Here are Features, Exclusions & Coverage Offered under High-Value Home Insurance

Posted on: Jun 9, 2022 | | Written by:

Here are Features, Exclusions & Coverage Offered under High-Value Home Insurance

A home insurance policy is necessary for securing any residential property as it safeguards from any financial loss that might incur due to fire, theft, natural calamities or any other unforeseen events. When it comes to luxurious homes, there is a need for high-value home insurance. High-value home insurance policies help meet your unique requirements based on what you own and the value of it. If you are planning to secure your residence, you can check out HDFC ERGO’s property insurance policy where you avail discount up to 45%.

What is High-Value Home Insurance?

High-Value home Insurance policy comes with comprehensive coverage for property or a house that has higher value than any standard house.It provides coverage for both structure and the content of the house. High-value home insurance is ideal for homes with over four bedrooms, living area, gym, pool, lawn, etc. If this type of home gets damaged by any unforeseen events, a regular home insurance policy would not be enough to get coverage for all the damage.

Cover Offered by High-Value Home Insurance

Here are some of the coverage features offered covered by high-value home insurance:

• All covered property comes with comprehensive coverage.

• Full cost replacement cover.

• Backup of drains and sewers.

• Replacement costs cover buildings.

• Replacement cost coverage for other structures, including fences.

• Costs incurred for breakage of property.

• Glass breakage and vandalism.

• Replacement cost coverage for personal property.

• Valuable articles cover silverware, jewellery, art, antiques and costly electronic gadgets are covered.

• Theft or burglary of property and valuables at the insured premises, if the homeowner is away.

Features of High-Value Home Insurance

• Unlike regular home insurance, high-value home insurance offers extended coverage for your precious possessions and the structure of the home.

• High-value home insurance offers a home emergency cover that provides immediate assistance in an unexpected household emergency.

• Policyholders will get exclusive access to specialized services, including surveyors, legal advisors, safe installers and furniture restorers.

• Immediate access to insurance experts.

Exclusions of High-Value Home Insurance

Below are some of the exclusions of a high-value home insurance policy:

• Any personal property that is inherited.

• Will not cover costs for alternate accommodation for more than a year.

• Loss of metered gas.

• Home upgrades will not be covered.

• Damage due to terrorism, war or nuclear-related activities.

• Damage caused by mishaps like rising dampness, wear and tear, rust, oxidation, gradual deterioration, warping etc.

• Loss or damage due to faulty workmanship or misuse.

• Electrical faults and mechanical breakdown.

Better Dwelling Coverage Than Standard Policy

A standard home insurance policy offers coverage for your home's structure and content for a limited amount specified in your policy documents. However, a high-value insurance policy will go beyond the coverage provided by a standard plan. A high-value plan will offer extended coverage for the dwelling and provide compensation for your home repairing more than the specified amount under specific conditions. High-value home insurance will also provide coverage to build your house elsewhere if your house gets destroyed completely.

Conclusion

It is advisable for people having luxurious home to go for a high-value home insurance policy, as it will help avoid heavy financial loss if your home gets damaged due to an unfortunate event. You can check out home insurance or property insurance from HDFC ERGO’s website, where you can buy the policy online as per your convenience.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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