The popularity and undisputed leadership of Reliance General, in the field of insurance companies, is no hidden fact. The company boasts of a strong customer base, and a widespread network of 139 offices and more than 12,000 intermediaries across the country. To enhance the convenience of customers, Reliance General Insurance also provides online and tele calling assistance. The company provides insurance solutions for motor, travel, home, health, etc.
From buying a house to building a home out, be it decorating it with tiny objects over the years or planning its architecture and interiors, every step is an experience to cherish. A perfect balance between financial investment and emotional involvement is required to attain the dream of building and protecting your house. As your dream home is one of your most valuable assets, it deserves the best possible protection and care from various dangers, threats and unforeseen circumstances. It is really important to choose a comprehensive home insurance policy for this purpose. Reliance Householder’s Package Policy offers an all-encompassing protection shield to your house.
Features and Benefits of Reliance Home Insurance
- The policy provides protection, to your house, against natural calamities like fire, earthquake, storms, etc. and also against anti-social activities like theft, burglary, terrorism, etc.
- This home insurance policy provides coverage for the structure of your house, and also the contents inside your house.
- Customers can avail this insurance policy for rented houses as well as for their own house (ownership)
- Easy and smooth documentation process with minimal paperwork
- Fast and hassle-free settlement of insurance claims
- Reliance Home Insurance gives the freedom to customers in choosing the type of home insurance cover they want. Flexibility is offered in terms of –
- Choosing the items to be covered
- Choosing the coverage amount
- Choosing to reinstate the value of a precious item
- Policy can be bought and renewed easily, online
What is Covered Under This Policy
Reliance Home Insurance has been innovatively designed to suit the varied needs of company’s wide customer base. Four primarily comprehensive categories have been crafted out, across which the insurance coverage spreads.
Personal Accident Coverage
This cover entitles policyholders to receive financial compensation in case of permanent total disability or accidental death caused due to an accident. The primary policy holder can cover himself/ herself and his family members aged between 5 to 70 years.
The basic structure of the package offered the policyholder and his family is a follows -
- For a non-earning spouse the sum insured will be half of that of the earning spouse or Rs. 1 lakh, whichever is lesser.
- Maximum Sum Insured for the primary policy holder and his/her spouse, if both are earning, can be the Sum Insured chosen for under ‘Fire and Allied Peril – Other Content’ for each individual.
- For children, between 5 years to 25 years of age, are entitles to have a Sum Insured of 25% of the earning member of the family or Rs. 50,000 (for each child), whichever is lesser.
Fire and Allied Perils
Rs. 25 lakhs is the maximum Sum Insured (SI) for the structure of your house. Please make use of the following points to be able to calculate your own Sum Insured-
- The ‘built-up area’ of your house needs to be multiplied with the present construction cost per square foot.
- The cost of the land needs to be excluded from this calculation
- If any compound wall for the house has been constructed, that needs to be included.
- Coverage is provided for household goods, furniture, utensils, clothes, in case they are damaged due to the following reasons -
- Explosion / Implosion
- Riots, strike
- Landslide, flood and inundation, earthquake
- Impact damage
- Precious jewelry made of gold, silver, precious gems and stones or any other valuable items are covered in case of damage or loss due to an accident or misfortune. To get this coverage, the premises of the house need to be covered under the policy while the misfortune strikes.
- If there is any damage or loss caused to your house due to fire, terrorism and earthquake, the home insurance policy protects you against it.
Domestic Mechanical and Electrical Appliances
This coverage gives protection to domestic mechanical and electrical appliances (maximum 10 years old) against any kind of breakdown (mechanical and electrical).
Policyholder can choose one of the following items, that you want to be covered (under each of the categories) -
Domestic Electrical and Mechanical appliances
- Air conditioner
- Washing Machine
- Vacuum Cleaner
- Domestic Electronic appliances –
- DVD player
- Music System
- Certain policyholders possess more than one TV set in their house. In that case, the sum insured for these sets will be calculated based on their total value.
- Policyholders are provided with the freedom to choose cover for a range of electronic items like, computers, music systems or other domestic electronic appliances. The policy will cover the chosen appliances against burglary, fire and allied perils, breakdown etc. Please note that any kind of mobile phones, iPods/iPads, laptops and tablets are not part of this cover.
- Cover for one or multiple television systems in the house. If you have more than one system, calculate the sum insured based on their total value. The following systems are considered under this cover –
- Plasma televisions
- Flat Screens
Burglary and Housebreaking
A financial compensation of maximum Rs. 2 lakhs if any items in your house undergo loss or damage due to any theft, larceny burglary, and housebreaking.
The policy provides coverage against loss/damage to jewelry (made of gold, silver, precious gems and stones) and other valuable items, caused due to theft, burglary, larceny and housebreaking.
Reliance Home Insurance Policy Exclusions
Loss of cash, loss, and damage of certain properties are not covered under Reliance Home Insurance policy, if they are destroyed under the following circumstances. They are as follows –
- Loss or damage of property caused due to war
- Deliberate destruction of property
- Loss or damage of property due to wear and tear/depreciation
- Damages caused due to pollution, contamination, spoilage, volcanic eruptions, and other natural disasters
- If stocks are damaged due to change of weather/temperature
- If your home has been unoccupied for more than a month (without any prior intimation to the company) and any losses occur thereafter.
Reliance General Insurance Claim Process
The claim settlement process is quick and hassle-free and simple provided all the paperwork is well taken care of. As soon as the claim occurs, the policyholder has to initiate the claim by getting in touch with the company. Within 2 business working days of initiating the claim, Reliance General Insurance will send an assigned surveyor to examine the extent of damage. This surveyor submits the final assessment report and necessary documents to the company after a thorough examination of the damaged property. The company will take the necessary steps thereafter to settle the claim.
Frequently Asked Questions (FAQs)
- I own a house but have rented it out to someone. Can my tenant buy Home Insurance from Reliance General Insurance?
- What are the consequences of selling my house/property within the insured policy period?
- I have a Home Insurance policy with Reliance General Insurance, do I need a nominee for this?
- What is the meaning of reinstatement value and how is it calculated?
- Does reliance home insurance allow me to take partial cover for contents inside my house?
Yes, of course. Reliance offers home insurance policy even for rented houses, but please note that the policy will provide protection to only those goods inside the house (against loss/damage) which belong only to the tenants. As the tenants are not legal owners of the house, the policy won’t provide coverage to the building.
In the above scenario, your insurable interest will cease to exist. Whoever buys the house from you, will have to take a fresh home insurance policy. The new owner could either choose to buy the policy from Reliance General Insurance or any other company.
Yes, it is ideal for you to have nomination for the home insurance policy. In case you opt for the Personal Accident cover, it enables you and your family members to be covered under this single policy. If you choose to have a nominee, he/she will be the beneficiary (to receive the compensation), in case the primary policy holder, suffers sudden death or permanent total disablement.
The reinstatement value is the cost which is involved in replacing or reinstating on the same land/site or property of a similar kind and type, but nothing more extensive than the insured property (as it was when it was new).
Reinstatement value can be calculated by listing down the expenses incurred while replacing/reinstating the lost or damaged property, to help it attain its earlier condition of serviceability.
No, partial insurance is not permissible. During the time of settling the claim if it is found that the value of the insured property is less than the original reinstatement value, then as pertinent under-insurance, would be applied and the claim will be reduced in similar proportions.
Related Home Insurance Articles
- Questions to Ask When Purchasing Home Insurance
- Types of Home Insurance in India
- What Does Homeowners Insurance Cover in a Fire
- What does Renters Insurance Cover?
- What is High Value Home Insurance?
- What is Landlord Insurance Policy?
- Why Do You Need Homeowner Insurance This Festive Season?
- Why Should You Buy Home Insurance
- HDFC Ergo Standard Fire & Special Perils Policy
- How do You Calculate Home Insurance Costs?
- How Much Does It Cost To Insure a House
- How to Buy Home Insurance Online
- How to Claim Home Insurance?
- How to Claim Home Insurance for Water Damage?
- How to Compare Home Insurance Companies
- How to get the Best Rate on Home Insurance?
- How to choose Home Insurance Coverage
- Why Home Insurance Price Increase Every Year
- How to get Discounts on Home Insurance?
- Why is House Insurance so Important
- What is Home Insurance Premium?
- What Are the Most Important Features of a Home Insurance Policy?
- How Can You Save Money on Home Insurance
- How to Secure Your Home While Away on Vacation
- 5 Myths About Home Insurance
- Hazard Insurance Vs Home Insurance