What is Covered Under Home Shield Insurance?

Posted on: Aug 29, 2024 | 3 mins | Written by: HDFC ERGO Team

What is Covered Under Home Shield Insurance?

In India, home shield insurance protects against damages and losses in your specified building premises, along with certain components included in comprehensive coverage. This usually includes damages and losses caused by fire, theft, accidental damages, and damages caused by natural calamities considering and following the terms of the chosen plan.

Inclusions

Certain typical inclusions of a standard home shield plan in India include the following:

1. Fire, lightning, explosion, wildfire, bush fire, implosion

2. Tempest, storm, flood, earthquake, landslide, inundation

3. Terrorism, strikes, riots, and other malicious damages

4. Aircraft damage, impact damage, damages caused by water tank burst and/or overflow, missile testing operation damage, pipes and apparatus

5. Leakage during the installation of automatic sprinklers

6. Theft, housebreaking, burglary

7. Accidental damages to fixed plate glass

8. Accidental damages to fixed sanitary wares and fittings

9. Losses and damages occurred in all electric and electronic equipment that are aged below 10 years

Exclusions

The list of exclusions varies from one insurer to another depending on the terms of the chosen plan. However, under standard circumstances, certain typical exclusions of this home insurance are:

1. Any direct or indirect damages caused due to war, allied conditions, or civil war

2. Losses and damages caused by nuclear contamination

3. Any building damage due to poor and improper maintenance, faulty construction, termites, and natural wear and tear

4. Damages and causes due to manufacturing defects of mechanical, electrical, or electronic items

5. Damages caused by breakage, scratching or cracking of binoculars, crockery, camera, lenses, musical instruments, etc.

6. Sports gear and similar other delicate items unless caused due to fire or any other accidental circumstances

7. Any loss of money, bills, deeds, bonds, manuscripts, share certificates, stocks, tickets, cheques, transaction cards, business documents, etc.

8. Portable equipment, unless they are specifically covered by a separate rider

9. Losses and damages of articles having a consumable nature

10. Any wilful theft or burglary due to gross negligence

11. Unexplained losses and damages

12. Damages to livestock, pedal cycles, and motor vehicles unless covered by a separate rider

13. Any losses that occurred before the specific policy commencement

14. Any losses to the property occurring after being shifted from the insured premises for cleaning, renovation, etc. not exceeding 60 days.

Claim settlement

Once you submit the duly filled-in and signed claim form along with other necessary supporting documents, the insurance authorities will inspect and verify the level of loss. Once the loss assessment is complete, your approved claim amount will be provided, considering all the plan terms and the documents provided.

Conclusion

We have stated the standard inclusions and exclusions of a typical home shield insurance. Depending on the plan terms, it will guard your house and its components. However, this type of insurance does not offer any tax benefit.

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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