Home Building cover and Home contents cover are the 2 types of Home insurance covers that are available in the market today.

Royal Sundaram offers a very comprehensive Home Building and House hold articles insurance policy named ‘Gruh Suraksha Home Insurance Plan’.  The key features of this policy include,  Section 1 - Building

• No documentation required for a SI of up to Rs5 crores.
• Coverage available on reinstatement value basis from silver plan onwards.
• Comprehensive cover including fire and allied perils and earthquake.
• Option to opt for Escalation Benefit (10% each year) OR Tenure Discount. (10 to 50%) for long term policies.
• Tenure from 1 to 20 years.
• Terrorism available as an add on cover if the tenure opted is for 1 year.
• 2 add on covers available for Loss of rent and Rent for alternate accommodation.
• Separate SI for compound wall & landscaping.
• Coverage includes loss or damage to doors and windows due to burglary.

  Important exclusions

• Buildings of age more than 30 years old.
• . Damage caused by depreciation or wear and tear or which are pre-existing in nature or which falls under the terms of a maintenance agreement.
• Loss or damage or collapse of "Building" due to structural defects, latent defects, poor maintenance, workmanship.

  Section 2 – Household Articles

• Higher SI options of up to Rs50 lakhs for Contents, Appliances & Jewellery.
• Cover available for Mobile phones, Laptops, I-Pad & I-Pod’s and palmtops up to Rs50 lakhs.
• Coverage for external equipment’s like DG set & solar water heater up to Rs10 lakhs.
• Coverage for temporary resettlement of 1 week up to Rs 50,000/-.
• Coverage for loss of cash up to Rs25,000/-, while returning from bank.
• Optional PA & Employee compensation cover for employees working at home.
• Cover for Paintings and work of art available as a part of the Contents section.
• Policy Tenure from 1 to 3 years.
• Terrorism available as an add on cover if the tenure opted is for 1 year.
• Flexibility to drop per item limit, by paying additional premium in Silver & Gold plans.
• 0 Depreciation cover available in Diamond plan for items up to age of 5 years.
• Comprehensive cover which will include, depending on the sections / plan opted, fire and allied perils, burglary, electrical and mechanical breakdown and accidental damage.

  Important Exclusions applicable for this section:

• Items aged more than 10 years in respect of the loss, destruction or damage due to Electrical and Mechanical breakdown.
• Loss of bullion, unset/loose precious stones/ gems not forming part of Jewellery and valuable.
• Loss of Jewellery and valuables whilst being carried as an accompanied baggage.
• Items of age more than 4 years old excepting in the case of Digital/Video cameras where it will be more than 10 years old.

Not required. The proceeds of the claim can be paid in the name of the legal heir.

Change in SI can be requested at the time of renewal of the policy.

No. The onus of insuring the room is on the owner of the room.
You have the option to insure your contents that are placed in this rented place.

The policy will commence from the date of premium payment by you.

It is very easy for you to arrive at the re construction cost of your flat or bungalow.  You need to find out the exact built up area of your home, by looking in to your sale deed.   This value needs to be multiplied by the present day cost of construction per Sq ft, which is Rs2,500/- today. This could increase to Rs3,000/- in 6 months’ time, due to inflation. This cost includes the cost of cement, bricks, labor and other material costs.  Eg) If the built up area is 1,300 sq ft, then this needs to be multiplied by Rs2,500/- to arrive at the reconstruction cost / sum insured as shown below.  1,300 x 2,500 = Rs 32,50,000/-  Please note: the above value does not include the land value. There is no insurance available for the land value and hence it is not taken in to consideration.

The structure is insured on a reinstatement value basis from the Silver plan onwards. The Bronze plan alone is insured on a market value basis.  Basis of coverage under both Contents & Appliances sections will be as given below.

• Bronze - Fixed sum insured limits. Coverage on named peril basis with depreciation and per item limit.
• Silver/Gold – Named peril basis with depreciation and per item limit.
• Silver/Gold – Named peril basis with depreciation and with a 10% loading on premium rates for waiver of per item limit.
• Platinum - All risks basis with depreciation and without per item limit.
• Diamond – All risks basis with zero depreciation and without per item limit (Applicable only when the age of the insured item is up to 5 years. Where the age of the insured item exceeds 5 years, depreciation shall be applicable)

Any policy that offers cover to the contents placed within the home, is called a home content insurance.   This cover is available under Section 2 – Household Articles section under Gruh Suraksha Home Insurance Plan.

You will need to first decide if you want to cover your Building or Household articles or both.  Based on your choice, you need to click on the ‘Buy Now’ button to go to the Get Quote page of the respective section chosen by you. You can get your premium by choosing the plan and entering some basic details needed for generating a quote.