Other than the normal building collapse, theft or burglary, fire, unusual yet essential things like portable gadgets, Electrical appliances are also covered under a home insurance policy.
Home insurance provides cover for the building, not only the structure but also the contents within the home or the premises against various natural calamities such as fire, storm, flood and other risks like burglary. It is imperative to know what is covered under a home insurance policy and also better understand these covers to be secured financially, in case any unfortunate disaster strikes.
Anurag Rastogi, Chief Actuary & Chief Underwriting Officer, HDFC ERGO General Insurance Company, says “Home insurance has become imperative now because other than the normal building collapse, theft or burglary, fire, unusual yet essential things like portable gadgets, Electrical appliances are also covered under a home insurance policy.”
Here are some of the things covered under the policy, that policyholders must be aware of:
1. Burglary and Housebreaking cover – This is an important cover for homeowners, especially during festive seasons and vacations when families choose to travel leaving their home unattended. The contents which can be covered in the policy are cash, securities, and other valuables kept at home. Moreover, the cover will also offer financial security to any damage caused to the home or premises in case of a burglary. Apart from this, homeowners may also cover jewelry and other valuables stored in a Bank Locker. This will safeguard the items stored in the Bank Locker in case a burglary takes place at the Bank.
It must be noted that a Burglary cover is only included under a Home Insurance policy and not as part of a Standard Fire and Special Perils Policy which some customer choose to buy in place of full Home Insurance policy
2. Storm/tempest/flood and inundation cover – This is a built-in cover under a Home Insurance policy or a Standard Fire & Special Perils Policy which will cover the insured property for any damages due to storms, tempest, flooding, and inundation. The recent floods & inundation seen in various parts of the country which resulted in irrevocable damages to residential homes & lives, signify the relevance of this cover.
3. Riots/strike/malicious damages – Another cover that is built-in under a home insurance policy or a Standard Fire and Special Perils Policy, pay for any physical damages to the property and contents due to riots, strikes or incidences of malicious damage to the insured property.
4. Lightning strikes – This is a useful cover, especially for homeowners who reside in high-risk areas that are more prone to climatic changes. It covers the home for any damages caused to the structure or contents due to lightning strikes.
5. Landslide/rockslides – The cover will pay for damages to the property and contents from Landslides/Rockslides.
6. Impact damage by third party vehicles and animals – The cover provides financial security to the homeowner, in case of any damages caused to the property by the impact of third party vehicles or animals. This too is an in-built cover.