Why any one should go for HDFC Ergo Home insurance plans?
There are couple of reasons as to why one should avail Home Insurance Plans from HDFC Ergo Insurance Company; these can be summarized as follows:
Home Insurance Plans covering the risks and related loss from burglary, theft, fire, lightning, explosion, implosion, flood, etc.
The plans cover for prized possessions and other valuables too.
The plan coverage is upto 5 years.
Discount upto 25% and additional discount for security features.
An exclusive cover for home owners with long term coverage.
This plan provides full guard to the property and its contents as well.
All the plans come with attractive add-ons which help to customize the plan.
All plans come with low cost premium under the plans with rebates.
Flexibility to choose between two plans :
Part I-Coverage against Fire together with some other Perils i) Building and ii) Contents.
Part II- Burglary and Housebreaking.
Part I – Coverage against Fire together with some other Perils i) Building and ii) Contents.
The plan covers loss against burglary, theft, fire, lightning, explosion, implosion, flood, inundation, storm, riots, earthquake, terrorism, larceny, damage by aircraft, strikes and
malicious damage, cyclone, tempest, hurricane, typhoon, impact damage, subsidence and landslide, rockslide, bursting and /or teeming of water tanks, equipment and tube, rocket testing procedure, leakage from automatic sprinkler installations, bush fire, volcanic eruption and other spasm, terrorism,( optional).
The sum insured for the house is based on the Reinstatement Value under this plan. This means that the reconstruction value for the structure is determined by the construction cost. However, the cost of land will not be included. The reconstruction cost is based on the following two parameters which areas under:
Built Up area of the house -square feet.
Cost of Construction in the locality
The Reconstruction Cost will be Built Up Area of the house * Cost of Construction in the locality.
The sum insured for the contents and its valuables is based on the market value. The market value is arrived at current cost minus an allowance for depreciation in case of loss/ damage. In case of jewellery depreciation is not deducted.
Part II -Cover for Burglary for Contents is not allowed on a standalone basis
Rates for Method A (per mile/1000) only for long term cover ( Increase in the base Sum Insured by 10% at the end of every year)
Rates for Method B (per mile/1000) only for long term discount
The eligibility criteria under the plan are as under:
Individuals who are residing in flats or independent houses provided that the external walls are of burnt bricks/stone/concrete blocks and RCC/RBC/tiles/ACC roof can apply for the plans.
Owners of Home or tenants. However, they can only apply for contents cover for fire and burglary.
Multiyear Plan can be availed by house/flat owners only where coverage for building Part 1(a) is compulsory.
Loss and damage which arises due to war irrespective of declared or not, assault, aggression, communal or civil riots.
Loss , damage and destruction caused directly or indirectly to the property insured by
Emission of energy or infectivity by radioactivity from any nuclear fuel or from any nuclear waste. And also from the radioactive noxious volatile.
The plan excludes the loss, damage and destruction caused to the property of the insured due to fumes or by contagion.
Loss or damage caused to valued contents like plans, drawings, manuscripts, securities, documents of any kind, stamps, coins, cash/ paper, deeds, ATM and credit cards, bonds, bill of exchange, charge cards, promissory notes or any other books of accounts and explosives.
Loss/ damage/ destruction to livestock, motor vehicles and articles of consumable nature.
Loss/ damage/ destruction to items like jewellery, curios, antiques, work of art, guns , stamp collection , coins, pictures and medals for an amount above Rs 10000/- until and unless the same has been specifically mentioned in the plan.
The plan excludes the loss and damage which is caused to electrical appliances, tools, fixture or fitting which arises out of excess running, more pressure, self more heat, electrical problem.
The plan excludes all expenses above 3 % and 1% of the architects, consulting engineers fees and surveyors fees.
The plan also excludes loss by theft through or post the incident of any of the mentioned insured perils other than the three thins which are riot, strike and malicious damage.
Loss of income or any other important or indirect loss and damage of any kind.
Cooperative societies are not eligible to take long term plans for entire society or building.
Under Construction properties are not covered under this plan.
One can call at the toll free number of company to register a claim at the earliest. The following details are to be furnished:
Nature of loss.
Location of loss.
Amount of loss
FIR will be needed for compulsorily for Malicious Damage Riot and Strike Terrorism, Burglary, Theft. But the same is not needed for flood, storm, lightning, subsidence, earthquake, Impact Damage due to Aircraft Losses.
A company appointed Surveyor will contact the insured person within 48 hours of time and the claim form is sent to the correspondence address within 7 working days time. Thereafter the claim will be processed at the earliest.