Home Family Protector Policy

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.

This home protector insurance policy comprises of 12 sections and provides comprehensive protection to you, your family members, domestic help, valuables, and other assets.

Following is the detailed section-wise coverage offered under this policy which has been rated highly in many home protect insurance reviews: -

Under this section, your house is covered along with your possessions against incidents such as fire, flood, earthquake, cyclone, explosion, riots, strikes, etc.

Following expenses are also covered under the home protect insurance policy, at no extra cost: -

• Expenses for complying with government regulations after damage.
• Possessions that have been sent to a new place acting as a temporary residence.
• A fortnight before and after the marriage of any of your family member, the sum insured is automatically increased.
• Expenses covered under section 2.
• Professional charges of architects and surveyors for the supervision of the construction process.
• Expenses related to the removal of the debris.
• Enhancement of the sum insured for protection against inflation throughout the year.
• Loss on account of rent foregone as a Landlord.
• Loss on account of payment of additional rent as a Tenant.

Under this section, the property and belongings described under Section 1 are covered against incidents such as theft, robbery, housebreak, and dacoity. Under this section, impact damages are also covered, i.e.damages inflicted due to the impact caused by falling trees, aerial dishes, streetlights or caused by civic authorities during rescue operations.

Under this section, the loss incurred due to accidents, misplacement or misfortune. Losses incurred due to expensive items such as Gold, Silver, Precious Stones, Metals, watches, clocks, video cameras, photo cameras, musical instruments or sporting equipment including guns.

Under this section, reimbursement is provided for losses caused due to accidental breakage of glass and sanitary fittings. It includes losses caused due to any such breakage including the cost of frame, painting, and damage caused to other goods in your house.

Under this section, reimbursement is provided for damages caused by electronic equipment such as a computer, fax machines and other data storage peripherals that might have been installed at your home.

This section covers losses incurred anywhere around the world due to damage caused to television, PC, cell phones, laptops or other electronic gadgets.

Under this section, your pedal cycle is covered against damages caused inclusive of third party liability due to death, accident, injury or damage to property.

Under this section, loss caused due to the electronic or mechanical breakdown of electronic or mechanical appliances such as washing machine, air conditioner, and refrigerators till they are seven years old, is covered.

Under this section, you and your family members are covered against injuries, dismemberment, disablement, or death caused due to accidents. There are several benefits provided free along with this coverage for expenses such as: -

• Dead body transportation expenses
• Ambulance Service Expenses
• Education Fund for children
• Cost of rehabilitation of the insured person
• Cost of modification of house or vehicle due to such disability caused by injury
• Reimbursement for loss of employment benefits

Under this section, the insured person is covered against payment of his/her monthly EMI liabilities on account of the purchase of a house, car or other household equipment. This coverage is available if the insured person has been disabled or is seriously injured or gravely sick, and offers reimbursement for up to a maximum duration of 12 months.

Under this section, coverage is provided against losses incurred due to theft or misplacement of baggage belonging to you or any of your family members while you were traveling anywhere in the world for holiday or business purpose.

Under this section of our home protector insurance, coverage is provided against liability towards the public on account of damage to property, grievous injury or death caused due to the accident. It also covers the liability on account of your employees for death or injury caused due to and during their employment under you as per the Workmen’s Compensation Act or other relevant legislation.

Under this section, your legal liability towards the landlord as a tenant is also covered, as per the terms and conditions of the tenancy agreement. Losses that are covered include damage to electronic equipment, installation or to the structure of the building as per provisions of Section 1 and Section 2 of the policy.

Under this section, you are covered under the cost incurred by you due to damages caused to your house as per Section 1 when your house has been rendered inhabitable. Following expenses are covered under this section of the home protect insurance policy: -

• Evacuation cost incurred for yourself, your family and domestic help.
• Emergency Medical Treatment cost for injuries sustained due to damage to the house.
• Expenses incurred due to the removal of the contents of your home.
• Expenses incurred at a Hotel or Motel for stay due to damage to your house.
• Catastrophic Emergency Expenses for food, clothing and shelter
• Mortgage discharge fee if the damage has been caused due to perils mentioned under Section 1.

Following are a few key points that you must note regarding the importance of the sections mentioned above: -

• Out of the twelve sections mentioned above, you must subscribe to coverage of at least five.
• Regarding Section 1 to 7, the coverage is on the reinstatement value basis wherein the sum insured should represent the value of the newly purchased item of same or similar quality. It should include the cost of freight as well as applicable taxes. This is not applicable to clothing and linen items from Section 1 and 2.
• There is no maximum limit specified for sum insured under any section of the policy. Though there are few specific sub-limits, for which you must refer to the policy document.
• Regarding Section 1 to 7, if the value of the property is more than the sum insured during the time the damage occurred, then your claim would be reimbursed in the same proportion.