Frequently Asked Questions

Home is the sweetest place on the earth which is truly priceless and the most valued possession. Considering various uncertainties of life it is important that we secure our home from natural calamities, accidents and unforeseen circumstances. We at SBIG understand this risk and provide you with our unique policy “Simple Home Insurance Policy”, a comprehensive product that protects the home structure, its contents and other related risks mentioned below which includes worldwide Coverage for theft, accidental loss, damage or destruction of personal baggage accompanying the Insured and/or his Family.

Simple Home Insurance FAQs

A. Home Insurance is a form of property insurance that covers losses and damages to individuals house (flat/ apartment/ building (structure)), or the contents (belongings) of your home, or both.

A. Any individual having household property within India can take this policy.

A. 1) Fire & allied perils : Building & contents - Covers not only property, but also contents

2) Burglary & Theft : Loss and damage caused by Burglary, Theft including Larceny.

3) Public Liability : Indemnity Against compensation and litigation expenses which insured become legally liable to pay on account of accidental death or bodily injury

4) Plate Glass : Cover for accidental loss or damage to insured's securely fixed plate glass

5) Baggage : Theft or Accidental loss, Damage or destruction anywhere in the World, of personal baggage accompanying the insured and /or family

6) Breakdown of Domestic Electrical & Electronic Appliances : Pay for repair cost both parts & labor occasioned by unforseeen sudden mechanical & electrical breakdown to your domestic and electronic appliances

7) Personal Accident : Payable if Insured or insureds family member suffers an Injury anywhere in the World during the Policy Period solely and directly due to an Accident that occurs during the Policy Period and that results in death within 365 days from the date of the Accident. (Includes PTD/PPD)

8) Loss of Cash whilst in Transit : Compensate for actual loss of money in coins and/or currency notes up to the Section Sum Insured by, robbery, hold up or theft with in 6 hrs of withdrawl of money from a Bank.

9) Portable Equipments, Jewellery& Valuables : All Risk Cover anywhere in the World against the loss of, destruction of, or damage to Portable Equipments&Jewellery& Valuables

10) Key Replacement : We will reimburse for the cost of replacing Insured’s Home and/orInsureds vehicle keys which are lost or stolen. Also reimbursement for Break in Protection and Lock out Reimbursement

A. 1) Loss, damage and destruction caused by war, wear and tear etc.

2) Any Loss or Damage of whatsoever nature in respect of any Kutcha Construction

3) Any loss, Damage, Accident, Injury occurring before the cover commences under the Policy.

(For details on exclusions, please refer the policy wordings)

Section No Description of Section Basis of Sum Insured
I Standard Fire & Special Perils Applicable as below for Building and Contents
a) Building Reinstatement Value/ Market Value/ Agreed Value basis (applicable for flats/ apartments only).
b) Contents Replacement value or Market value basis
II Burglary and theft Replacement Value or Market value basis
III Public Liability Limit as Proposed
IV Plate Glass Replacement Value
V Baggage Replacement Value
VI Breakdown of Domestic Electrical & Electronic Appliances Replacement Value
VII Personal Accident For earning members -100 % of Primary member SI,For non - earning members - 50% of Primary member SI
VIII Loss of Cash whilst in transit Limit as proposed
IX All Risk cover – Portable equipment, Jewellery & Valuables Replacement Value Basis (Jewellery & Valuables) Market Value Basis (Portable equipments)
X Key Replacement Limit as proposed

A. Mid term Increase in sum Insured is not applicable to Personal Accident (Section VII). Increase in Sum Insured can be done by charging premium on Pro rata basis on the amount by which the Sum Insured is increased.

  • Reinstatement Value Basis: Sum Insured: Area of the “Building” (Square Feet) indicated in the registered sale deed agreement * Present day cost of construction in area/ locality where the insured property is situated as per the data available with the local government authority * (1+ Escalation% chosen)
  • Market Value Basis: Sum Insured: Area of the “Building” (Square Feet) indicated in the registered sale deed agreement * Present day cost of construction in area/ locality where the insured property is situated as per the data available with the local government authority * (1+ Escalation% chosen) * (1- Depreciation at the rate of 2.5% per annum * age of the building)
  • Agreed Value Basis (only applicable for Flats/Apartments): The Sum Insured for building on agreed value basis shall be value arrived at by multiplying the total square footage of the area of the building as mentioned in the registered sale deed agreement by
    • The value per square foot, on the date of proposal, specified by the revenue department of the state government for Property Tax and stamp duty purposes, or
    • The amount mentioned in the government approved valuation report and accepted by the Us.

A. Minimum information required

  • Insured’s details
  • Policy Number
  • Loss details such as
    • Type of loss
    • Date of loss
    • Loss location
  • Contact Details for communication
  • Completed & Signed Claim Form along with supporting documents

A. Content means that the following are not owned for business purposes , and they are owned by you and your family and you and your family are legally responsible for them.

1) Household goods, such as furniture, fixtures, fittings, home appliances, interior decorations and items of like nature.

2) Personal Effects such as clothes and other articles of a personal nature likely to be worn, used or carried including Personal Money, Jewellery and Valuables up to the limit shown in the Schedule.

In view of the above, contents owned by family members are covered under the policy.

A. Under the Section of All risk cover PORTABLE EQUIPMENTS, JEWELLERY & VALUABLES – We will cover Jewellery and Valuables anywhere in the world due to Accident and/or misfortune, based upon the actual Replacement Cost of such Jewellery and Valuables not exceeding Section Sum Insured.