Even though it’s imperative to insure your assets these days, the question of sufficient coverage should be answered. Our nation’s low home insurance penetration and the general insurance sector’s claims-incurred ratio are supported by the Insurance Regulatory and Development Authority of India’s (IRDAI) annual fiscal year 2014–2015 report. #

Only the insured’s complete coverage knowledge and factual disclosure can close the nation’s insurance gap. Thus, it becomes essential to comprehend all of the fine print in your policy document. Additionally, observations show that policyholders frequently overlook coverages or overpay for coverages they won’t require when it comes to customised policies like burglary and special perils. 

What Does A Typical Burglary Policy Cover?

Three categories apply to standard burglary policies: total loss, first loss, and stock declaration. A first loss policy permits a proposer to insure a specific percentage of stocks when the likelihood of the entire stock being stolen is lower than that of a total loss policy, which covers the whole value of the property insured. *

Therefore, you can insure only the maximum amount you want to be protected under a first-loss policy if you think only a specific amount will be broken into. Even though it guarantees lower premiums, it could backfire if losses exceed your insurance limit. You can utilise a home insurance calculator to estimate the costs of premiums to be paid. ##

Before finalising your home insurance policy, obtaining and comparing multiple home insurance quotes is wise to ensure the best coverage for your needs and budget.

If your inventory fluctuates year-round, you will require a stock declaration policy. The total insured under this policy will be set at the highest inventory value you plan to keep at any given time.

These policies only cover loss or damage to property resulting from violent or coercive entry into the premises, as defined by the term burglary. Any other damage is not covered, and the maximum compensation that can be awarded is equal to the property’s basic value. Claims are subject to terms and conditions set forth under the home insurance policy. *

What Is Not Covered By A Typical Policy Against Burglaries?

If items are not expressly insured, the insurer will not be held responsible for stealing expensive watches, jewellery, cash, gold, precious stones, artwork, etc. In addition, if the insured or any member of the insured’s staff or household causes the damage, the insurer will not be held responsible for the loss.

• In addition, the policy expires if
• The house has been abandoned for longer than a week.
• The location of the material is comparatively riskier.
• The insured’s interest has been transferred to another individual by a will or by operation of law.

How Can I File A Claim?

When a theft or burglary occurs, you should call the police immediately and file a claim with your home insurance company within 14 days of the incident to claim any losses or damages. If a claim is submitted after the designated timeframe, the insurance provider will decline it.

Exploring various home insurance policies allows you to understand and appreciate the diverse home insurance benefits that provide financial security and protection against unforeseen risks for homeowners. Claims are subject to terms and conditions set forth under the home insurance policy. *

*Standard T&C Apply

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.