A home is the abode of inestimable and untold memories and moments. No resources are better utilized than what is capitalized on your dream home. Defending your home from unexpected and possible disasters like fire, riots and more has to be a predominant concern for any home owner. It is not adequate to purchase a mere insurance plan for your home but what is important is choosing the right plan. In short your home and the plan should be made for each other and must cover every possible and susceptible risk. And HDFC ERGO Standard Fire & Special Perils is an idyllic choice in this regard.
HDFC ERGO Standard Fire and Special Perils:
HDFC ERGO SFSP policy delivers an all-inclusive insurance for your house. This is like a family emergency plan and would lower the shock should adversity strike. Without appropriate planning, you will find yourself in a tight financial spot that could jeopardize your capacity to recompense for your dwelling or make other significant disbursements. If you go through the information given below about this policy, you are bound to conclude that this is the right home insurance plan for you.
Key Features of HDFC ERGO Standard Fire and Special Perils:
- Indemnifies against perils arising from fire, lights, explosion, flood, hurricane, earthquake, terrorist activities and civil commotions.
- Only house or apartment owners can buy this plan and not tenants.
- It indemnifies the building as well as everything in it.
- The tenure of the policy is up to 15 years.
- You can avail a rebate of up to 50 percent.
- Provision for increase in Sum Insured at end of every year by10%
- A distinctive housing insurance plan that offers long lasting protection which is particularly effective for hypothecated assets.
- You get immediate policy online with no paperwork required.
- You can opt for rider covers for damages incurred due to terrorist activities and inbuilt earthquake at a small extra premium.
- You also have the flexibility to choose between two schemes, (a) Insurance for more Sum Insured at end of year under long term policy. (b) A Steady Sum Insured basis instead of long term rebate.
- The Dwelling: On the basis of Restoration Value, which is basically the cost for construction (per square feet).
- Items other than Individual Belongings: On how much it would cost to replace them.
- Personal Belongings: The current market price minus the depreciation.
Premium is based on the below factors:
- Insurance Plan Tenure
- Policy Type - Rise in Amount Insured or Fixed Amount Insured
- Optional Rider Covers
- Deliberate acts or gross carelessness.
- Damage/ harm by own fermentation, normal heating or unprompted ignition.
- Destruction due to blasts/ crumbling of boilers, damage due to centrifugal forces, fire etc.
- Unstipulated exquisite stones, ornaments, cheques, hard cash, important documents, etc. unless explicitly mentioned.
- Burglary during or post a hazardous event.
- Damage incurred due to any terrorist activities, nuclear hazards, war, civil hostilities etc.
- Harm to house because of toxic waste and contamination.
- Loss or destruction owing to natural and gradual deterioration, and wear and tear.
- Price of land
- Co-operative societies are not allowed to avail long term plan for the whole society structure.
- Building under construction.