Housing Society Insurance: A Detailed Guide

Posted on: Jul 23, 2024 | 3 mins | Written by: HDFC ERGO Team

Housing Society Insurance: A Detailed Guide

If you are living in a communal area, then having housing society insurance is essential for protecting your investment. With this type of insurance, you get coverage for buildings and homes in society, ensuring that your property is protected against unforeseen events. Be it damages to buildings or accidental injuries, a good policy can provide peace. Let us explore the importance of housing society insurance, its benefits and coverage options to help you make an informed decision for your community.

Features of housing society insurance policy

Listed below are the features of the Housing Society insurance policy.

1. Stay protected for a year

Ensure the safety of your sizable housing society for a full year by opting for the comprehensive housing society insurance plan offered by HDFC ERGO. With this single insurance plan, you can effectively manage and mitigate various risks that come with managing a large society. The most essential part is that you can enjoy peace of mind knowing that your housing society is protected for the entire duration of the policy.

2. Bigger properties get higher coverage

The coverage amount for your Housing Society insurance policy can be tailored to the size of the property. You have the freedom to select an appropriate coverage amount ranging from 1 lakh to 3 crores, ensuring that your entire society is adequately protected against potential risks and threats.

3. Single insurance with bigger discounts

Imagine having a single insurance plan that covers your entire housing society. You can enjoy a whopping 50% discount on this comprehensive insurance package. By buying this plan, you can safeguard your assets and save a significant amount with the perfect home insurance plan.

4. Security to common amenities

In case of an unfortunate fire incident that could potentially damage common amenities and the society compound, there is no need to worry. With HDFC ERGO, you can rest assured knowing that the common amenities are covered and protected.

Why buy housing society insurance from HDFC ERGO?

HDFC ERGO is firm in its belief in establishing trust that reshapes connections. Their continuous endeavour is focused on simplifying insurance, making it more reachable, and greatly dependable. HDFC Ergo is committed to honouring commitments, meeting claims, and enriching lives with steadfast dedication. Their goal is to brighten the days of all their clients, guaranteeing their safety and tranquillity.

1. 24*7 seamless support

In moments of trouble, immediate assistance becomes crucial. HDFC Ergo's dedicated claims team is available 24/7 to provide seamless support for your claims, ensuring a smooth process. Count on us to be there for you whenever you need us.

2. Catering customer needs

For the past two decades, HDFC Ergo has been meeting a multitude of customer needs effortlessly. They achieve this by offering a diverse selection of plans and additional covers for each portfolio. Their commitment to serving customers has remained unwavering over the years, ensuring that they deliver tailored solutions to meet their individual requirements with precision and care.

3. Transparency

Building insurance claims and all other claims in HDFC are settled with utmost transparency and a simple process that is easy to follow for the insured.

Inclusions

Here is what is included in the housing society insurance.

1. Fire

Protect your housing society from the financial burden caused by a fire outbreak with HDFC Ergo insurance. HDFC Housing Society insurance ensures that any losses incurred by your society are taken care of.

2. Natural calamities

We cannot foresee natural disasters. However, with building insurance, we can take proactive measures to safeguard our belongings from the devastating effects of earthquakes, floods, storms, hurricanes, and more.

3. Human hazards

Protect your home and your peace of mind from potential dangers such as strikes, riots, terrorism, and other malicious acts during uncertain times with the help of home insurance.

4. Accidental damage

For any accidental damage to your building and societal amenities, HDFC Ergo housing society insurance will cover you. This includes mishaps such as bursting water tanks or leakage from automatic sprinkler installations.

Exclusions

Here is what is not included under housing society insurance.

1. Cooperative housing societies' insurance does not offer long-term plans

2. Consequential losses, unlike losses that naturally occur as a result of a breach, are left unprotected

3. Housing society insurance does not pay for the cost of land

4. Any property that is not under your possession or property under construction is not a part of the home insurance coverage

5. Any willful damages done to the property remain completely out of coverage

6. A property grows old with normal wear and tear. However, Housing Society insurance does not offer coverage for the maintenance of the building.

Housing Society add-on covers

For a nominal premium, you can get optional coverage against acts of terrorism.

Benefits of Housing Society Insurance policy

1. HDFC Ergo Housing Society's insurance policy provides coverage for all contents against standard fire and special perils within the housing society.

2. This includes protection against housebreaking, robbery, burglary, and fire incidents. Additionally, our plan safeguards against financial losses resulting from the loss of banknotes, currency, cheques, postal orders, and more, as long as the loss occurs within the insured premises.

3. Furthermore, the building insurance extends coverage to residents or workers under the Workmen’s Compensation Act 1923 and/or Fatal Accidents Act 1855 and Common law.

4. Any physical injury or death resulting from accidents or occupational diseases during employment is included in the coverage.

5. Lastly, the policy ensures that residents are protected from any legal liabilities in the event of accidental physical injury, loss, or damage caused to third-party property possessions.

Conclusion

From housing society insurance to building insurance and home insurance, the realm of protecting our house is vast and varied. Each type of insurance serves a unique purpose in safeguarding our properties. Whether it is shielding a community living space, a commercial building, or a cosy home sweet home, having the right insurance coverage is essential for peace of mind. So, whether you're part of a housing society looking for protection or a homeowner wanting to ensure your abode is safe and secure, exploring different insurance options can help you find the best fit for your needs.

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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