Home Insurance Plans

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Key Features

  • Covers your home against loss from fire, burglary and natural calamities
  • Covers the contents of your home, including portable equipment
  • Cover for jewellery, valuables, works of art
  • Useful add-ons to customise your policy for total protection
  • Coverage term options from 1 day to 5 years

Renewal Reminder

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4.2 1600

What is My Home Insurance Policy?

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 Buy Home Insurance from Bajaj Allianz?

Home Insurance

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
*Kutcha Construction shall mean "Buildings" having walls and/or roofs of wooden planks/thatched leaves and/or grass/hay of any kind/bamboo/plastic cloth/asphalt cloth/canvas/tarpaulin and the like.

Coverage under My Home Insurance Policy

Building
  • 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

My Home Insurance Cover Plans


My Home Insurance BUILDING INSURANCE (STRUCTURE)
Agreed Value Basis
(Flat/ Apartment)
Reinstatement Value Basis
(Flat / Apartment / Independent Building)
Indemnity Basis
(Flat / Apartment / Independent Building)
CONTENTS INCLUDING PORTABLE EQUIPMENTS New For Old Basis (Excluding Jewellery and Valuables, Painting, Works of Arts and Curios) PLATINUM PLAN -I
Flat/Apartment Insurance - Agreed Value Basis + Contents - New For Old
DIAMOND PLAN -I
Flat/Apartment/Building- Reinstatement Value Basis + Contents - New for Old Basis
GOLD PLAN -I
Flat/Apartment/Building - Indemnity Basis + Contents- New for Old Basis
Indemnity Basis (Excluding Jewellery and Valuables, Painting, Works of Arts and Curios) PLATINUM PLAN -II
Flat/Apartment Insurance - Agreed Value Basis + Contents - Indemnity Basis
DIAMOND PLAN -II
Flat/Apartment/Building - Reinstatement Value Basis + Contents - Indemnity Basis
GOLD PLAN -II
Flat/Apartment/Building - Indemnity Basis + Contents - Indemnity Basis
Portable Equipments Coverage Inbuilt Coverage : India Coverage Extension On Payment of Additional Premium :Worldwide
JEWELLERY, VALUABLES, CURIOS Etc. Jewellery, Valuable, Curios, Paintings & Work of Arts For Jewellery & Valuables: Inbuilt Coverage : India Coverage Extension On Payment of Additional Premium :Worldwide
ADDITIONAL BENEFIT Rent for Alternate Accommodation and Brokerage i) Rent for Alternate Accommodation
a) 0.5% of the Flat/Apartment Sum Insured or
b) Actual Rent whichever of (a) and (b) is less subject to a maximum of Rs.50,000 per month, for the period until the Completion of Reconstruction or 24 months whichever is less
ii) Actual Brokerage payable not exceeding one month rent
i) Rent for Alternate Accommodation
a) 0.3% of the Flat/Apartment Sum Insured or
b) Actual Rent including Brokerage whichever of (a) and (b) is less subject to a maximum of Rs.35,000 per month, for the period until the completion of Reconstruction or 24 months whichever is less
ii) Actual Brokerage payable not exceeding one month rent
-
Emergency Purchases Rs.20,000 or actual amount whichever is lower
NOTE Options To Insure Insured has the Option to insure either Flat/Apartment/Independent Building Only OR Contents Only OR Both.
POLICY PERIOD Options For Policy Period i) Short Term Policy up to 15/30/60/90/120/150/180/210/240/270 days
ii) Annual Policy of 1 Year/2 Years/3 Years/4 Years/5 Years
(Note: For all policies Policy Period for all opted covers shall be identical)
ADD ON COVERS Add On Cover For All Plans 1) LOSS OF RENT
2) TEMPORARY RESETTLEMENT COVER
3) KEYS & LOCKS REPLACEMENT COVER
4) ATM WITHDRAWAL ROBBERY COVER
5) LOST WALLET COVER
6) DOG INSURANCE COVER
7) PUBLIC LIABILITY COVER
8) EMPLOYEE'S COMPENSATION COVER
Note:Standalone Cover for Jewellery & Valuables and / or Curios, Paintings & Work of Arts cannot be Opted unless Contents are Insured.

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.


Exclusions

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.


Customer Reviews

  • NISHANT KUMAR

    22 April 2019

    Easy and hassle free, convenient way to buy home insurance online.
  • RAVI PUTREVU

    15 April 2019

    Very professional, fast and simple claim process of home insurance!

Social Reviews


Frequently Asked Questions

1. What is home insurance?

A home insurance policy is a very affordable financial tool designed to cover your home and its contents against natural and man-made calamities such as earthquakes, floods, fire, theft, burglaries and any other risks your residential area might be prone to.

2. What is property insurance?

Property insurance is a policy offered to homeowners who wish to cover their property structure as well as its contents, which will protect them against financial losses caused due to perils such as fire, burglary, flood, theft, etc. specified in their policy document. One can also cover just the contents of the house that they have rented for living purpose.

3. What are the exclusions in My Home insurance policy?

Bajaj Allianz My Home policy covers several perils due to which damages can be caused to the property and the contents, but there are certain conditions under which they cannot be covered. Those could be pre-existing damages to the structure and content, defective workmanship, manufacturing defects in mechanical and electrical items, improper handling of contents, loss or damage directly or indirectly in consequence of war, invasion or act of foreign enemy hostilities, mysterious disappearance and unexplained losses, loss or damage to the insured property or to the general public arising out of immoral or unethical use, just to name a few . You can refer to the policy wording for more details on the exclusions.

4. What are the losses/perils covered under My Home Insurance Policy?

My Home Insurance policy covers you against any losses to your property and/or content from all risks, predominately covering fire, burglary, theft, accidental damage and natural calamities. Apart from that, you also get coverage for the works of art, jewelry and other valuable items in your home. If your property is unlivable for a certain period due to any of the perils mentioned above and it needs repairs, you will get the benefit of renting an alternate accommodation until the property is fixed again.

5. What are the documents needed to file a claim for home insurance?

The documents needed for home insurance claims depends on the peril due to which the damage was caused, since that can be presented as evidence. I.e. if there was a fire, the insured would need to present a fire brigade report along with the claim form duly filled and signed, whereas, if there was a theft, an FIR would need to be lodged and provided to the insurance company. In any case, the claim form is required to process the claim.

6. How to assess the value of my home structure and its content?

It is important to assess the value of the home structure and its content properly before purchasing a house insurance policy, just to make sure that they are not under or over insured. Doing so could affect the claim amount in case of a loss, or the insured might end up paying more premium then what they are supposed to pay.

To simplify the value assessment process, we have broken down the factors into three different basis for structure, and two different basis for content which the insured can choose from, as per their requirement.

  • Agreed Value Basis: Under this method, the insured can cover the structure of their property on the value they and the insured agree upon which could be higher than the market value. This is applicable only for structure and not content.
  • Reinstatement Value Basis: If the insured decides to purchase the House Insurance policy under reinstatement value basis, there will be no depreciation imposed at the time of claim and the insured will be paid the total cost of replacement depending on the sum insured. This is applicable only for structure and not content.
  • Indemnity Value Basis: Indemnity value basis, commonly known as market value basis is a method used to insure structure that considers the depreciation amount as per the age of the building, at the time of claim. This method can also be applied when insuring content so for example
  • New for old basis: When this method is chosen for insuring content, the item damaged beyond repair will be replaced with a new one or the insurer will pay out the cost for replacement of the item in full, regardless of its age.
7. How do I calculate my Sum Insured for Structure & Content?

The Sum Insured (SI) for the structure can opted for on the following basis:
1. Flats/Apartments - Agreed Value basis or Reinstatement basis or Indemnity basis
2. Individual Buildings/Bungalows - Reinstatement basis or Indemnity basis
SI for Content can be opted for on New for Old or Indemnity basis.

8. Can I increase my Sum Insured?

Yes, you may increase the Sum Insured for your home whilst the tenure of the policy by opting for an Escalation clause @ Extra premium not exceeding 25%. For E.g. The SI is Rs 10L and you opt for an Escalation clause of 25%. The SI increases as each day passes by and on the last day of the policy the SI will be 12.5L.
Note: Escalation clause is available only on Building SI chosen on the basis of RIV and Indemnity basis

9. How do I cover jewellery, curios and works of art?

Sum insured for jewellery, curios and works of art shall be covered, based on the valuation report provided by government approved valuer and approved by us.

10. Can I cover curios if I travel with it?

No, curios can only be covered when they are stored or present in your building.