Comprehensive Guide to Bharat Griha Raksha Policy: Coverage and Exclusions.

Introduction to Bharat Griha Raksha Policy:

If you’re considering purchasing the Bharat Griha Raksha policy for your home, it’s essential to understand the coverage it offers and the exclusions. In this comprehensive guide, we will provide you with all the important information you need to make an informed decision about this policy offered by various insurance companies. The Bharat Griha Raksha Policy is designed to provide insurance coverage for your home building and/or home contents. Let’s delve into the key aspects of this policy.

Insurance Coverage:

The Bharat Griha Raksha Policy offers three primary types of coverage:

1	Home Building Cover:	This coverage protects you against any loss, damage, or destruction of your home building. It includes the cost of repairs, fees for architects, surveyors, consulting engineers, removal of debris, loss of rent, and rent for alternative accommodation.
2	Home Contents Cover:	This coverage safeguards the articles and possessions within your home. It covers the cost of repairing damaged items.
3	Optional Covers:	You have the option to enhance your coverage with the following: i. Cover for Valuable Contents on Agreed Value Basis: This optional coverage is for valuable items physically damaged. It covers the cost of repairs. ii. Personal Accident Cover: This coverage provides financial protection in the unfortunate event of the insured person’s death due to a peril that caused damage to the home building and/or contents, with a payout of ₹ 5,00,000 per person.

Important Dos and Don’ts

1. When Filling the Proposal Form:
   • Carefully read the instructions in the proposal form.
   • Understand how the sum insured for both home building and home contents is determined, as explained in the prospectus and the proposal form.
   • Fill out the proposal form completely and provide truthful answers to all questions.
2. Your Obligations During the Policy Period:
   • Take precautions to prevent theft, loss, or damage to your home building and home contents.
   • Inform the insurance company of any changes in circumstances, such as a change of address or alterations to your home building.
   • Do not allow unauthorized individuals to occupy your home building.
3. Your Obligations When You Have a Claim:
   • Notify the insurance company of the loss as required.
   • Inform the relevant authorities as necessary.
   • Provide accurate and complete information in your claim form.
   • Submit all supporting documents for your claim.
   • Cooperate fully with inspections and investigations related to your claim.

Summary of Insurance Covers

The table below summarizes the coverage provided by the Bharat Griha Raksha Policy for various events:

Name of Cover	Your Loss	We Pay
Home Building Cover	Building is damaged	Cost of repairs, Architect’s, Surveyor’s, Consulting Engineer’s fees, Costs of removing debris, Loss of Rent, and Rent for Alternative Accommodation
	Standard Building is completely destroyed (Total Loss)	Cost of Construction
Home Contents Cover	Any General Content is damaged	Cost of repairs
	Article or thing is lost or destroyed (Total Loss)	Cost of replacing that item with a same or similar item; General Contents are automatically covered for 20% of the Sum Insured of the Home Building (maximum ₹ 10 Lakh) if Home Building is covered

Unexpected Events Covered

The Bharat Griha Raksha Policy provides insurance coverage for physical loss, damage, or destruction caused to insured property by the following unforeseen events occurring during the policy period:

Events Covered:

1. Fire
2. Explosion or Implosion
3. Lightning
4. Earthquake, volcanic eruption, or other convulsions of nature
5. Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood, and Inundation
6. Subsidence of the land
7. Bush fire, Forest Fire, Jungle Fire
8. Impact damage of any kind
9. Missile testing operations
10. Riot, Strikes, Malicious Damages
11. Acts of terrorism

Events Not Covered / Exclusions:

The Policy DOES NOT Cover:

• Burning of Insured Property by order of any Public Authority
• Normal cracking, settlement or bedding down of new structures
• Settlement or movement of made up ground
• Coastal or river erosion
• Defective design or workmanship or use of defective materials
• Demolition, construction, structural alterations or repair of any property, or groundworks or excavations
• Pressure waves caused by aircraft or other aerial or space devices travelling at sonic or supersonic speeds
• Temporary or permanent dispossession, confiscation, commandeering, requisition or destruction by order of the government or any lawful authority
• temporary or permanent dispossession of Your Home by unlawful occupation by any person
• Exclusions and Excess as per Terrorism Clause attached
• Repairs or alterations in Your Home or the building in which Your Home is located
• Repairs, removal or extension of any sprinkler installation
• Defects in the construction known to You

Please note that terrorism coverage is subject to a Terrorism Clause attached to the policy, and exclusions and excesses may apply.

Coverage for Bursting or overflowing of water tanks, apparatus, and pipes is included, with certain exceptions related to repairs and defects.

Theft within 7 days from the occurrence of insured events is covered if specific conditions are met.

Additional Exclusions

In addition to the exclusions mentioned above, the policy also excludes coverage for the following:

• Wear and tear, gradual deterioration, or depreciation of the property over time.
• Damage caused by insects, vermin, rodents, or pests.
• Damage due to neglect or lack of regular maintenance.
• Damage arising from pre-existing conditions known to the policyholder.

Sum Insured

The maximum amount payable under the Bharat Griha Raksha Policy is based on the sum insured declared by you at the policy commencement date. The sum insured is calculated based on the prevailing cost of construction for your home building. The policy schedule will specify the limits for each coverage or item, and premiums are determined accordingly.

For annual policies, the sum insured increases automatically each day by 1/365th of 10% of the initial sum insured. For policies exceeding one year, the sum insured for home building cover increases annually by 10% without additional premium, up to a maximum of 100% of the initial sum insured.

For home contents cover, you can choose the sum insured for general contents. This sum should be sufficient to cover the cost of replacing the items.

Maintaining Coverage

It’s important to note that when the insurance company pays the full sum insured for any covered item or event, the policy ends for that extent. However, the insurance cover for the remaining sum insured will continue throughout the policy period, with the requirement to pay only proportionate additional premiums. This ensures that your home building and its contents remain insured throughout the policy duration.

In Conclusion

The Bharat Griha Raksha Policy provides comprehensive coverage for your home building and contents. Understanding the policy’s terms, conditions, and coverage options is essential to ensure you have the protection you need. Review your policy details carefully and consult with your insurance provider to make informed decisions regarding your insurance coverage.

Disclaimer: The information provided in this guide is for general informational purposes only and should not be considered as legal, financial, or insurance advice. For specific details and inquiries related to the Bharat Griha Raksha Policy, please consult with a qualified insurance professional.