Home Insurance/House Insurance Policy is an offering that you can purchase for your home and/or its contents to stay protected from risks of losses or damages that may be caused to them by any unforeseen events. Certain incidents can lead to sudden and huge expenses, which you are generally not prepared for. In such instances, the Bajaj Allianz My Home-All Risk insurance policy will safeguard you from suffering from financial setbacks at that time, ensuring complete protection to you, your family and your Home.
Why should you buy My Home Insurance Policy?
- Home Insurance/House Insurance Policy provides coverage for losses or damages caused to properties or contents by an unfortunate event - natural and accidental
- It is not just limited to landlords or home-owners, it can also be purchased by tenants living in rented properties for their contents
- You get the option to insure either just the building/structure or the contents of your home, or both
- The services stay enabled for you even when you are away from home, ensuring you have a stress free trip
- It gives you an All risk Comprehensive Insurance coverage to secure your assets at affordable home insurance premium rates
- This policy allows you to insure your flat/ apartment on an Agreed Value Basis
Key benefits of Bajaj Allianz My Home Insurance Policy
- All Risk Cover for Building, Contents, Jewellery, Valuables, Works of Art, Curios & Paintings under a single Policy
- No list of Contents required where Sum Insured of contents is above Rs. 5 Lakhs
- Worldwide Coverage Extension for Jewellery, Valuables and Portable Equipment available on payment of additional premium
- Automatic Reinstatement of Sum Insured for Contents
- Wavier of Condition of Average for Contents & Jewellery, Valuables, Painting, Curios & Works of Art on Agreed Value Basis
- Policy can be issued for a period starting from 1 day to 5 years.
Who is eligible to buy My Home Insurance Policy?
- Any Owner Occupant of/ Person having an insurable interest in Flat /Apartment / Independent Building which is not of *Kutcha Construction can purchase this insurance policy for the Building and/or Contents and Jewellery & Valuables, Works of Art, Curios and Paintings
- Any Tenant and other Non-Owners of Residential Structure having an insurable interest can insure the "Contents and Jewellery & Valuables, Works of Art, Curios and Paintings" in the Flat/Apartment/Independent Building occupied by them for residential purpose.
- Any Organization/Entity/Firm which is the owner of/ has an insurable interest in, Flat / Apartment / Independent Building used for residential purpose of its own employees/business partners/contractors/invitees which is not of *Kutcha Construction can purchase this insurance for
- i) Building and/or
- ii) Contents (excluding Portable Equipment/Portable Items), and/or
- iii) Works of Art, Curios and Paintings within the insured premises owned by such Organization/Entity/Firm
Coverage under My Home Insurance Policy
- Loss or damage to building: We will indemnify you in respect of the accidental loss or damage to building based on the plan selected by you.
- Sum insured options for Flat/Apartment
- Reinstatement Value Basis
- Indemnity Basis
- Emergency expense cover: Expenses incurred towards emergency purchase of food, clothing, medicines and similar daily essentials up to Rs. 20,000 will be covered in case a claim is admissible under the Building section of the policy
- Loss of or damage to curios, works of art and paintings whilst stored or lying in your Building : We will indemnify you in respect of the accidental loss or damage to curios, works of art and paintings" whilst stored or lying in your building. The valuation of the same shall be done by the government approved valuer and approved by us
Content, Jewellery/Valuables & Paintings
- Loss or damage to content : You will be compensated in case of loss/damage to your furniture and fixtures, electronic items, kitchen items, clothing and personal belongings as well as other products, which you have insured at the time of purchasing the policy
- Loss or damage to portable equipment anywhere in India: We will indemnify you in respect of the accidental loss or damage to portable equipment anywhere in India. However, on payment of additional home insurance premium, the coverage for portable equipment may be extended to worldwide
- Loss or damage to jewellery and valuables: We will indemnify you in respect of the accidental loss or damage to jewellery and valuables anywhere in India. However, on payment of additional home insurance premium, the coverage for jewellery and valuables may be extended to worldwide
- Loss of or damage to "curios, works of art and paintings" whilst stored or lying in your Building: We will indemnify you in respect of the accidental loss or damage to curios, works of art and paintings whilst stored or lying in your building. The valuation of the same shall be done by the government approved value and approved by us
Add on covers with My Home Insurance Policy
- Loss of Rent Cover : In case your rental property gets destroyed due to some peril, and your tenant vacates it due to which you stop receiving the rent, we will indemnify you for the amount lost till the time the property remains unfit to live in
- Temporary Resettlement cover : In case your house gets destroyed due to some peril, such as fire, and you need to move into an alternate accommodation, we will indemnify you for the transport and packing costs
- Key and Lock Replacement cover : If your house is broken into, or the keys of your house or vehicle gets stolen, we will reimburse you for the cost of the locksmith
- ATM withdrawal Robbery cover : In case you get robbed right after you withdraw money from the ATM, we will compensate you for the amount lost due to the same
- Lost Wallet cover : If your wallet gets lost or stolen, we will pay you for the replacement cost of the same, as well as the cost of application for lost papers and cards that were present in the wallet
- Dog Insurance cover : If your pet dog dies due to accident and/or diseases contracted during the period of insurance, we will pay you the fixed amount for your loss
- Public Liability cover : If you use or occupy a place for residential purposes, and someone gets injured or their property gets damaged, Public Liability cover will reimburse the cost that may be incurred to fix for those damages upto the Sum Insured opted.
- Employee's Compensation cover : In case your domestic help meets with an accident and gets injured during the regular course of their work, they will receive the compensation as per the Employee Compensation Act
Basis of loss settlement under My Home Insurance Policy
The loss settlement under My Home Insurance Policy can be listed down to four different basis - Indemnity basis, Reinstatement basis, New for Old basis and Agreed Value basis, which have been further explained below:
- Indemnity basis : When a property or item is insured on Indemnity basis, the insured will get a compensation for the item damaged after a deduction for wear and tear
- Reinstatement basis: When a property or item is insured on Reinstatement basis, the insurer will settle the loss by replacing the damaged property or item with a new one, which is equal to but not better than the one damaged
- New for Old basis : This basis means that when an item is damaged beyond repair, the insurer will pay out for the replacement for the same in full
- Agreed Value basis : Agreed value basis means the loss will be settled by the insurer on the value of the property or content agreed by the insured at the time of purchasing the insurance policy
Note: The loss settlement for property or structure cannot be on New for Old Basis.
Our My Home policy that provides property insurance does not cover loss or damage to the property to or arising from:
- The deductible of
- First 5% of each and every claim pertaining to the Portable Equipment/ Portable Items subject to a minimum of Rs.2,500, applicable to all annual policies.
- First 5% of each and every claim pertaining to Contents subject to a minimum of Rs.5000, applicable to all short term policies unless specifically revised and altered by the Insurer and mentioned in the Policy Schedule.
- Mis-representation, Mis-description or Non-Disclosure of any material particulars/information/facts.
- Loss or damage to Contents due defective workmanship, material or design, latent defect, wear and tear, depreciation, moth, vermin, insects or mildew, process of cleaning, dyeing or bleaching, restoring, repairing, retouching or renovation, inherent vice, warping or shrinkage, the action of light or atmospheric conditions, natural ageing or any other gradually operating cause.
- Dismantling, fitting adjustment, repair alteration or modification not approved by the makers/manufacturers and/or the agents of makers/manufacturers or use of such property contrary to the directives of the makers/manufacturers and/or his agents.
- Breakage, Cracking or Scratching of Crockery, Glass, Cameras, Binoculars, Lenses, Musical Instruments, Sports Gear and similar articles of brittle or fragile nature, unless caused by fire or accidental external means.
- Loss or damage to Money, Securities, Manuscript, Deeds, Bonds, Bills of Exchange, Promissory Notes, Stock or Share Certificate, Stamp and Travel Ticket or Traveler cheques, Business Books or Documents, Plans, Designs, Blueprints, Credit/ Debit/ ATM cards , Club Membership Cards
For more information on exclusions, please refer to the brochure in the tools section.