Home Insurance Policy | Ethika Insurance broking pvt Ltd

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Home insurance covers the loss or damage to the structure and contents in the home due to any of the insured peril up to the sum insured mentioned under the plan in return for a nominal premium. Home insurance can either be taken for the structure or for the structure and content combined. To have a common product for home insurance requirements Insurance development and authority of India has launched Bharat Griha Raksha to cover the structure and contents of a home.

Home insurance can be taken for a short term i.e.1 year or for a long term up to 10 years which is to be decided by the customer. The structure would be covered under reinstatement basis whereas the content would be covered under market value basis. Reinstatement basis is the cost incurred to construct the house due to the loss or damage suffered from an insured peril. Market value is the cost of the product in the market less any depreciation accumulated for the policy period. Home insurance covers the loss or damage to the home due to natural perils as well as man made perils that are mentioned under the policy. There are certain exclusions under the policy which can be covered on payment of additional premium and there are few exclusions that are permanent in nature.

Here are the perils covered under the home insurance policy which includes both the structure as well as the content:

Features of Home Insurance Policy

Home insurance covers the below perils same as that of the standard fire and special perils policy

Fire including visible fire but the damage due to smoke without fire is not covered.
Lightning- Damage to the home due to lighting such as thunderstorms etc.
Explosion/Implosion- Any kind of explosion or implosion in the home causing damage to the property. Explosion or implosion could be due to bursting of cylinders, geysers, or other electronic apparatus.
Aircraft damage- Damage caused to the property due to the falling of objects from the aircraft.
The Riot Strike and the Malicious Damage that result from the human factor causing harm to property.
Storm. Typhoon, Tempest, Flood and inundation which is a god made peril resulting in damage to the property.

A collision caused by a road or rail vehicle, or other animal of a third party, causing destruction to property.
Subsidence \ Landslide including Rockslide which results in damage to the property. Landslide or rockslide is the movement of the earth under the property resulting in its damage.
Bursting or overflowing of water tanks, apparatus resulting in damage to the property due to the water or any other fluids.
Leakage from automatic sprinkler installation causing damage to the walls or the contents in the home.
Missile testing operations resulted in damage to the house. This could be due to the parts of the missile hitting the home and damaging it.
Bush fire which is a small fire originating due to the bushes and spreading around the house resulting in its damage.

Exclusions

The exclusions are as mentioned below:

Fire due to fermentation, natural heating, spontaneous combustion and it undergoing any heating or dying process.
Loss or damage caused due to Earthquake unless it is covered as an add-on.
Impact damage due to insured own vehicle or employee’s acting on behalf of the insured.
Normal cracking, bedding down or settlement of new structures.
Defects in construction of the sprinkler installations.
Forest fire.

Griha Raksha Policy

Bharat Griha Raksha cover is a policy introduced by the Insurance regulatory and development authority of India as a common policy across all the insurance companies with same features and pricing for all insurers. The coverage of the policy is as mentioned under:

Home Building Cover

This section covers the structure of the home only.

Home Contents Cover

This section covers the articles in the home. If home building cover is also taken then the general contents are covered automatically for up to 20% of the sum insured or a maximum of Rs.10 Lakh unless the insured opts for a higher sum insured for home contents under the policy.

Optional Cover

The below covers are available to the customer on payment of additional premium.

Cover for valuable contents on Agreed Value basis:
The valuable contents such as Jewellery, Works of art, silverware, paintings, etc, are covered under the policy on an agreed value basis in which the value of the valuables is mutually agreed between the insured and the insurer.

Personal Accident Cover:
If the insured peril acting at the time of damage results in death or disability of the insured or his/her spouse, then a compensation of Rs.5 Lakhs per person would be payable to the insured.

The major advantage of the Griha raksha policy is that it gives levy for underinsurance under the plan. The policy provides a 10% escalation benefit on the basic sum insured which could act as an insulation against the underinsurance at the time of claim settlement. There isn't any underinsurance that is applicable for the Bharat Griha raksha policy as of the time of settlement. Underinsurance occurs when the insured amount of the property is lower than the value actually for the home. Under insurance happens if the insured value of the property is less than the reinstatement value i.e. the cost of reinstating the property is higher than the original sum insured mentioned under the policy. Under insurance would considerably reduce the claim amount which is detrimental to the insured who is already suffering from loss.

Tax Benefits of Home Insurance

There are no tax benefits that can be availed towards the premium paid for the home insurance policy. But the proceedings or the claim amount received due to the damage to the house would be tax exempted as it would not come under capital gains under the income tax act. The claim proceedings are seen as a form of compensation for the loss suffered by the insured and there is no capital gain which exempts it from income tax.

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FAQ's

Can I buy a long term home insurance policy? ?

Yes, you can buy a long term home insurance policy such as Bharat Griha Raksha home insurance policy can be taken up to a maximum of 10 years. The policy can be extended further after the completion of 10 years subject to the underwriting approval.

Is it advisable to buy a long term policy?

Yes. It is advisable to buy a long term home insurance policy as the premiums are very cheap in case of long term policies. There would be no worries of yearly renewals in case of a long term home insurance policy.

What is the appropriate Sum Insured?

The appropriate sum insured under the long term home insurance policy should be decided by the applicant and not by the insurance company. The applicant can decide the sum insured based on the cost of re-construction of the home in case of damage in the future. The most important thing to consider is the cost of re-construction in the future as it would depend on many factors such as inflation, increase in wages, existing conditions and approvals required etc. The cost of re-construction would depend on the type of the construction required, area of construction and raw material prices. This cost should be estimated by taking into account the current cost of reconstruction and adding inflation to it. The inflation should be added as that of the policy period while calculating the sum insured under the policy.

Should I insure my home under construction?

No. It is not advisable to insure the home under construction with a home insurance policy. Under construction homes should be insured with Construction All Risk insurance policy as the cost of the house would not be known at the time of construction. There could be additions or deletions to the cost of the home and the final figure of the cost of re-construction would come only after the home is constructed completely.

If I rent my flat, who would buy the insurance?

If you rent a flat, the flat owner should purchase the Griha raksha home insurance cover for the structure. You can purchase Griha raksha cover for your contents in the home.

Long Term Home Insurance