Why Un-Occupied Homes or Home Office is not covered in India?

As a thumb rule, an Un-occupied Home or Home-Office is not covered in India. However, ICICI Lombard General Insurance Home Insurance will cover your un-occupied property up-to 30 days where as Bajaj Allianz will cover it for 4 months. The Logic is simple. According to Risk Under-writing norms, an Un-Occupied home has far greater risk compared to an occupied home.

Insurers believe that when the house is unoccupied for long then the chances of burglary, theft and other Risks multiply. Unoccupied Homes also invite tramps and unauthorized occupants who may leave fire unattended. And in case of fire, when the home or office is unoccupied, it might be for a considerable period of time before the fire is detected and by that time it may get unmanageable.

This non-cover condition for non-occupancy is applicable for fire insurance, shop insurance, Office Package Policy too.

So, if you want to really want to cover your home during your planned vacation over 30 days, you are strongly advised to inform your Broker and Insurance company at-least 10 days in advance about your absence and return date. It is always good to put the travel notice in writing to avoid any lapse. Also get a written confirmation from the company, clearly stating that your property is covered during the un-occupancy period. Don’t worry, your Insurance Broker will do this paper work for you. Another reason, why you should deal with a dependable Broker?

To convince your insurance company about the precautions taken by you, you could state that you have made arrangements such as informing your neighbors to pay a visit to your residence once in a week. Also you could install burglary and fire alarms and communicate the same to your insurer.

If these are some of the steps you have taken, the Insurance Cover Exclusions are relaxed to a large extent. Else you may not benefit from your householders policy when you need it the most. Of Course, if your family member is staying or your permanent care-taker is staying back in your house while you are away, then you are fully covered.

As always, please read the fine prints on Inclusions and exclusions before buying your choice Home Insurance.

Buy Insurance. Stay Safe.

Manish Jaiswal
Bonsai Insurance Broking Pvt. Ltd.

for - www.InsuranceMall.in/Blog

Bajaj Allianz India has a decent Home Insurance Plan

Bajaj Allianz General is one of the leading Insurance Companies in India. Top Management and Mid-Management BA Staff is customer focused with passion to bring new products into Indian market. The testimony to this fact is array of innovative retail products, particularly in Travel Insurance / Health Insurance / Motor Insurance and Home Insurance space.

The Bajaj Allianz House Holders' Insurance policy is designed to cover various Risks faced by a policyholder. It provides for protection of property i.e. building or structure and its contents along with the interests of the insured and family members who permanently reside with the insured. The USP of Bajaj Allianz (BA) Householder's policy is that it has very competitive premium rates, first loss basis option for burglary and jewelry and flexible rating for personal accident of the insured.

BA Householder's Insurance cover protects you against

1. Burglary (Force break-in)
2. Damage to plate glass (declared)
3. Breakdown of gadget and electronic equipments (declared)
4. Damage of domestic appliances due to electrical/mechanical breakdown (declared)
5. Loss of Jewelry and
valuables by accident or misfortune or theft (declared)
6. Personal accident and baggage loss on trips (the unique feature)
7. Third party liability
8. Hospital Confinement Allowance (the Unique feature)
9. No valuation certificate required for jewellery upto Rs.2 lacs
10. Assembled computers can also be covered under EEI
11. Fire and Allied perils (common feature)

12. Un-Occupancy cover up-to 120 days (the USP)

The allied perils which are included in the insurance plans assumed to be the direct cause for loss/damage to building. Its contents are Lightning, Explosion/Implosion, Aircraft damage, Impact damage from rail/road vehicle or animal, riot, strike, malicious and terrorist damage, Storm, cyclone, tempest, hurricane, tornado, flood and inundation. Under general conditions the Householder's policy does not cover loss or damage caused by war, nuclear radiation and allied peril.

The insured amount given against the perils for building or structure and its contents is assessed either on Reinstatement Value (RV) basis - that is the value for replacing the item with a new item of same type and make; or on Market Value (MV) basis - that is the reinstatement value less depreciation depending on the age of the item. The policy excludes 5% of the claim amount for each and every claim arising out of natural calamities.

Bajaj Allianz Householder's Policy also has group discount plan too depending on the number of sections opted for; offering discounts up-to 20% on the premium. But this offer may exclude the section covering Fire Peril, which is a body and soul of a House Policy.

What I have presented above is the Broad Policy features. It is always advisable for InsuranceMall customers to read the Fine Print on Policy Coverage / Exclusions before the Purchase. Bajaj Allianz Home Policy could be your choice.

Buy Insurance. Stay Safe.

Manish Jaiswal

for - www.insurancemall.in/blog/