by Mr. Subrahmanyam
B, Bharti Axa General Insurance
Home insurance
generally comes in the form of a package that covers not only loss or / damage
to the insured property due to natural catastrophes or accidental damage, but
also a host of add-on covers.
Generally,
householders insurance policies cover the following:
* Loss or / damage
to building, fixtures, fittings & renovations due to fire as well as
other perils such as earthquake & flood. Loss or damage due to terrorism
can also be covered as an option.
* Loss or damage to house contents,
valuables, appliances (TV, fridge, washing machine, air conditioner, laptop),
and also fragile items such as plate, glass & sanitary ware. Such loss or damage can be due
to fire and other perils and also due to burglary.
* Personal accident coverage providing for
payment of compensation due to accidental death & permanent total or /
partial disability of the insured person.
* Loss of rent if the whole house
or / parts of it become unfit for occupation following a fire or other perils
such as flood or earthquake. Few policies also provide for payment of expenses
of additional rent for alternate accommodation.
* Accidental death or / theft of
pedigree pets.
* Loss or damage to personal baggage due to accident or
misfortune while travelling in India.
* Accidental death or / injury of domestic servants as provided for
under Fatal Accidents Act or / Workmens
Compensation Act.
* Legal liability to third parties as a
result of accidents occurring in the insured's home. Some of the important
points to watch out for while taking house insurance are:
** Make sure that
the property & contents are
insured for an adequate amount. In the event of a claim, if it is found by the
insurance company that the actual value of property and contents is higher than
the insured value, claim may not be paid in full.
** Policies are
subject to deductibles (a nominal amount which the insured is expected to
bear in the event of a claim). It is important to check with your insurance
adviser on both these aspects before taking a final decision.
About the author..!
Mr. B . Subrahmanyam is VP and head- Health vertical and Commercial lines at Bharti Axa General Insurance
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