Flexible Home Insurance Options
Flexible Coverage Options
Comprehensive Contents Coverage
Enhanced Protection
Building structure
Option I: Cover Details - Agreed value Sum Insured Limit - Value as per ready reckoner or regd. agreement value or valuation report of government approved valuer whichever is higher Option II: Cover Details - Reinstatement value basis Sum Insured Limit - Cost of construction Option III: Cover Details - Indemnity basis (with depreciation) Sum Insured Limit -Cost of construction less depreciation"
Contents excluding portable equipments, jewellery, paintings, artifacts, pedal cycle
Option I: Replacement value basis Option II: Indemnity basis (with depreciation) Cover available up to 10 years old items Extension for higher sum insured is available (with condition of average for entire content sum insured) Coverage on loss limit basis up to `10 lakhs Electrical/mechanical breakdown is covered for electronic items
Excess Limit Exclusion
This policy does not cover the excess of `5,000/- for each and every claim irrespective of claim amount
Structural Defects and Gradual Causes
Loss or damage or collapse of “Building” due to structural defects, latent defects, poor maintenance, defective workmanship, termites, natural ageing or any other gradually operating cause
Contents Exclusions: Wear, Tear, and Gradual Factors
Loss or damage to contents due to defective workmanship, material or design, latent defect, wear and tear, depreciation, moth, vermin, termites, Fungi, insects or mildew, process of cleaning, dyeing or bleaching, restoring, repairing, retouching or renovation, inherent vice, warping or shrinkage, the action of light or atmospheric conditions, natural ageing or any other gradually operating cause
Manufacturer Responsibility Exemption
Loss or damage due to manufacturing defects in electrical, mechanical and Electronic Items for which the manufacturer is responsible
Maintenance Agreement Limitations
Loss of or damage to the property Insured under this policy falling under the terms of the maintenance agreement
Overloading and Abnormal Conditions
Loss, destruction or damage arising from or occasioned by overloading or strain, overrunning excessive pressure, or test requiring imposition of abnormal conditions in case of electrical, mechanical and electronic Items
Excluded Items: Money, Securities, and Documents
Loss or damage to money, securities, manuscript, deeds, bonds, bills of exchange, promissory notes, stock or share certificate, stamp and travel ticket or traveller cheques, business books or documents, plans, designs, blueprints, credit/debit/ATM cards, club membership cards
for Home Insurance
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