Covers home belongings
worth upto ₹25 lakhs
Covers home structure
worth upto ₹10 crore
While home insurance is not mandatory in India, you may think of getting a home insurance plan depending upon the risk factors in India. For example, many regions are prone to natural calamities like floods, earthquakes and cyclones; do not forget those fire incidents and thefts/burglaries that happen here most of the times. Hence, buy a home insurance plan to get coverage under following circumstances:
Fire Accidents
Thefts and burglaries
Natural calamities
Man-made hazards
Damage to belongings
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Fire Accidents
A fire accident is quite traumatic and painful. But you can count on us to help you rebuild and restore your home the way it was.
Thefts And Burglaries
Burglars and thieves come uninvited to your home. Hence, it is better to secure your house with a home insurance policy to avoid financial losses. We cover losses from thefts and try to help you during your hard times.
Natural Calamities
Natural calamities like floods and earthquakes are beyond anyone's control and within short span of time it can cause major damage to the home and its content. However, what's in our control is to protect against potential loss of your home and its belongings with our home insurance policy.
Alternate Accommodation
When you are searching for a temporary roof over your head when your home is uninhabitable due to an insured peril, we are there to help. With our alternative accommodation clause**, we ensure that you have a temporary place to stay comfortably till your house is ready for accommodation again.
Accidental Damage
Put a seal of safety on expensive fittings and fixtures with our home insurance plan. We truly believe in retaining that you need to protect your precious belongings whether you're a homeowner or a tenant.
Man-Made Hazards
A man-made hazard such as riots and terrorism can be just as damaging as a natural disaster. That's why we've committed to doing all we can to help protect you from the financial burden in the aftermath.
War
Loss/Damages arising of events including war, invasion, act of foreign enemy, hostile. are not covered.
Precious Collectibles
Losses arising out of damage to bullions, stamps, work of art, coins etc. will not be covered.
Old Content
We understand that all your precious possessions hold emotional value but anything that's over 10 years old will not be covered under this home insurance policy.
Consequential Loss
Consequential losses are losses that are not the natural result of the breach in the usual course of things, such losses remains uncovered.
Willful Misconduct
We ensure your unforseen losses are covered, however if the damage is willfully conducted then it is not covered.
Third Party Construction Loss
Any damage caused to your property due to third party construction is not covered.
Wear & Tear
Your home insurance does not cover usual wear and tear or maintenance/renovation.
Cost Of Land
Under circumstances, this home insurance policy shall not cover the cost of land.
Under Construction
Home insurance cover is for your home where you reside any under-construction property will not be covered.
*For detailed inclusion and exclusion please refer the sales brochure/policy wordings
for Home Insurance
The sum insured can be increased by opting for a higher premium. It can however, not be decreased.
This policy has a maximum duration of 5 years. Buyers are offered discounts ranging from 3% to 12% depending on the length of the tenure.
Yes. You can cancel the policy anytime you want. However, please note that retention of premium as per short period scales would be applicable.
To be eligible to apply for this policy, your property should meet the following requirements:
- - It should be a registered residential property.
- - Its construction should be complete in every respect.
A home is more than just a house. It is the one place in the whole world that we can truly call our own. It becomes our responsibility to protect it from unforeseen events, forces of nature, and the ravages of time. A home insurance policy is the best tool we have for protecting our most prized possession. Read more to understand the importance of Home Insurance.
Most people need to take a home loan to buy a home. While the loan agreement may require you to get home insurance, there is no compulsion to get the home insurance from a specific bank or insurance company.The loan provider may require you to get insurance for a certain value but as long the insurance company is authorised by IRDAI, the lender cannot refuse to accept the policy.
Reinstatement cost is the cost of repairing the damaged property using materials of the same quality or kind. Reinstatement intends to indemnify your loss. The idea is to reconstruct the property in a similar condition that it was before the damage. Reinstatement cost primarily includes labour and material cost.
In the case of home contents insurance, reinstatement cost includes the cost of replacing the lost or damaged articles with articles of the new kind without factoring in depreciation.
The sum insured is usually calculated based on the type of property, its market value, the area of the property, rate of construction per square feet. If, however, a comprehensive home insurance plan is bought, the sum insured would also include the cost or value of the articles of the home which are to be insured.
The structure is a wider term which can be used to include the building of the property, the compound wall, terrace, garage, etc. The structure, thus, includes the vicinity of the building too. Building, on the other hand, means only the standalone building which is insured. It does not include the surrounding property.
In the case of damages, you should immediately inform the insurance company if such damages are within the scope of coverage. To inform HDFC ERGO, call 022 6234 6234 or 0120 6234 6234. You can also send an email to the company at care@hdfcergo.com. You can also call on the number 1800 2700 700 for informing about the claim. Claim intimation should be made within 7 days of the damage.
A set formula has been defined to calculate the sum insured for the home building, including all structures. The prevailing cost of construction of the home building being insured, as declared by the policy buyer and accepted by the insurance company, becomes the sum insured. For home contents, built-in cover of 20% of the building sum insured, subject to maximum INR 10 lakhs, is provided. Further cover can be purchased.
The policy provides a cover of up to Rs. 25 Lakhs for theft/damage to your home contents and a cover of up to Rs. 50 Lakhs for third party liabilities on account of accidents.
The policy cover starts 1 day after purchasing the policy online.
The following events are covered under the policy:
- - Fire
- - Burglary/theft
- - Electrical Breakdown
- - Natural Calamities
- - Manmade Hazards
- - Accidental Damage
Read this blog on Home Insurance Coverage for detailed information.
The policy does not cover the following:
- - War
- - Precious Collectibles
- - Old Content
- - Consequential Loss
- - Wilful Misconduct
- - Third-Party Construction Loss
- - Wear and Tear
- - Cost of Land
- - Properties Under Construction
Yes, you can insure your house even if it is let out for rent. In the case of a house without any contents, you can opt for only building or structure damage cover. On the other hand, if you let out a fully furnished house, you should opt for a comprehensive policy that covers both the structure and the contents of your home in the case of a loss.
Infact even your tenant can opt for a home insurance policy wherein he/she would opt only for contents insurance that covers their belongings. Your home structure and its contents would not be insured under such a plan. In the case of damage or theft, your home might suffer damages for which the tenant would not be liable. A home insurance policy in that case would prove beneficial.
Yes, while this was not the case earlier, but now, insurance companies consider the compound wall to be a part of the building. As per Honourable Supreme Court of India, the term building needs to be read where it includes structures outside of the main structure. These external structures can be garage, stable, shed, hut or another enclosure. So, compound walls are now considered to be covered by home insurance.
The insurance cover starts from the date and time mentioned in the policy under the section of Date of Commencement. You can find the date of commencement in the policy schedule. Keep in mind that your policy will not cover anything before the date of commencement even if you have made full payment of the policy premium. Also, the date of policy expiry will be calculated on its basis.
Yes, you can opt for the coverage of an entire building or society under a home insurance policy. However, policy issued to a housing society/ non-individual dwelling is an annual policy and not a long term policy.
Yes. Deductibles and excess are applicable on the policy as mentioned in the policy document.
Yes. The policy offers discounts of up to 45%, including security discount, salaried discount, intercom discount, long-term discount and more.
An occupied homeowners policy applies to a home in which the owner resides within the house he or she owns. The cover in this case is applicable to both the house and its contents. A non-owner occupied policy applies to a case where the owner has bought the property for the purpose of rental income. In this case the cover applies only to the contents of the house.
The company is not bound by any assignment of this insurance without prior consent.
Yes. The policy offers several add-ons such as portable electronics cover, jewellery and valuables cover, terrorism cover, pedal bicycle cover, etc. Read this blog on Add-on Covers under Home Insurance.
Once the property that has been insured is sold by the policyholder, the said policyholder ceases to hold any more insurable interest in the policy. As a result, the policy also ceases to be able to provide any protection to the policyholder. The new homeowner is required to get a new home insurance policy from an insurer. The original policyholder should inform the insurer about the sale for policy cancellation. Read this blog to know more on the importance of Home Insurance while selling the house.
VYes, you can take home insurance from two companies. However, you should disclose the existing policy in the proposal form when you buy the second plan. Moreover, in the case of a claim, if you make a claim in both the plans, you would have to inform each insurance company about making the claim in another policy.
You would need to submit a duly signed claim form, along with relevant documents attesting theft of or damage to your insured property. In case of theft, a copy of the FIR would be required.
There are two methods of assessment used:
- New for Old Basis: The item damaged beyond repair is replaced with a new one or the insurer pays the cost in full of the item irrespective of its age, subject to the maximum sum assured.
- Indemnity Basis: Sum insured will be equal to the cost of replacement of the property with one of the same kind and same capacity minus the cost of depreciation.
You can make a claim either of these three modes:
- - Phon: Call 022 6234 6234/ 0120 6234 6234.
- - Text: Drop a WhatsApp text on 8169500500.
- - Email: Write us an email at care@hdfcergo.com
Please check out this blog , for more information.
To check your policy claim status follow these simple steps:
- 1. Log on https://www.hdfcergo.com/claims/claim-status.html
- 2. Enter your policy number or email/registered phone number.
- 3. Verify your contact details
- 4. Click on check policy status.
Your policy details will be displayed to you.
The claim amount is either transferred through NEFT/RTGS directly to your bank account linked with the policy or via a cheque.
A FIR might be necessary for home insurance claims, particularly in case of impact damage like a vehicle ramming into the building, cases of damage caused in riots, strikes, malicious events, theft, burglary or the house being broken into. Generally, the home contents that are damaged or lost in such cases, as well as the damage caused to the home building, will be covered within the limits of repair costs.
Yes, you can make a claim on your partially damaged home. The procedure for making a claim would be as follows –
- Call HDFC ERGO’s helpline number 022–62346234 or send an email to the customer service department at care@hdfcergo.com. This would get your claim registered with the insurance company
- Once the claim is registered, the claiming team of HDFC ERGO would guide you with the steps to get your claim settled.
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You would have to submit the following documents for claim settlement –
- Photographs
- Policy or underwriting documents
- Claim form
- Repair or replacement invoices with their receipts
- Logbook or asset register the capitalized item list wherever applicable
- All the valid certificates as applicable
- Police FIR ,if applicable
After the documents are submitted, HDFC ERGO would verify the claim and settle it at the earliest.
Yes the policy can be renewed on expiration. Follow these simple steps:
- Log on to https://www.hdfcergo.com/renew-hdfc-ergo-policy
- Enter your policy number/mobile number/email ID
- Check your policy details. 4. Make a quick online payment through your preferred mode of payment.
And that’s it. You’re done!
Renewing an existing HDFC ERGO policy is simple and hassle free. Simply provide your policy number along with the documents of your residential property and you are done.
You can renew the policy for any duration between 1 year to 5 years.
In case you have made renovations or added contents to the house that have significantly increased the value of your property, you might want an increased coverage to secure the same. In such a case the amount of premium would go up. However if you do not want to increase the coverage, you can renew the policy with the old premium.
To arrive at a property valuation, the built up area of the property is multiplied by the cost of construction.
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