Home Insurance covers natural and man-made calamities.
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.
We have an option to cover your Contents against fire and allied perils like earthquake, and burglary. Our Home Insurance policy covers your:
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.
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.
The company is not liable to make payment for:
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.
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.
If the property is sold the premium shall be refunded on short-term basis in case of no 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.
Yes, for their part of the asset.
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