FAQs

1. Why do you need home insurance?

Ans: Whether you’ve owned your home for years or are a first-time buyer your home is always immeasurable. At some unforeseen event, if your house is on fire or is robbed, the damage caused, economically and emotionally is indefinable. But GIBL helps you to view, compare and choose the right insurance company that offers you multiple options for getting the best home insurance policy.

2. Who can apply for this policy?

Ans: This Policy is suitable for you as a householder, whether you reside in an independent house or in a flat/apartment, since each of the alternatives above would involve different risk exposures which can be covered under home insurance policy.

3. What are the perils covered under home insurance policy?

Ans: The most basic coverage for home insurance is property damage caused by natural and man-made calamities such as fire, earthquake, lightning, floods, short-circuit, riot, malicious damages, impact from rail/road vehicles, storm, cyclone, burglary and so on.

4. What is personal liability?

Ans: Personal liability is the damage caused by you or your property to others or other’s property. Liability coverage pays when you are legally obligated for damages that occurred as the result of something that happened on your property.

5. How to calculate the value of your home structure?

Ans: The home insurance policy insures the structure of your home for its reconstruction value that is defined as the cost incurred to reconstruct the home if it is damaged. On the other hand market value is a combination of cost of land, demand & supply scenario, etc.

6. What are the exclusions of this policy?

Ans: The insurance company is not liable to make payment for any of the following, Any loss or damage by the insured and/or insured’s domestic workers with the direct or indirect involvement in an attempted burglary, any loss or damage on account of loss of livestock, motor vehicles, pedal cycles, money, securities for money etc.

7. Would you be covered by home insurance policy, if you live on rent?

Ans: Yes, you will be covered only for content and not for the structure. It covers household appliances, jewellery, furniture & fixtures and other such personal items at your home, against fire and allied perils like earthquake, burglary and so on.

8. Can you sell the property, during insured period?

Ans: Yes, you can and you have two options while selling your property during the insured period. Either you can transfer the policy to the person to whom the house has been sold or you can cancel the policy and get the premium back on pro-rata basis.

9. What are deductibles? How do higher deductibles help in keeping lower insurance premiums?

Ans: A “deductible” is a specific rupee amount that you have to pay when you file a claim with a home insurance company. Deductibles also allow you to cut the cost of your insurance, by assuming some amount of risk.