What are the losses/ perils covered under this policy?

Home Insurance covers natural and man-made calamities.

  • Fire , Lightening or Explosion
  • Aircraft & other Aerial devices
  • Earthquake, Storm, Tempest & Flood
  • Bursting or overflowing of water tanks
  • Impact by any Vehicle
  • Riot & Strike
  • Malicious Act
  • Burglary, House Breaking including Dacoity
  • Impact of tree falling

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

The current reconstruction 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 Rs. 800/-, then the sum insured for your home's building structure is Rs. 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.

I live on rent, why would I require insurance?

We have an option to cover your Contents against fire and allied perils like earthquake, and burglary. Our Home Insurance policy covers your:

  • Household appliances
  • Jewellery
  • Furniture & fixtures
  • Personal items at your home
  • Additional benefit of Home tenants free rent is provided Upto Rs.35,000 spread over 3 months if the premises is rendered uninhabitable as a result of damage by any of the insured perils.

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 should buy home content insurance cover for your belongings if the building structure of your house is insured by the society.

Is my home insured if a part of it (room) is used for business purposes?

No. A Home used for business purposes is not covered . A separate policy is however available for premises that are being used for business purposes.

What are the key exclusions of this policy?

The company is not liable to make payment for:

  • Any loss or damage by the insured and/ or insured's domestic staff direct or indirect involvement in an attempted burglary.
  • Loss or damage to any electrical machine, apparatus, fixture and fittings or to any portion of the electrical installation arising from over running, excessive pressure, short circuiting, self heating or leakage of electricity from whatever cause of electrical or mechanical breakdown.
  • Any loss or damage caused to the insured's property by cleaning, repair, renovation or routine maintenance.
  • Any loss, destruction or damage caused to the Foundation, Pavement, Plinths, Swimming Pool and tennis court of the insured property, any architectural defaults or faulty workmanship and any pre existing defects.
  • Any theft or attempted theft other than burglary or house breaking attempted by the insured or any family member, relative, friend, domestic helpers, tenants, or anyone who enters the insured's premises by deception.

What shall be the process for renewal of the policy?

The renewal notice shall be sent to you one month prior to the expiry of the policy after which you may contact the relevant branch for renewal of the policy.

What do I do in case I wish to have the policy cancelled?

The policy may be cancelled by informing the relevant branch through letter stating the reason for cancellation and the date from which the policy is to be cancelled .The original policy & certificate of insurance will also need to be returned with the letter.

What if I sell the property during the insured period?

If the property is sold the premium shall be refunded on short-term basis in case of no claim.

Who do I contact in case of a claim?

Please contact your nearest IGI branch or call us on our toll free number 0800-2-34-34 and you would be assisted by our call center representative for registration of the claim with the relevant branch.

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

Yes, for their part of the asset.

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