Electronic Equipment Insurance Coverage for Your Home

Once the claim is registered and required documents are submitted, a surveyor is appointed to verify the details and submit the report. Upon receiving the report and if the report is satisfactory, the claim amount is calculated and paid to the policyholder.

In general, 30 days are required from the date of submission of the claim documents, to release the settlement

The documents required are
Duly-filled claims form
Photocopy of the insurance policy
Details of the equipment insured
Copy of the maintenance agreement
Bills and documents of any repair work carried out

The term electronic equipment is used to refer to all those devices which require voltage and power to operate. These generally include TV, computers, laptops, CPU etc.

The sooner you inform, the better it will be. However, make sure that you inform in writing within 14 days from the date of loss/damage.

The electronic equipment policy is renewed annually.

Yes, you can cancel or terminate your policy anytime. Simply inform in writing and your request will be processed. Your premium, if paid, will be refunde

The premium is calculated based on the sum insured. The sum insured, on the other hand, is calculated based on the following factors –

● The equipment to be insured

● The age of the equipment

● The aggregate value of the electronic equipment

The sum insured is considered to be the total cost of replacing the damaged or stolen equipment with other equipment of the same model and condition.

Once the sum insured is determined, the premium is calculated. It is calculated as Rs.15 per mile of the sum insured. The maximum Sum insured can be upto 30% of Home Content Sum insured. The plan also offers additional worldwide coverage for your portable electronic equipment. If you opt for this coverage, the premium is increased by 10%.

You can renew your electronic equipment cover annually if you want. In many instances, HDFC ERGO Home Shield Insurance also offers continuous coverage for up to 5 years. This allows you to enjoy uninterrupted coverage without renewing the policy every year.

It is a cover that is a compulsory part of the Home Contents insurance, which covers and pays for damages or losses sustained by electronic equipment like washing machines, ACs, TVs, refrigerators, etc., due to an unforeseen event.

Yes. If an applicable electronic equipment gets stolen from your home due to a theft or burglary, the electronic equipment insurance will offer coverage to get it replaced.

Electronic equipment insurance covers electronic equipment in your home against loss or damages caused by fire, mechanical or electrical breakdown and data loss. It also covers costs of data restoration, parts and fittings, replacement, etc.

Some example of electronic equipment at home that is covered under the electronic equipment insurance policy is TV, refrigerators, washing machines, vacuum cleaners, air conditioners, etc.