FAQ Home Insurance

What is the Home or Householders' package policy?

The Householders' package policy is a policy which offers covers that are suitable for a household. Instead of taking different policies the client can opt for multiple sections or covers of his choice under one policy.



How many sections are there under the Householders' package policy ?

This will depend on the company you are taking policy. Normaly there are ten sections under the Householders' package policy:

Section I Fire & Allied Perils
Section II Burglary & Housebreaking including larceny or theft (Contents only)
Section III All Risks
Section IV Plate Glass
Section V Breakdown of domestic appliances
Section VI Television sets & VCR / VCP/ VCD
Section VII Pedal cycle
Section VIII Baggage
Section IX Personal Accident
Section X Public Liability Risks and Workmen's Compensation Risks



Are all the sections compulsory under the Householders' package policy ?

This again will depend on the company you are taking policy.
Normaly Only section I B (fire) for contents is compulsory. In addition, two more sections need to be covered under the Householders' package policy.



Is there any discount available under the Householders' package policy ?

This again will depend on the company you are taking policy. Normaly the discount structure is

• If a client selects more than four sections, a discount of 15 percent is available.
• If he selects more than six sections, a discount of 20 percent is available on the non-tariff sections.

Is there any limit of amount of insurance cover which can be taken under the Householders' Package policy ?

There is NO limit on the amount of cover that can be availed of under the Householders' Package policy.



Under the Householders' Package policy, can a single amount be taken for all the contents of the household ?

A single amount can be taken for all the contents only if the value of any single item exceeds 5 percent of the amount of insurance and the same is to be declared separately otherwise the value of that item will be considered of a maximum of 5 percent.



Under the Householders' Package policy, can jewellery be listed with the rest of the contents of the household ?

No, Under the Householders' Package policy, jewellery should be listed individually along with the values.



Can jewellery lying in bank vaults be covered under the Householders' Package policy ?

Under the Householders' Package policy, the client has the option to cover such jewellery also.



What is term period for the Householders' Package policy ?

The Householders' Package policy can be issued for a maximum period of one year.



What is covered by the Householder's Insurance policy?

The Householder's Insurance policy is designed to cover risks and contingencies faced by householders under a single package policy. It provides protection for property and interests as well as legal liability of the insured and his/her family members who permanently reside with the insured.



Are electronic items covered under the Householder's Insurance policy?

NO. Electronic items, computers and their peripherals, dish antennae are not covered under the Householder's Insurance policy. A separate Electronic Equipment policy must be implemented to provide cover for them.



Is there exceptions against cover within the preview of the Householder's Insurance Policy?

Under Section 1 (B) the Householder's Insurance policy, any loss or damage suffered to the following is treated as an exception and cannot be claimed.

• Consumable articles
• Money
• Securities
• Stamps
• Stamp collection
• Bullion
• Livestock
• Motor vehicles
• Pedal cycle
• Deeds
• Bonds
• Bills of exchange
• Promissory notes
• Shares
• Books
• Manuscripts
• Loose precious stones
• Jewellery and valuables

What are the exceptions for cover towards Plate Glass under the Householder's Insurance policy?

Under Section 4 of the Householder's Insurance policy, the exceptions for cover of Plate Glass are

• Breakage during removal
• Alterations and/or repairs
• Breakage of lettering
• Frames and frameworks

Disfiguring or scratching for damage of glass other than fracture extending through the entire thickness of glass.



What are the perils against which Television sets and DVD/CD Players are insured under the Householder's Insurance policy?

Under Section 6 of the Householder's Insurance policy, Television sets and DVD/CD Players are insured against the loss and/or damage that might arise from

• Fire and allied perils
• Burglary
• Housebreaking or theft
• Accidental external means and
• Mechanical or domestic breakdown

The admissible legal liability for damage to the insured's own surrounding property due to collapse of antenna is limited to Rs.25000/-


What are the exceptions for cover towards Bicycles under the Householder's Insurance policy?

Under Section 7 of the Householder's Insurance policy, the exception for cover of Bicycles arises if and when the bicycle is not securely locked when left attended and subjected to loss through theft or damage.


What are the exceptions for cover towards Accompanied Baggage under the Householder's Insurance policy?

Under Section 8 of the Householder's Insurance policy, the exception for cover of Accompanied Baggage arises if and when the loss arises within the Municipal limits of area where the insured resides permanently.

The other exceptions are

• Cracking, scratching or breakage
• Loss caused by moths or mildew, worming
• Any process of cleaning, dyeing, repairing or restoring and
• Theft from unattended cars

What are the perils against which Accompanied Baggage is insured under the Householder's Insurance policy?

Under Section 8 of the Householder's Insurance policy, Accompanied Baggage is insured against the loss and/or damage that might arise during an accident or misfortune whilst the Insured is traveling in India.