All in One Home Protector Policy offers protection to your home and your household assets. It is a one-stop solution for homeowners and tenants.
The policy offers coverage under 12 sections of which at least 3 should be opted by the policyholder.
Section 1: Fire and Allied Perils.
Section 2: Burglary & housebreaking including larceny or theft and other perils.
Section 3: All Risk.
Section 4: Fixed Glass and Sanitary Fittings.
Section 5: Electronic Equipment.
Section 6: Home Entertainment Equipment, portable computer Mobile Phones, and Pedal Cycle.
Section 7: Breakdown of Domestic Appliances.
Section 8: Personal Accident.
Section 9: Loan Payment Protection.
Section 10: Baggage.
Section 11: Liability Insurance.
Section 12: Increased Living Expenses.
Damage as a consequence of war, invasion, the act of a foreign enemy, hostilities, civil war, rebellion, revolution, etc.
Any damage due to confiscation, commandeering, requisition or destruction by order of any government or lawfully constituted authority.
Any damage directly or indirectly caused by or contributed to or arising from ionizing radiation or contamination by radioactivity.
Depreciation and damage caused by wear and tear or gradual deterioration.
Terrorism is excluded unless specifically mentioned in the policy.
Any existing damage, injury, disease or illness occurring before cover commences under the policy.
* For detailed coverage under different sections read policy documents.
The policy can be canceled by the company on grounds of fraud, moral hazard or misrepresentation or non-cooperation by sending 15 days' notice. In such an event, IFFCO-Tokio will return to the insured, except in case of fraud or illegality, the premium paid less the pro-rata portion thereof for the period the policy has been in force. Insured may also cancel this policy by sending 15 days written notice. The company will then allow a refund after retaining the premium based on specified rates.
In the event of damage to property insured by insured perils during the currency of the Policy, claim settlement will be carried out as explained below:-
1. Reinstatement Value Basis
In the event of damage to property insured, We will indemnify Insured by payment or at Our option by repair, replacement or reinstatement by paying the full cost of repair or replacement to a condition equal to but not better or more extensive than its condition when new, provided that such cost has been incurred.
2. Market Value Basis
In the event of Loss/ Damage to property insured, if Insured does not opt to repair, replace or reinstate the property and the cost has not been incurred, We will indemnify the Insured by payment of Market Value i.e. the replacement value of insured property or item as new at the time of Loss/ Damage less due allowance for betterment, wear and tear and/or depreciation..
However, if the reinstatement of a building is not carried out for the reasons beyond the Insured’s control and he/she opts to abandon the damaged property to IFFCO-Tokio including all the rights with respect to ownership of the property, then IFFCO-Tokio will pay you the realizable market value on the basis of amount mentioned in the valuation report of a Government approved valuer based on authentic sources or the Sum Insured mentioned in the policy, whichever is lower, provided that the indemnity is not sacrificed.
IFFCO-Tokio will not be liable for:
1. War Risk
Damage as a consequence of war, invasion, the act of a foreign enemy, hostilities (whether war be declared or not) civil war, rebellion, revolution, insurrection, military or usurped power, confiscation, nationalization, civil commotion or loot or pillage in connection therewith.
Any damage due to confiscation, commandeering, requisition, detention or destruction by order of any Government or lawfully constituted authority.
3. Willful Act or Gross Negligence
Damage due to willful act or gross negligence of Insured, his/ her Family or his/ her employees including Insured person(s).
4. Nuclear Risk
Any damage to property, consequential loss, legal liability or bodily injury, illness, a disease directly or indirectly caused by or contributed to by or arising from
Any damage due to an act of Terrorism will be excluded unless specifically mentioned in the Policy Schedule or Policy Wordings.
6. Wear and Tear
Damage caused by wear and tear, depreciation and/or gradual deterioration.
7. Consequential Loss
Consequential loss of any kind or description including any reduction of market value beyond the cost of repair or replacement. However, this exclusion will not apply to Section 12 (Increased Living Expenses). The exclusion with respect to the reduction in Market Value shall not apply in the case of Section 3B – All Risk - Fine Arts or in any other Section as agreed by IFFCO-Tokio.
8. Existing Damage
Any damage, injury, accident, disease or illness occurring before cover commences under the Policy.
9. Matching of Items
The cost of repair or replacement of any undamaged or unbroken items or part of item forming part of a set, suite or other article of uniform nature, colour or design (including area of carpet) when damage or breakage occurs within a clearly identifiable area or to a specific part and replacement cannot be matched.
This Home Family Protector Policy from IFFCO Tokio is a comprehensive home protector insurance policy that provides you numerous benefits under a single insurance plan. As acknowledged by several home protect insurance reviews, this policy from IFFCO Tokio has been designed to offer you, your family members, your home and your belongings maximum protection from any crime, natural disaster or man-made disaster. When you have the protection provided by this home protect insurance from IFFCO Tokio, you can rest assured that in case any calamity strikes your home, your financial liability in its aftermath would be minimized.
We read about incidents such as theft and burglary, fire damage, flood damage or capitulation of a building quite often, yet brush it aside thinking that it cannot happen to us. This is a very unwise approach which would cost us very dearly if any such unfortunate incident was to befall us.
Home Protector Insurance has been on the market for many years, and though people are slowly starting to understand its importance, still a lot needs to be done. Whether you are the owner of your house, head of the family or a responsible family member, it becomes your duty to make sure that your family and your valuables stay safe from an unfortunate accident. You have seen many advertisements over internet, radio, newspaper or television from IRDA creating awareness about the importance of home insurance and its benefits, but still, you are undecided to whether go for one or not.
The biggest mistake that you make in such a situation is thinking that you do not need home protection insurance. When you are willing to spend a significant portion of your energies trying to build a better life for your family, then why expose them to the risk of unforeseen calamities?!
If you want to keep your family and your belongings protected from the repercussions of such incidents, then buying the Home Family Protector Policy from IFFCO Tokio makes for a very sensible option. It is perplexing to think that an individual is willing to put his/her life savings to buy a house, but would procrastinate to pay a small insurance premium to ensure its safety. You might think of it as an unnecessary expense. However, when you look at it pragmatically, it is a small price you pay to protect your home against unseen calamities; a comprehensive home protects insurance policy offers you complete protection against almost all-natural or man-made causes.
It is a very comprehensive home insurance policy at low premium rates.
Rated by: Aman