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Home Shield Vs Bharat Griha Raksha Policy

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Home insurance in the current world has become one of the most crucial shields that every homeowner should have. The plethora of choices in property insurance policies makes it challenging to embark on choosing the right one. Two of the existing Home Shield Insurance Policies available in the Indian market are the Home Shield Insurance Policy and the Bharat Griha Raksha Policy. Both have their specialities that enable you to cover all risks that may be present in your home.

In this article, let us delve deeper into the two policies so that you can decide which fits your home insurance perfectly.

About BGR & Home Shield Policy 

Home Shield Insurance Policy is an insurance plan that focuses on home and residential needs. This policy normally covers loss due to fire and theft, floods and other acts of God amongst others. Of course, it does not only protect the house as a building as well as everything inside it, thus making your life easier. The available limits for Home Shield are broad, and many additional riders can meet clients’ individual needs, which provides flexibility.

On the other hand, the Bharat Griha Raksha Policy as offered by a National Insurance Company seeks to target affordable property and homeowners’ insurance in India. This policy is very good for those who want to be covered fully without spending a lot of money. Like Home Shield, Bharat Griha Raksha insures your home against fire, burglary, and natural disasters but also for legal liabilities which may emerge in an accident resulting in property damage to a third party.

Importance of BGR and Home Shield Policy 

Owning a home comes with many responsibilities, and safeguarding your assets is one of the most significant of these duties. The major options in home insurance are the Bharat Griha Raksha (BGR) policy and the Home Shield Insurance Policy. The following are some of the highlights of their importance.

Bharat Griha Raksha Policy

1. Comprehensive Coverage:

The BGR policy covers; risks, loss and damage such as theft, natural calamities and fire outbreaks. This makes sure that homeowners are shielded from any eventualities that would cost them a huge amount of money.

2. Affordable Premiums:

The BGR policy provides an opportunity for a large number of homeowners to protect their houses at a reasonable cost.

3. Peace of Mind:

The insurance offers confidence to the homeowners owing to the understanding that their property is secured and they can as well enjoy their assets without having to worry about the possible losses that might occur.

4. Customisable Options:

This means that policyholders can get customised coverage depending on the policyholder's need hence getting the right protection of the home insurance they need.

5. Quick Claim Settlements:

As for the necessity, the BGR policy provides fast and effective ways of claiming the money and, therefore, the stressful approach to money asking is excluded.

Home Shield Insurance Policy

1. Extended Coverage:

Home Shield Insurance provides more than simple good property insurance and also offers personal effects and expenses necessary in case of an event, which makes it the most effective.

2. Protection against Natural Disasters:

It provides the policyholder coverage for incidents such as earthquakes and floods, which commonly fall under exclusion under the standard policy.

3. Liability Coverage:

Personal liability is usually provided by Home Shield which assists homeowners in avoiding legal expenses in the event of an accident that took place in the said home.

4. Annual Revaluation:

Some of the Home Shield policies may require an annual review of the policy with the aim of making sure that the policy amounts are brought to reflect current house market prices hence improving on the kind of compensation afforded people.

5. Home Renovation Coverage:

A significant number of Home Shield policies include coverage for renovation so that any improvement done to the home is equally safeguarded.

Features & Benefits of Bharat Griha Raksha & Home Shield Policy 

1. Comprehensive Home Insurance Benefits

The homeowners are provided remarkable benefits through the Bharat Griha Raksha policy, especially with regard to the sum insured. Unlike conventional market value policies, it also permits coverage of primary costs which are essential to restore or replace articles and the sum insured is much more than their market value.

2. Premiums

Premiums under this policy are relatively cheap, with coverage facilities ranging up to ₹10 crore for home structures. In addition, it has an under-insurance rebate provision where the policyholder is paid the full value irrespective of the actual value at risk the sum insured is less than.

3. Annual reload

The policy has an annual reload, which means that the sum insured is boosted by 10% each year due to inflation and this comes without extra charges on the premium.

Some of the additional covers in the policies are valued items, personal accident, and supplementary choices of repair, loss of rent, architect, and the costs of debris removal.

4. Long-Term Coverage

A Home Insurance Solution that does not cause much of a hassle.

To avoid the problem of short-term coverage and constant renewals of the insurance policy Home Shield Insurance offers unlimited coverage for up to five years. These new strategies in home insurance guarantee that they remain worry-free while managing their policies and do not interfere with their other crucial activities.

You can currently get up to 30% OFF special offers.

Every customer, whether owner-occupied or tenant, can benefit from very substantial rebates that can go up to 30 per cent in certain cases. That is, security measures, salaried employment contracts, intercom, and long-term adherence to the policy are the reasons for such discounts. This goes a long way in adding to the appeal of the product, especially since its financial security is well protected through Home Shield Insurance.

5. Comprehensive Contents Coverage

Another interesting consumer right is that policyholders can insure contents for up to Rs. 25 lakhs without having to list out or describe all the items in detail. This aspect is so beneficial because it makes it easy for the homeowner as well as the tenant to easily claim for their items.

6. Protection for Portable Electronics

Given the ever-increasing mobility, it becomes very crucial to protect portable electronics in the best way possible. There has been an enhancement over coverage for portable electronics on an international scale, and Home Shield Insurance has been quick to come out and let its policyholders know that should an owner of a gadget be robbed, they have to worry no more as Home Shield will avail all the support they need. This consideration goes to meet the needs of today’s consumers, especially those immersed in the new technological frontier.

Factors to consider while choosing BGR or Home Shield Policy

Selecting the right house insurance policy is important to give your house needed protection and guarantee your safety. While looking for protection solutions that might include Bharat Griha Raksha (BGR) or Home Shield Insurance Policy the following factors have to be taken into consideration.

1. Coverage Options:

Identify various forms of risks that the policy should provide protection against and they include; Fire and related risks, Theft, Natural disasters, and Personal liability. At the same time, it has been learnt that a more comprehensive policy is considered ideal.

2. Premium Costs:

To begin with, one needs to compare the premium rates of different insurers. However, it is worthy of note that while searching for the cheapest company, one must not let the cost deter him/her from adequate insurance.

3. Claim Settlement Ratio:

Research on the insurer’s past record concerning the settlement of claims. A high figure implies that it can handle claims without much complication and in a very efficient manner.

4. Customer Service:

Look for such things as the kind of customer support that was provided. Prompt help at the right time is very crucial in cases of disasters.

5. Additional Benefits:

Be on the lookout for things such as home assistance services or other services that come with the policy or get a discount if you take multiple policies.

Comparison Between BGR & Home Shield

Conclusion

In summary, both Home Shield and Bharat Griha Raksha Policies serve essential roles in home insurance. Home Shield Insurance Policy offers comprehensive coverage and competitive premiums, while Bharat Griha Raksha excels with additional features and customisable plans. Choosing between them ultimately depends on individual needs, preferences, and budget considerations. Ensure a thorough comparison before deciding on the ideal policy for your home.

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

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