One covers furniture, television and other gadgets but miss out on more fundamental yet expensive things/places like

1. Garden – easy access to burglars, easy to steal lawnmowers, trimmers and other garden tools, and garden furniture etc.
2. If in case you have any particularly valuable item then care should be taken to mention this to the insurance company so that it is also covered.
3. Closet items need to be considered, they may be of less value individually but collectively (including jewellery, accessories etc.)

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Coverage: There are varieties of policies offered in the market. These policies provide insurance against damages caused by fire, lightning, riots, floods, earthquakes, bursting of water pipes, rail, vehicle or animal accident, landslides etc. Even destruction due to missile operations is covered by some! This is not all, loss due to fire burglary, any peril, personal belongings, furniture and other contents of the house, personal accident or even disability can be selected to protect oneself; jewelry, television, refrigerator, furniture and so on.

Extra: After the terrorist attacks, Insurers have an add-on cover – terrorism cover. To opt for this cover you will have to pay extra premium but it is worth every penny as it will cover damages caused to the house or its content by terrorist.

There are other add-on covers available for

1. damage to fixed glass
2. rent, in case the policyholder has to move to a rented house till the insured house is under repairs.(usually, this is paid for only a month’s time)
3. payment of legal costs
4. new products (not insured at the time of purchase but) damaged within 30 days of buying the device due to any event.

Basis: Companies consider the rebuilding cost of the house to decide the sum assured (construction amount differs across cities).

Exclusions: Following are usually excluded from the householder’s policy

• loss due to theft if  the insured house is unoccupied for more than 2 months
• damage caused by war, invasion, acts of foreign enemy, hostility or war like situations
• harm due to gold bars, precious stones, art work, cheque books etc. until specifically asked for coverage ( that is, by paying extra)
• regular wear and tear
• loss due to theft when the calamity or event occurs

Premium calculations:

• 1. based on whether the house is owned or rented
  2. age of building
  3. if the area is prone to fires, floods or riots

Claim process: To claim the amount you will have to inform the insurance company at their registered number

1. policy number
2. date and time of accident
3. approximate loss incurred etc.

Then the company will send a surveyor who will assess the damage and report to the company; after which the claim would be paid.

TIP: It is important to avoid the loss, theft or misplacement of the policy documents. To ensure this always keep a digital copy saved on your e-mail or a physical copy in office or at a relative’s place.

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