PART I

Why do you need home insurance?

Whether you’ve owned your home for years or are a first-time buyer or your house is on rental, the attachment towards your home is always immeasurable. At some unforeseen event, if your house is on fire or is robbed, the damage caused, economically and emotionally is indefinable. No one can avoid a nasty situation like that, but one can take steps to reduce the economical loss after such incidence. It makes sense to invest in home insurance policy and as an informed shopper, we empower you to compare and choose the right insurance company on www.insurancemall.in, the search engine that offers you multiple options for best product and best price.

Who can apply for this policy?

This Policy is suitable for you as a householder, whether you reside in an independent house or in a flat/apartment, whether the building is single storied or is a high rise, since each of the alternatives above would imply different risk exposures which can be covered under home insurance policy.

What are the perils covered under home insurance policy?

The most basic coverage for home insurance is property damage caused by natural and man-made calamities such as fire, earthquake, lightning, floods, explosion of gas cylinder, spread of Fire due to short-circuit, riot, strike, malicious damage, aircraft laws, impact from rail/ road vehicles, storm, cyclone, flood, landslide, burglary and bursting of water tanks/pipes. Some plans also cover for personal liability and personal accident as a an additional rider.

What is personal liability?

Personal liability is the damage caused by you or your property to others or other’s property. Liability coverage pays when you are legally obligated for damages that occurred as the result of something that happened on your property. This coverage would pay the claims as well as a lawyer to defend you in the event of a lawsuit.

What is personal accident?

Personal accident covers you and your named family members against accidental bodily injury leading to death or disablement (either permanent total or permanent partial).

How to calculate the value of your home structure?

The home insurance policy insures the structure of your home for its reconstruction value (and not for market value). Reconstruction value is defined as the cost incurred to reconstruct the home if it is damaged. On the other hand market value is a combination of cost of land, demand & supply scenario, etc. 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.

How to calculate the value of your home contents?

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 after deducting depreciation for the usage.

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To understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need. Or you can directly call them on +91-22-30503050

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