects and miscellaneous items.