This Policy gives three types of covers:
- Home Building Cover for the building structure.
- Home Contents Coverfor the articles or things.
- Where Home Building is also covered,General Contents are automatically covered for 20% of the Sum Insured of the Home Building, subject to a maximum of ₹10 Lakh (Rupees Ten Lakh), unless opted for a higher Sum Insured for Home Contents.
- At least one of the above two covers is compulsory.
- Optional Cover: Available on payment of an additional premium.
- Cover for Valuable Contents on Agreed Value Basis: such as jewellery, silverware, paintings, works of art.
- Personal Accident Cover: If the insured peril causing damage to Your Home Building and/or Contents also results in the death of either You or Your spouse, a compensation of ₹5 Lakh (Rupees Five Lakh) per person.
- Acts of Terrorism: Coverage as per Terrorism Clause.
Coverage
- Fire, including due to its own fermentation, or natural heating or spontaneous combustion.
- Explosion or Implosion.
- Lightning.
- Earthquake, volcanic eruption, or other convulsions of nature.
- Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood, and Inundation.
- Subsidence of the land on which Your Premises stand, Landslide, Rockslide.
- Bush Fire, Forest Fire, Jungle Fire.
- Impact damage caused by any external physical object (e.g., vehicle, falling trees, aircraft, wall).
- Missile testing operations.
- Riot, Strikes, Malicious Damages.
- Bursting or overflowing of water tanks, apparatus, and pipes.
- Leakage from automatic sprinkler.
- Theft within 7 days from the occurrence of, and proximately caused by, any of the above Insured Events.
Special Feature: Cover for loss caused by theft within 7 days of and caused by occurrence of these events.
Option to Opt-out Covers: The following in-built covers can be opted out for a discount:
- Earthquake, volcanic eruption, or other convulsions of nature.
- Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood, Inundation, Lightning, Subsidence of land, Landslide, Rockslide.
- Explosion / Implosion of domestic pressure vessels.
Covers to be Opted-in:
- Burglary Cover.
- Breakdown Cover for home appliances.
In-built Covers:
- Loss of Rent.
- Rent for Alternative Accommodation.
- Up to 5% of the claim amount for reasonable fees of architect, surveyor, consulting engineer.
- Up to 2% of the claim amount for reasonable costs of removing debris from the site.
Sum Insured:
The Sum Insured for the Home Building Cover shall be equal to the Cost of Construction of the Home Building, including fittings and fixtures, at the Policy Commencement date.
The cost of construction is calculated as follows:
- Formula: [Carpet area of home structure in square meter × rate of cost of construction at the commencement date] + Cost of construction for additional structures at the Policy Commencement.
- The rate of cost of construction is the prevailing rate at the Policy Commencement date.
No Underinsurance: This is a very special feature of this policy. Underinsurance does not apply.
Maximum duration of cover:Up to 10 years.
Changes and Cancellation:
- Changes during Policy: You can take additional cover, or increase or reduce any Sum Insured and pay the additional premium wherever applicable.
- You can cancel the Policy:
- Cancellation at any time during the policy period by giving notice in writing. The Policy will terminate when we receive the notice.
- We can cancel the Policy:
- We will not cancel the Policy during the policy period except on the grounds of misrepresentation, non-disclosure of material facts, fraud, or non-cooperation on Your part.
- No refund of premium will be made if the policy is cancelled by us on these grounds.
Note: Policy details given are indicative, not exhaustive. Please contact your nearest NIA Office for further details.