FAQs on Insurance

Q.1 What things are covered by the home insurance policies available in the market?

Q.2 Does the home insurance cover the cost of land?

Q.3 What are the things that home appliance insurance policy covers?

Q.4 What is householders policy?


Q.1 What things are covered by the home insurance policies available in the market?
Ans. Home insurance policies in the market mainly covers two things:

• Building structure
• Contents inside the home

Insurance Covers for a Building Structure are:

• The Fire and Special Perils Cover: It covers the damage due to fire, storm, lightening, riot, strike, vehicle damage, explosion & implosion, aircraft damage, landslides & rock slides etc.
  
  
• Earthquake Cover: It covers the damage to the structure of house due to earthquake.
  
  
• Terrorism Cover: It covers the damage to your house due to terrorism act.

Insurance Cover for Contents Inside the Home: It covers the damages or loss of the contents inside the home like electronic and electrical goods, jewelry, clothing, furniture and fixtures and any other contents inside the home. The covers that can be taken for the contents are fire and specials perils cover, earthquake cover, burglary etc.

Q.2 Does the home insurance cover the cost of land?
Ans. The land can't be insured. The insurance is provided only for the cost of constructing the building and it is calculated by multiplying the home area by the construction rate per sq. feet.

Q.3 What are the things that home appliance insurance policy covers?
Ans. The home appliance insurance policy covers protection against the damage or loss to home appliances due to electrical or mechanical breakdown.

Q.4 What is householders policy?
Ans. Householders policy is a composite home insurance package for those who want the insurance of both the building as well as the contents. On the basis of requirement, you could ask for inclusion and exclusion of the covers. It protects the householder from a large series of potential risks and dangers. This package policy includes the following sections:

• Fire Insurance of the building and household contents
• Burglary, housebreaking, larceny and theft
• Personal accident
• All Risks Insurance for Jewelry, ornaments and other valuables
• Plate Glass Insurance
• Personal baggage while on travel
• Pedal cycle Insurance
• Domestic Appliances (Electrical and mechanical failures)
• TV, VCR & VCP and music systems

This package policy requires only one proposal form to be filled in spite of different proposal forms for separate policies. In this way it protects us from the tedious procedure associated with individual policies.