Home Shield is a comprehensive Home Insurance Policy which offers protection to your home and its boundary wall against perils such as earthquake, fire accidents, flood inundation, riot or malicious activity etc. You can insure your home for as little as 60 paise per Rs. 1000 of Sum Insured.
It gives you reimbursement for complete reconstruction of home, Consulting Engineer/Architect fee and even debris removal.
What can you insure?
You can insure any home in India, which is occupied purely for residential purposes and is a pucca construction.
Perils covered by Home Shield Policy :
- Fire
- Earthquake (Fire and Shock) or other convulsions of nature
- Lightning
- Explosion / Implosion
- Aircraft Damage
- Riot / Strike / Malicious Damage
- Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation Loss
- Impact Damage – Loss of or visible physical damage or destruction caused to the property insured due to impact by any Rail / Road vehicle or animal
- Subsidence and Landslide including Rock slide
- Bursting and / or overflowing of Water Tanks, Apparatus and Pipes
- Leakage from Automatic Sprinkler Installations
- Missile Testing operations
- Bush Fire
What it covers
1. Reconstruction Cost
In the unfortunate event of any damage to your home or boundary wall, if the cause is covered by the Insurance Policy, we will provide you complete reimbursement cost, subject to a maximum of the Sum Insured.
Coverage includes plinth and foundation. Land is not covered as a part of Home Shield. Please note, the cost of the building you declare for insurance need to be the reconstruction cost excluding cost of land. If you enter into the a long term contract, you need to consider inflation in construction cost while arriving at the value of building.
Value of compound wall should be declared separately.
2. Professional’s Fees
Reconstruction of your home would require services of Professionals, such as Architects, Consulting Engineers, Surveyors, etc. We will reimburse their fees, subject to a maximum of 3% of the Claim amount.
3. Debris Removal
We will reimburse the amount to remove debris from your home, on damage, subject to maximum of 1% of the Claim amount.
