Home Insurance: Know all about inclusions and exclusions under a home insurance policy

There are various options available while choosing a home insurance policy. For instance, home insurance for owners, housing society insurance and home insurance for tenants. Hence, depending on the type of your home, you can opt for a home insurance policy.

Having said so, there are mainly two different products available in India – Home Structure Protection and Home Content Protection. One where house structure can be covered against possible damages and another where along with structure contents kept in the house can also be covered. Rakesh Jain, CEO, Reliance General Insurance Company, says, “To suit the varied needs of every individual customer, leading insurers offer a wide range of home insurance policies. Home insurance provides coverage to a house and its contents against loss or damage caused by man-made such as theft, burglary, strike, riot, terrorism, etc. and natural calamities such as flood, storm, landslide, etc.”

The structure protection plan covers the structure of your house from any kinds of dangers and risks. In addition to this, the policy also protects any permanent fixtures within the house. It provides comprehensive coverage against fire, flood and inundation, storm, hurricane, earthquake, explosion, riot/strike.

On the other hand, the Content Protection plan covers all your personal property including jewellery, furniture and electrical goods are protected against risks such as fire, theft, flood, etc. It protects the insured in case of burglary and house-breaking, Jewellery and valuables against accident or misfortune, chain snatching is covered even outside the home. Subramanyam Brahmajosyula, Head of Underwriting and Reinsurance, SBI General Insurance, says, “A good home insurance plan ideally is the one which covers the risks faced to your house and its contents.”

What are the inclusion and exclusions under home insurance?

Brahmajosyula, of SBI General Insurance, says “Home insurance is often underestimated by most but is an important contingency plan to have in place. Even tenant can cover their valuables and household items kept at home.”

Home insurance plans provide comprehensive coverage against loss or damage to personal property such as jewellery, furniture, electrical goods, personal accident and others caused by natural/man-made calamities. Most common risks include fire damage, smoke damage, damage caused by weather-flood/storm/inundation, earthquake, theft or burglary, vandalism, and damage caused by a vehicle.

Most common exclusions in-home products are debris removal cost above specific limit, consequential or indirect loss, volcanic eruptions. Jain, of Reliance General Insurance, says “One should note that some of the major exclusions include Damage caused by war, invasion, the destruction caused by due to volcanic eruptions, Radioactive toxic, explosives or other hazardous properties of any explosive nuclear assembly or nuclear component, Loss, destruction or damage caused to the insured property by pollution or contamination, cracking, scratching or breakage of valuables or glass during transit, theft during or after the occurrence of any insured peril.”