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insurance blog from Royal Sundaram

A Home Content plan helps you protect your valuables against the risk of theft, fire and sother such eventualities. Find out all about this plan and how it will be useful to you this festive season. Read on…

1.  What is a Home Content Insurance plan? How will it be useful this festive season?

Home Content Insurance is an insurance plan for covering all your household articles like, furniture, fixtures, clothing, carpet, linen, electrical items like refrigerators, air conditioners, washing machines, DVD players, television sets, tape recorders and electronic items like computers. Jewellery is also covered under this insurance.  This insurance is also applicable for jewellery worn by family members in your family – spouse, children and parents residing with you.

Usually around the festival season, with all the attractive schemes on offer a lot of shopping happens for appliances, jewellery,  and other household items, adding to the  excitement and joy in the family.

No celebration in India is complete without fireworks and crackers, which means a number of households are exposed to the risk of fire accidents and other related risks that can damage appliances, furniture and other household items.

To ensure that losses from such damages are minimized it would be prudent to opt for this insurance plan. This is not expensive either and it is a cost effective way of protecting your precious articles at home.

2.  How to apply for Home Content Insurance plan?

You may buy this policy at the click of a button- online right away. It is fast, easy and secure. Click here to buy now

3.  What are the major benefits available on Home Content Insurance plan?

Articles, including jewellery will be covered against damages arising from burglary, housebreaking, theft and allied perils. In addition to this, jewellery is covered against snatching whilst being worn. Your expensive home appliances will be covered against damages arising from fire, burglary, electrical or mechanical breakdown. To know more about how Home Content Insurance plan safeguards the contents of your home, please refer to our policy terms and conditions for full details of coverage and exclusions.

4.   How to evaluate property value for the contents bought for this festive season?

You need not evaluate the value of your contents property. It would be a good idea to preserve the bills of contents purchased during the festive season, so that at the time of claims in the case of an unforeseen accident; the insurance company will be able to evaluate the extent of loss and calculate the value of loss incurred.

Each category of household item is usually covered up to a certain limit ranging from minimum Rs.1,50, 000 to a maximum of Rs.5,00, 000.

5.  What are the properties/content items that will not come under home contents insurance plan?

This Policy covers your Household contents only and not your home building.

This policy will cover contents placed in buildings that are not made of hay, wood, thatched roofs. In other words items placed in kutcha construction buildings will not be covered.

The Home Content Insurance plan does not cover laptops, mobile phones and palmtops.

6.  How is premium calculated for Home Content Insurance plan? What will be the minimum premium to be paid?

You can calculate the premium online.  This policy is available in 3 plans – Silver, Gold and Platinum. Silver plan is the most economical, which would cost you Rs.1375 per annum. Click here to view the plan and premium options with details of coverage.

7.  I bought Home Content Insurance plan, sometime back, should I buy a separate insurance plan for the properties/content items that I buy for this festive season?

You need not buy another insurance plan, you may however evaluate the existing Home Content Insurance policy that you have bought and may want to upgrade the plan- for example if you have a Silver plan; you may want to upgrade to a Platinum plan.  We will help you in this regard in getting appropriate endorsements and approvals for this procedure.

8.  Will my insurance retain if I exchange insured products for latest ones?

This Home Content Insurance covers all your house hold contents and appliances without any declaration.  Even if your old product is exchanged for a new one, it will automatically get covered under this policy.

9.  What are the documents to be submitted while applying for claim incase of fire, burglary or any other mishap?

In the event of an incident that may give rise to a claim under this Policy, you must notify the Company immediately and shall within 14 days thereafter furnish to the Company detailed information of the amount of the loss or damage, along with explanation and evidence to substantiate the claim, having regard to their value at the time of loss or damage not including profit of any kind, as the Company may reasonably require.

Lodge a complaint with the Police forthwith in the event of Burglary, theft and larceny and take all practicable steps to (i) apprehend the guilty person or persons and (ii) to recover the property lost.

The documents required to substantiate a claim are as given below:

  • Duly completed Claim Form
  • First Information Report for Burglary, theft and larceny, loss of Jewellery
  • Estimate for Repairs/ Replacement
  • Invoice/Bills/ Receipts
  • Fire Brigade Report (in case of Loss, Destruction or Damage by Fire)
  • Meteorological Report (in case of Loss, Destruction or Damage by Flood, Storm, Cyclone)
  • Non-traceable Certificate (in case of Burglary or Theft)
  • Any other documents as required by the Insurer, which depend on the nature of the claim preferred.

S.K Rangaswamy, Head Underwriter (Retail – Health), Royal Sundaram

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