Are all the sections are compulsory under the Policy?
No. Only Section I-B (Fire & Allied Perils) cover against household contents is compulsory. In addition to this the insured has to opt any two more section from remaining Nine Sections.
What should be basis of valuation for getting household items covered under householder's policy?
Insured has to get his household contents as per their market value and Electrical Item on replacement value.
Is selection of household items coverage is allowed?
NO. Selection of household item cover under basic cover Fire & allied perils and Burglary is not allowed; it shall be applicable to the machinery breakdown section.
Is there any discount for opting more than minimum required (3 sections) covers?
Yes, insured is entitled to 15% discount for opting more than four section and 20% discount on premium for opting more than six section respectively, excluding Tariff Sections premium i.e. Fire & Allied Perils Section and Public Liability & Workman Compensation Risks Section, but for Section discount all Sections (Tariff & Non-Tariff sections) will be counted.
How the household articles and valuable would be identified in the list?
Yes, the insured must furnish entire list of items proposed for cover. A single amount for contents can be mentioned if the value of single item does not exceeds 5% of the amount of insurance value of contents.
Is it compulsory to get Jewellery & Valuable item covered against all risk only?
No, the Jewellery & Valuable items can be covered against Fire & allied Perils and Burglary Section, also.
What is the term of insurance cover under this policy?
The policy is normally issued for a period of twelve months only.
What is the territorial limit under this policy?
Cover is available within India only, except for Personal Accident &Baggage Section.
What are Sections under which insured has option to go for restricted cover or All Risk (wider cover)?
Insured has the option to get insurance cover of Jewellery/Valuable, T.V Set, Pedal Cycle against Fire & Allied Perils and Burglary in addition to All Risks covers (wider cover).
Can all Electrical Items be covered under T.V. All Risks Section?
No. T. V All risks section cover Television Sets Only. All Electrical items including T.V set can be covered under Machinery Breakdown Section. These items have also to be covered against Fie & Allied Perils and Burglary.
