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House Holder Insurance

A home important for all of us and we like to protect everything we love. We insure everything we possess- our cars, our health and our life similarly it’s equally important to insure your house. Home Insurance is not understood by many people as the traditional plans have been commonly bought by all and many people have found it not coming to their use when they require in a situation of eventuality. The technicalities of the Policy such as Reinstatement clause, breakdown of the gadgets, claims of the content and more such aspects have its conditions which are practically difficult to adhere to. Recently, home insurance is going through revolution as we witnessed in many categories of insurance such as Motor Insurance, Health, Liability and many more. The new generation Household Insurance has plugged many of the loopholes the traditional plans have.  And the features not only provides protection against the fire, earthquake and other peril of fire like flood, riots on agreed value but also for the content of the house is also agreed value. The concept of Agreed value makes the difference and definition of the same is “The Sum Insured for Flat / Apartment on Agreed Value Basis shall be valued by evaluating based on the covered square feet area of the property  as mentioned in the Registered Sale Deed Agreement  multiply by Circle rate issued by the Revenue Department of the State Government for the locality in which the property is situated as on the date of the proposal or the amount mentioned in the Valuation Report of a Government Approved Valuer as accepted by the insurer contents of the house”. Thus the agreeed value insurance is valuation of the assets which once declared and accepted by the Insurance Company the claim will be settleed on the same value without any discerpency.  


The policy could be classified into two categories of the class of Owners as per the product available in the industry, so far. Home Insurance Products for :

  • Super HNI's, super-rich class of owners of big independent properties

  • HNI's and middle class who own relatively smaller dwelling

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Building or Flat against Fire and Earth Quake

Building (Sq.ft * Reconstruction Cost) - Includes interiors of the house such as Marble flooring, panelling, ceiling, plumbing, sanitary ware, concealed electrical wiring, panelling, Plaster of Paris Work, Wall Painting and any other permanent fixture and fittings situation within your Home. The Fire Insurance has 11 perils and the coverage is available against all such perils, they are;

  1. Fire

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  3. Explosion/Implosion.

  4. Aircraft Damage

  5. Riot, Strike and Malicious Damage.

  6. Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation.

  7. Impact Damage.

  8. Subsidence and Landslide including Rock slide Bursting and/or overflowing of Water Tanks

  9. Apparatus and Pipes.10) Missile Testing operations.

  10. Leakage from Automatic Sprinkler Installations.

  11. Bush Fire.

Earth quake is a separate cover which can be availed alongwith the fire insurance only.

The valuation done by an approved valuer as some companies require the same and helps to arrive to the Sum Assured which once agreed and accepted will be honoured by the Insurance Company incase of any eventuality which may arise (Refer above for Agreed Value Insurance). Though it’s advisable to take Agreed Value insurance as it being new concept but one can also get the house property insurance at;

  1. Reinstatement Insurance

  2. Indemnity Value Basis

Content and Furniture  (Furniture & Fixtures)

Content and Furniture (Furnture & Fixtures) - includes the loose furniture like Sofa, beds, dining table, chairs, tables, wardrobe, clothes, handbags, shoes, belts and other accessories, cupboards, movable & immovable fixtures, electrical items like AC, LED, Audio & Audio visual appliances, domestic appliances and other contents of the house. Exclude items considered under Fine Arts & Valuables. The valuation of content is also on self-declared value for HNIs but for second category products allow a limited amount which is fixed at the time of purchasing the policy and the same gets payable incase of any fire Incident.


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Domestic Electrical & Electronic Appliances

Domestic Electronic & Electrical Appliances (Television, AC's, Kitchen Appliances, LED, Music System, and other appliances) Complex tools like water purification plant, lifts,generator, UPS system, Steam / Sauna system etc are also covered under the All Risk coverage which includes any loss due to breakdown and fire damages. The value again works on Agreed Value for Fire Insurance and mechanical breakdown.

Painting & Artefects

Fine Art and Valuables-Sculptures (metal, stone), , Antiques, Silverware(Utensils, Statues, Coins, Household Articles, Bars, etc.) Old collection of stamps and coins Other Valuables-Accessories (Designer Handbags, Shoes, Belts, Clothes, Pens, Sunglasses, Spectacles and other items of similar nature) The above has cover against Fire, Burglary, theft or accidental damage and all this is available on worldwide basis. Valuation again is on Agreed value where no listing is required except for Fine Arts, Sculptures, Antiques and stamp collections/coins needs valuation from government approved valuer.


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Watches No invoice copy required. Only make and model number is sufficient to insure. No depreciation applicable at the time of claim.Complete replacement cost not more than the value declared will be paid. Repairing cost due to accidental damage is covered under the policy.


Option of Segregating the Jewellery between:

  1. Jewellery in Bank Vault.

  2. Jewellery in Home Safe.

  3. Jewellery Worldwide.

The valuation is compulsory and one can segregate or insure collective on floating basis between the aforesaid locations on worldwide basis.


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Portable Electronic Gadgets

The portable items are the electronics moveable gadgets which are used personally by the family members. For example- Mobile Phones, I Pads, Mac, laptops, and all such expensive items which are used at home. Insurance Company will indemnify you in respect of the accidental loss of or damage to “Portable Equipment” anywhere in India. However, on payment of Additional Premium, you could avail the coverage Worldwide, however, there is a condition of the age of the equipment. In 1st category the limit is flexible and the companies offer beyond 5 years old too, but the common restriction is beyond for 3-5 years old for the purpose of the coverage in 2nd category.


The insurance companies do offer some extra cover by charging extra such as; 

  1. Liability cover- against the family by outsiders like servants, maids or any third party

  2. Landscape and Garden cover- This is extension of house insurance which can be covered against damage by any means ie beyond perils of Fire.

  3. Pets can be insured for a limit against any ailment.

  4. Valuables like expensive Chandler, lamps any other valuable items can be covered.

  5. Key and lock Replacement cover- you can get the coverage for the expensive lock system of the house against the mechanical damage.

  6. ATM Withdrawal Robbery- One can take coverage upto a limit for any robbery that occurs in the family.

  7. Loss of Rent- For the rented property one can avail loss of rent for specified months incase of any accidental damage due to Fire peril.

All above are available by paying extra premium, however, the conditions differ from every Insurance Company. 1st category gets more flexible terms than the 2nd category of property holders.


  • No known/reported losses till date.

  • No selection allowed under contents section.

  • Standalone portable equipment under contents can't be covered.

  • Insurance company would require invoice copy of portable equipment at the time of claim.

  • Portable Equipment:- (other than Mobile Phones) not older than 5 years, Mobile Phones not older than 3 years.

  • Any Manufacturing defect in any of content and valuables.

  • Any design defect in the building is covered

  • For Jewellery & paintings sections - Correct, proper& valid valuation report is required where Jewellery and Painting is always subject to contents are covered.

  • Pedal Cycles, Electrical and Electronic Appliances whilst stored or lying in the Insured’s ”Building”, Clothing,  not older than 10 years.

  • Losses due to Terrorism or War is not covered.

  • Maximum SI for Add On Cover

  •     i) Temporary Resettlement Cover

  •     ii) Keys & Locks Replacement Cover has limits

  • Any malpractice or fraudulent or carelessness would not be covered for damage of content or building or burglary.

Insurance company should not refuse insurance of old building unless and until it is so old that it may collapse – anytime due to heavy rains/ floods or even minor earthquake. You can approach another insurance company and they will most probably insure it.

It is better to wait till term gets over and there you should change the insurance company. 

You have to give the following information;

  • Constructed area in sq.ft. And type of construction.

  • Details of all assets & equipment like furniture, electronic equipment, air conditioners/ refrigerator, jewellary along with year of purchase and purchase price

(a) For car you should lodge claim under OD part of motor insurance policy. If you have taken third party cover then you are not eligible for any claim for this damage and you should bear this loss.

(b) For furniture damage it is a border line case. You would require 

Cost will depend on the covered area of your apartment and quality of construction. Assuming that your apartment is of 5000sq.ft. and construction cost per sq. ft is Rs.2000. Then the value of your apartment for insurance purpose will be Rs.1 crore and not Rs. 4 crores (may be Rs. 3 crores is due to land cost). However, incase of Agreed Value one can take complete value of property i.e. including land cost. The premium differs from company to company as Agreed value insurance commands high premium. One has to be pay extra for insurance of contents.

Yes, you can insure the structure. As far as contents are concerned the tenant can get these insured as he is the owner of those assets.

Yes, these can be insured. May be for some highly valuable items there will a need to have a separate policy issued. Yes, with the valuation from the Government Approved valuer.

Yes, it is fully covered. You have to be careful that you have insurance cover equal to the full value of the assets. Avoid underinsurance as you may lose in the event of any claim. Take it that underinsurance and depreciation are common terms are used by the insurance companies to disallow the claim.

Yes. You should prepare the contents list properly and put values in the proposal form.

Yes, it is covered. Cupboard should be covered under building. Furniture should be covered under head of Furniture & Fixtures.

If you are adding good degree of POP work or are adding cupboards/changing tiles which is resulting in increase in sum assured by 10% or higher. Yes you should increase the sum assured and pay additional premium. The insurance company will issue endorsement to the existing policy.

Yes, it is very much part of building cost, where you have taken structure cost @ Rs.2000/sq.ft. If marble flooring comprises of Italian marble- then do mention in the proposal form. It will help you when there is need to lodge the claim.

Yes, it is covered but F.I.R has to be filed within 24 hours. The cover is not valid in your case as you were out of your house for more the 60 days at a stretch and it was locked. In future make arrangement that someone lives/sleeps in your house when you are away for 5 months.

Yes, declare the broad details of these items under various heads along with quantity/price

Woolen suits (gents)Silk Sarees Ladies suites Western Dresses.So that you have no difficulty when the claim is lodged.Writing lump sum figure generally leads to under insurance case and the claim gets rejected. 

Yes. These would be covered. If you have expensive crockery then mentions the make /country of manufacture. If you have sterling silver cutlery keep photographs /weight of each item. Mention it clearly in the detailed list. If the value of sterling silver cutlery is large- get it valued by jeweller and attach to proposal form. This will be useful.

Yes, it would be covered under furniture. You should mention it clearly in the detailed list.

Yes, under the head of Sarees you should write Asli Zari Sarees separately. Better keep photo’s of these for reference. You will find it useful when it comes to lodging of claims.

Yes, Bar Stand would be covered under furniture. TV would be covered under Electronic Equipment category. If it is less than 5 years old and under AMC then you may take Breakdown policy. LED screen of new TV’s (46 inches and higher) is costly and it may get damaged / fail. It is a good decision to take break down policy for new electronic equipment.

Yes, it would be covered under furnishing .You should clearly mention quality with size for example (Hand woven Kashmiri Silk carpet 6 feet x 4 feet). You must keep photo. You will find it useful at time of lodging claim. 

  • Features For Household Insurance :
    • Agreed Value Insurance- This is the most important part of the New Generation House Hold Insurance where the property is insured at the Agreed Value. This means the value agreed at the time of the Policy will be accepted by the Insurance Company at the time of claim. This hold good not only for building but also contents of the house except Jewellery and Art work where valuation is required.

    • Damage of Electronic Items- The electronic items are insured for all the damage or the breakdown of the item. One can get the replacement cost or the repair cost as the case may be. This is a worldwide cover and it is covered under the All Risk category of the Insurance.

    • Special Cover For Painting and Artefacts- This is another unique features as it cover all the expensive paintings, antiques, curious, watches and any expensive items against the breakage or accidental damage. Valuation of such items are necessary.

    • Worldwide coverage- Many moveable items are covered on worldwide basis such as jewellery, electronic items, aforesaid expensive items are covered on worldwide basis. This means if you lose any jewellery while travelling abroad or locally you would be compensated for the loss.

    • Liability Insurance- The family is covered under any liability may arise due to damage caused to others and the aggrieved may sue the family for the loss they have incurred.

    • Miscellaneous Covers- There are many other covers like for Landscaping, ATMs Frauds, Pets, Valuables like expensive Chandler, lamps any other valuable items can be covered for the loss you may incur.

  • Please find below the tentative list of documents required for claim settlement. :

    Documents required in case of SFSP Loss: 

    • Incidence report of Loss 

    • Repair Invoices/Bills/Quotations 

    • Photographs of Loss 

    • Report from Fire brigade 

    • Copy of FIR (in case of large value fire loss)

  • Documents required for Breakdown Losses: :
    • Incidence report of Loss 

    • Details of the damaged item like make, model, year of purchase etc. 

    • Purchase invoice (if available) 

    • Service report from authorized service center. 

    • Repair/replacement invoices 

  • Documents required in case of damage to Paintings: :
    • Incidence Report of the Loss 

    • Valuation report 

    • Purchase invoice (if available) 

    • In case the painting/artwork is being restored then restoration bills are required. 

  • Documents required in case of Loss of Jewellery Item: :
    • Incidence report of the loss 

    • Latest Valuation report 

    • Copy of Police Intimation 

    • Photograph of the lost Jewellery (if available).

  • Documents required in case of damage to fragile items/Valuables/Watches: :
    • Name of manufacturer of the item 

    • Purchase invoice (if available) 

    • Incidence report of the loss 

    • Repair invoice/bills 

    • Details of purchase e.g. Date and Place of Purchase. 

    • Photograph of the item. 

  • The purchase details and photographs will help us in finding the replacement piece. In the absence of purchase invoice the onus of proving the insurable interest/ownership of the item and finding the replacement value of the item falls on the insured. Appointment of surveyor for claims over the value of Rs. 20,000/- is on the sole discretion of the insurer. Please note that this is an indicative list and we may call for additional documents, as required, based on merits of the claim. :