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Home is an environment offering affection and security. To ensure complete security & protection against accidental damages Householder policy provides cover both to building and its contents.
Why do I need a Householder Insurance Policy?
Home is an environment offering affection and security. To ensure complete security & protection against accidental damages Householder policy provides cover both to building and its contents.
Now you can buy and renew policies Online. Buy a new House Insurance policy, Renew an existing Oriental Insurance Householder's policy or renew policies bought from any other general insurance company by registering yourself on our Portal and paying online through your debit card / credit card or Net-banking. To check out various online facilities available, you may login on the Portal.
What does the Householder Insurance Policy cover?
Householder Insurance Policy offers comprehensive protection for your home (residential building) and its contents against a variety of risks.
Salient Features of the Home Insurance Policy
The Householder Insurance Policy may be taken for any dwelling of Pucca construction.
15% (fifteen percent) of the sum insured is waived for the purpose of under insurance for section I.
All items having value of more than 5% (five percent) of the total sum insured under Section I B should be separately specified along with their values.
Under the All Risks Section (Section III) any article valued at more than 10% (ten percent) of the sum insured has to be separately specified along with its value.
Jewellery and valuables kept in the bank locker may also be covered on first loss basis.
For taking coverage under more than four (4) sections 15% discount is allowed. For more than six (6) sections 20% discount is allowed.
Long term policy for up to 4 (four) years at discounted rate is also available.
There is no upper limit for sum insured either on building or contents.
The policy carries varying excess applicable to different sections.
Art-work, show pieces may be covered provided these are valued by Government approved valuers and their report is submitted.
Terrorism risk may also be covered at additional premium at the option of Insured and sole acceptance of company.
Housing societies having their own security arrangement can be given discount of up to 20% (Twenty Percent) for Section II. Housing societies can also be given Volume Discount.
The discounts may be granted in such a manner that the minimum net premium after allowing all discounts should not be less than 50% of gross total premium under the policy
The premium will be loaded by 10% / 25% depending on whether one policy period / two policy periods have been affected by claims.
How do I select the sum insured?
For building, the sum insured must cover the full cost of rebuilding the property including architect fee etc. and the cost of clearing away the debris and cost of obtaining sanctions for any new building regulations or by-laws.
For contents, the sum insured should be the replacement value except for Section III (All Risks) where it should be market value but for Jewellery it will be market value less 10% (making charges) or purchase cost.
For the remaining sections the sum insured is as opted by the proposer.
General Exclusions
This policy does not cover loss or damage to Home & its contents;
1. Caused by war and allied perils
2. Nuclear radiation and related causes.
