Home insurance: Which add-on should you opt for with a home insurance cover?

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December 03, 2020 5:39 PM

Most of these add on covers are generally not covered under a home insurance policy. Note that, to get the add ons, you will have to pay an additional amount over and above your home insurance premium.

home loan insurance, Home insurance, Home Insurance, earthquake, cyclone, Delhi earthquake, Cyclone Amphan, comprehensive home insurance, structure, contents, Home Insurance Claim, natural disasters, home insurance, Homeowners Coverage, multistory building, How to get flat insured, Market Value, Reinstatement Value, Agreed Value, Market Value Vs Reinstatement Value, loss of key, liability cover, burglary and theft, temporary resettlement cover, jewelry cover, electrical or mechanical breakdown cover, loss of rent cover, terrorism cover,A comprehensive home insurance policy can come in handy especially when a natural disaster strikes, to tackle the losses.

Opting for add-ons along with what is covered under a home insurance policy, helps policyholders to a great length, depending on their requirements. Add-on covers help policyholders in additional areas where the home insurance policy might not work. Certain things that are not covered with a basic policy, can get covered with add-ons. Hence, before choosing a home insurance add-on, make sure it is applicable to your needs and circumstances and adds value to your home insurance cover.

Subramanyam Brahmajosyula, Head -Underwriting and Reinsurance, SBI General Insurance, says “Key add-ons that Home insurance buyers can look at are burglary and theft cover that as the name suggests, will cover damage/loss to the policyholder’s house and it’s contents in case of a burglary or theft. The public liability section of the home insurance is a type of insurance that covers the cost of claims made by the public or third party for any damage that happens to them in connection with your house.”

Some of the popular add-ons with home insurance include loss of key, liability cover, burglary and theft, temporary resettlement cover, jewelry cover, electrical or mechanical breakdown cover, loss of rent cover, terrorism cover, etc. Shreeraj Deshpande, Chief Operating Officer, Future Generali India Insurance says, “One should be particular about the sum insured and ensure that all the items are covered. Further, the most important add-on covers that one must include are Fire and Allied perils, STFI, RSMD, EQ, Terrorism, loss of rent, theft, and Burglary, and breakdown.”

Most of these add on covers are generally not covered under a home insurance policy. Note that, to get the add ons, you will have to pay an additional amount over and above your home insurance premium.

Popular home insurance Add-ons and their benefits;

Liability cover – Liability covers take care of any third-party liability expenses in case of any event which the policyholder has incurred. This also includes any medical liabilities arising out of injury to domestic help, along with any other third party.

Electrical or Mechanical Breakdown cover – Domestic electronic and electrical appliances are covered under this add-on. The add-on cover takes care of any repair and service which the policyholder has incurred in case of a breakdown of these appliances.

Burglary and Theft cover – This add-on protects the policyholder from damage or loss to the household contents and home in the case of burglary and theft.

Jewelry cover – This add-on covers all risks for the policyholder’s Jewellery. This add-on not only covers the jewelry if a loss happens at the policyholder’s home but also outside the home when the policyholder was wearing them.

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