Simple Home Insurance

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.

Key Feature

  • This is a package Policy covering the major Contingencies that helps provides protection and peace of mind against various risks in a convenient package without the need to take several policies.
  • Choice to select the combination of covers that most suits the customer’s needs
  • Sum Insured can be arrived on Reinstatement Value, Market Value or Agreed Value basis (applicable for Flats and Apartments)
  • Policy term up to 3 years
  • Cover on first loss for contents under section Fire & Special Perils, Burglary and theft, Breakdown of domestic electric and electronic appliances and All risk cover- Portable equipments and Jewellery & Valuables
  • Tenants can insure the contents
  • Tenure Discount available (2 years and 3 years)
  • Annual coverage for Terrorism (Rates and Terms as per Terrorism pool)
  • Add on Covers available under Fire and Special Perils

Coverage

Section 1: Fire & Special Perils (a) Building (b) Contents

  • Covers against - Fire/ Lightning/ Explosion/ Implosion/ Aircraft Damage/ Riot Strike & Malicious Damage/ Storm, Cyclone/ Typhoon, Tempest, Hurricane, Tornado, Flood & Inundation/ Impact Damage/ Subsidence and Landslide including Rockslide/ Bursting and/ or overflowing of Water Tanks, Apparatus & Pipes/ Missile Testing Operations/ Leakage from Automatic Sprinkler Installations/ Bush Fire/ Earthquake, Volcanic Eruption & other convulsion of Nature, Terrorism (Optional).
  • Terrorism: Rates & terms of cover shall be as per terrorism pool and only annual coverage is available.
Add on Covers
Additional expenses of rent for an alternative accommodationLoss of Rent
Removal of debris (in excess of 1% of claim amount)Architects, Surveyors and Consulting Engineers fee (in excess of 3% of claim amount)
Expenses towards temporary resettlementImpact Damage by Insured’s own vehicle
Basis of arriving at the value of Building to be insured
  • 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
    1. o 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
    2. o The amount mentioned in the government approved valuation report and accepted by the Us.
Basis of arriving at value of Contents to be insured
  • Replacement Value Basis/ Market Value Basis
Specific Exclusions to this cover:
  1. 1. Loss, destruction or Damage caused by war, invasion, act of foreign enemy hostilities or war like operations civil war, mutiny.
  2. 2. Loss, destruction or Damage directly or indirectly caused to the property insured by Ionizing radiations, contamination, explosives, or other hazardous properties.
  3. 3. Loss, destruction or Damage caused to the insured property by pollution or contamination

Section 2: Burglary & Theft

  • Cover Your Contents against burglary & theft including larceny.
  • Newly purchased Contents are also covered maximum up to 10% of Section Sum Insured or Rs 50000 whichever is lower.
  • Personal Money covered up to maximum of 1% of Section Sum Insured or Rs 10000 whichever is lower.
Additional BenefitProperty of Domestic and Guest up to Rs 25,000
Specific Exclusions to this cover :
  1. 1. Loss or Damage while the home is unoccupied
  2. 2. When You and/ or Your family are directly or indirectly an any way involved in or concerned with the actual or attempted Burglary, Theft and Larceny.
  3. 3. Loss or Damage to livestock, motor vehicles or pedal cycle, personal money, securities for money, stamp, bullion, deeds, bonds, bills of exchange, promissory notes, stock or share certificates, business books, manuscripts, documents of ny kind, unset precious stones, jewellery, valuables, ATM or Credit cards, art paintings

Section 3: Public Liability

This section indemnifies the Insured against compensation and litigation expenses (incurred with Our prior written consent), which may become legally liable for the Insured to pay anywhere in the World on account of

  1. 1. Accidental death or Bodily Injury/ Injury to any person other than the Insured, his family and domestic staff
  2. 2. Accidental Damage to property of any person other than the Insured, his family and domestic staff
  3. 3. Claims payable by the insured to his Domestic Staff under the Fatal Accidents Act 1855, Workmen‟s Compensation Act 1923 or any amendment thereto or common law subject to the Section Sum Insured
Specific Exclusions to this cover :
  1. Any Accidental Death, Bodily Injury or property damage arising out of
    • 1. Your occupation, trade or employment.
    • 2. Structural alteration, additions, repair or decoration of Your Home.
    • 3. Any liability voluntary assumed by You unless such liability would have attached to You notwithstanding such voluntary assumption.
    • 4. Custody of animals, vehicles, airborne or waterborne vessels or craft of any kind or any mechanically propelled vehicle other than gardening equipments & wheelchairs
    • 5. Transmission of any communicable diseases or virus.

Section 4: Plate Glass

Indemnifies the Insured against Accidental loss or Damage to securely fixed plate glass situated in his home.

Specific Exclusions to this cover :
  1. 1. Breakage or Damage during removal, alterations and/ or repairs on or about the insured premises
  2. 2. Disfiguration, scratching or Damage of glass other than fracture extending through the entire thickness of the glass.

Section 5: Baggage

  • Indemnifies for the Theft or Accidental loss, Damage or destruction anywhere in the World, of personal baggage accompanying and belonging the Insured and/or his Family on a trip undertaken outside of the municipal limits of the village, town, or city
  • Expenses incurred by Insured, and his Family are on a personal trip, for contingency purchase occasioned by conditions above subject to maximum of 25% Sum Insured of this Section
Specific Exclusions to this cover :
  1. 1. Theft from car except when the loss is occurred by violent and visible means from fully enclosed saloon cars having all the doors, windows closed and locked including other security devices.
  2. 2. Loss or Damage whilst being conveyed by any carrier under contract of affreightment.
  3. 3. Loss or Damage to money, securities, gold & silver ornaments, travel tickets, Cheques, drafts, Jewellery, share certificates.
  4. 4. Loss or destruction of or Damage to articles of perishable/consumable nature.

Section 6: Breakdown of Domestic Electrical & Electronic Appliances

  • Indemnification against Repair cost (both parts and labor) of Domestic electrical and electronic Appliances occasioned by sudden mechanical and electrical breakdown, including damage by accidental external means to audio and audio visual appliances. The value to be indicated at replacement value.
  • Cover available on first loss basis.
Specific Exclusions to this cover :
  1. 1. Loss or Damage for which manufacturer or supplier is responsible.windows closed and locked including other security devices.
  2. 2. Loss or Damage caused due to normal wear & tear.

 

Section 7: Personal Accident

Accidental Compensation: (Accidental Death(AD), Permanent Total Disablement (PTD), Permanent Partial Disablement (PPD) You can cover Yourself and Your Family members (including Spouse, children, parents and parent-in-laws) under this section with Worldwide coverage

  • o Minimum age at entry - 3 months
  • o Maximum age at entry - 65 years
  • o Renewable lifelong
  • o Accidental Death - For earning members - 100% of Primary member SI
  • o Accidental Death - For non-earning members - 50% of Primary member SI
Additional Benefitsa) Ambulance Expenses up to Rs 5000 on per policy per year
b) Repatriation of Mortal remains
Specific Exclusions to this cover :
  1. 1. Any Pre Existing Disease or Disability
  2. 2. Suicide or attempted Suicide
  3. 3. Medical or surgical treatment except as necessary solely and directly as a result of an Accident.
  4. 4. Intentional Self Injury
  5. 5. Accident under the influence of alcohol or drugs
  6. 6. Engagement in dangerous activities
  7. 7. Sexually Transmitted Diseases
  8. 8. Death or disablement caused by participation of the Insured Person in any flying activity, except as a bona fide fare-paying passenger of a recognized airline on regular routes and on a scheduled timetable
  9. 9. Mental disorder, illness or sickness including psychiatric Illegal Act or any violation of law
 
Cumulative bonus:

On continuous renewal and nil claims under the policy ,we will allow a cumulative bonus to the renewal policy upon receipt of premium automatically by increasing the Sum Insured by 5% per year. The maximum cumulative bonus shall not exceed 50% of the Section Sum Insured in any policy year. In case of a claim, the Cumulative Bonus if any under the policy will get reduced by 5% per year at the time of renewal. This cumulative bonus is applicable only to Accidental Death, Permanent Partial Disability and Permanent Total disability benefits only.

Illustration:
  • o Policy Term- 3 years
  • o Primary member SI- 10 Lakhs
Spouse SI- 5 LakhsYearPrimary Member SISpouse SI
Year 1100,00050,000
Year 2105,00052,500
Year 3110,00055,000
Year 4115,00057,500
Year 5120,00060,000

 

Section 8: Loss of Cash whilst in Transit

This section covers loss of money in transit caused by Robbery/ hold up or Theft within in 6 hours of withdrawal of money from Bank/ ATM at which the Insured maintains an account while such money is in his possession up to specified Sum Insured in the Schedule.

Specific Exclusions to this cover :
  • 1. Money withdrawn in coins, currency more than once in a day
  • 2. More than Rs 25,000 in respect of a single withdrawal
  • 3. More than Rs 50,000 during Period of Insurance

 

Section 9: All risk Cover - Portable Equipments, Jewelry & Valuables

  • All Risk Cover anywhere in the World against the loss of, destruction of, or damage to Portable Equipments & Jewellery & Valuables Newly Purchased Jewelry & Valuable also covered up to the limit of 10% of Section Sum Insured or INR 100000 whichever is less.
  • Sum Insured Basis - Replacement Value Basis (Jewellery & Valuables)/ Market Value Basis (Portable equipments)
  • Cover available on first loss basis
Specific Exclusions to this cover :
  1. 1. Defective workmanship material or design, wear & tear
  2. 2. Manufacturing defects
  3. 3. Mechanical and/ or electrical breakdown
  4. 4. Scratching/ Denting/ Cracking
  5. 5. Improper Handling, dismantling, fitting adjustment, repair alteration or modification
  6. 6. Consequential loss
  7. 7. Unexplained / mysterious disappearance.

 

Section 10: Key Replacement

Reimbursement for the cost of replacing Insured’s Home and/or Insureds Vehicle keys which are Lost or stolen. Also reimbursement for Break in Protection and Lock Out Reimbursement.

Specific Exclusions to this cover :
  1. 1. Cost other than what is mentioned above
  2. 2. Cost associated with Lost or Stolen keys for a Home other than Your primary home.
  3. 3. The cost to replace the keys of the Vehicles that You do not use for personal use.
  4. 4. Scratching/ Denting/ Cracking
  5. 5. Improper Handling, dismantling, fitting adjustment, repair alteration or modification
  6. 6. Consequential loss
  7. 7. Unexplained / mysterious disappearance.

 

Section Discount:

  • Section 1a or 1b and any one section other than section 1 is mandatory
  • Section Discount: Discount is available based on number of section selected.
No of SectionDiscount
Up to 4NIL
>= 510%

Exclusion

  • Any consequential loss or loss, destruction, Damage or Bodily Injury due to:
  • a) War, invasion, act of foreign enemy, hostilities (whether war be declared or not),civil war, rebellion, revolution insurrection mutiny, military or usurped power, seizure, capture, arrests, restraints and detainments of all kings, princess and people of whatever nation, condition or quality what so ever.
  • b) Ionizing radiation contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion (including any self sustaining process of nuclear fission) of nuclear fuel.
  • c) Nuclear weapons material.
  • d) Willful act by You, Your Family, Your Domestic staff.
  • e) Consequential loss of any kind or description.
  • f) Any loss, Damage, Accident, Injury occurring before the cover commences under the Policy.
  • g) Any Loss or Damage of whatsoever nature in respect of any Kutcha Construction.

FAQ

  • Q. What is Home Insurance?

    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.

  • Q. Who can buy the Home insurance?

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

  • Q. What is covered under Home Insurance?

    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

  • Q. What are the exclusions in Home Insurance?

    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)

  • Q. How do I calculate my Sum Insured?

    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

Product UIN - IRDAN144P0002V01201617Disclaimer: The above information is indicative in nature, for more details on complete coverage and terms and conditions, please contact our nearest office and also read the policy document and sales brochure carefully before concluding a sale.