What is Home Insurance?

Unless prior consent has been given by the Insurer, home insurance policy does not cover items like jewellery ornaments, art works, scripts, documentary information, computer system information, shares & stocks and cash. These can be covered on specific request and subject to valuation.

Fire insurance covers the structure of your home and along with any permanent fixtures and fittings like kitchen units and bathrooms. It covers the cost of repairing or re-building your home if it's damaged by flood, fire or any of the other risks detailed in the policy.

Generali Central’s Home insurance policy covers both, the structure of your home against Fire and allied perils as well as the contents.

Home insurance is a comprehensive Package Policy which provides protection to home owner, property and its contents against loss or damage by sudden, unexpected event or accidents.

The Home Insurance Policy covers:

• Fire Insurance of the building and home contents
• Burglary / Housebreaking
• All Risk Insurance for jewellery, ornaments or high value items, portable equipments such as laptops
• Electrical and Mechanical failures of domestic appliances
• Protection of Electronic Equipment
• Personal Accident for your family
• Protection against liabilities like tenants legal liability, domestic workmens compensation and public liability
• Enhanced protection to include coverage for Baggage, Plate Glass, Pedal Cycle, ATM Cash Withdrawal, Misuse of Credit Card, Veterinary Costs.

No, only building cannot be covered under Home insurance Policy. Cover for Building can be given only along with contents.

The most accurate way to determine the replacement / reinstatement cost of your home is to hire a building contractor or other building professional to produce a detailed estimate. Only the cost of the property’s structure and its associated systems, fixtures, and finishes will be included in the estimate. Land value is not included in the amount of insurance you buy.

Value of House Structure-

The value of your house structure should be insured for its replacement or reinstatement cost. Replacement / reinstatement cost is the cost necessary to repair or replace damaged items or structures in a manner similar to the construction of your house prior to the damage. When you insure your house structure for its replacement value, in the event of an unfortunate event, Generali Central will reimburse you for the cost of rebuilding or repairing your house, based on the size and structure of your house.

Value of Home Contents-

The best way to work out the value of your contents is to systematically go through every room and make an inventory. Don't leave anything out, whether it's a sofa set or a pair of curtains - they'd all need to be replaced if, say, there was a fire in your house.

You then need to work out how much it would cost to replace every single item on the list with a new one. The internet can help, or you might be able to find receipts and adjust for inflation. When you have a total, you should insure your contents for that amount. Don't simply guess the value of your contents: research shows that one in five households does not have enough insurance.

Just like the house structure, the contents should also be insured for replacement costs.

Earthquake and Terrorism are add on covers and can be opted as an extension to the Home insurance policy by paying an additional premium.

In simple terms, Under Insurance arises when you insure something for less than its value. In the event of a loss, you shall be at risk of being penalized in the amount you are able to recover. In these circumstances, the insurer may choose to "apply average" to the claim under an "average clause". This means that where the sum insured is inadequate, the insurer can reduce its liability for a claim by applying a proportionate approach.

Yes. If the fire damages the structure of your building, you could claim damages from the building insurance. Fire insurance only covers only damages to your house i.e the structure, and not the contents in it.

The term “first loss” refers to a form of partial insurance in which a property is insured for an amount much less than the full value of the property. This provision is only given in burglary insurance, where there is very little possibility that all items within the property would be stolen at any one given time. For e.g., if there is burglary in a large retail store, everything in the store would not be taken but only up to a certain amount would be lost, and this is what would be covered in the first loss insurance policy. The amount is calculated based on what is believed would be the biggest loss possible at a single instance of burglary.

Home insurance is a Householders' package policy for your House (owned building) and its contents. It is an umbrella policy that offers covers that are suitable for a household. eg. Fire & Allied perils; Burglary and housebreaking, Breakdown of electrical appliances etc

No, only fire insurance for building and contents and burglary and house breaking covers are mandatory.

Yes, if the house is for rent (not owned), then only contents of the house can be covered.