IFFCO Tokio Home Insurance

Home insurance shouldn’t be seen as a burden since they can fund for furnishing your building if any accidents which can leave you in financial distress.

You must buy home insurance if you own a home or stay in a building as they could help you in assessing your insurance policy from time to time. They could guide you to modify for inflation, furnishing your new home, buying new assets etc. IFFCO Tokio Home Insurance Policies offer you that choice. The company also let you modify the policy with your changing requirements.

IFFCO Tokio gives two home insurance policy offers, namely,

• Home Family Protector Policy

• Home Suvidha Family

What is Home Family Protector Policy?

Home and Family Protector Policy was designed with the purpose of offering a single Policy to people staying in the same house. There are multiple add-ons and covers under this single plan.

Features & Benefits

This Policy can be classified into twelve Sections from which you can get comprehensive protection for your possessions for yourself as well as the people residing in your house. The sections under this policy are described below

Fire and Associated Hazards

This section ensures that house and property are covered against fire, blasts, bursting of water tanks, strikes and civil riots and natural disasters like flood, earthquake, landslide, cyclone, etc.

Break-in and Related Threats

In this section, coverage is offered against break-in, robbery and further destruction due to unnatural causes.

Comprehensive Risk

This section insures all the expensive items in your home (such as jewelry, furniture, equipment, photography kit, scientific apparatus, sports kit, gun etc) against any accidents.

Glass, Toilet, Bathroom and Kitchen Fittings

Glass and sanitary fittings are expensive and prone to damage. This section was created for taking care of accidental breaking or rupture to the sanitary fittings at your home. It includes the price of frames and frames work, paintings etc. It also covers accidental damage to your expensive items

Electrical Equipment

This section offers coverage against different types of electrical appliances at your home such as a fridge, computer, washing machine etc. This is an integral part of home insurance.

Entertainment Equipment, Laptop and Cell Phones

This section is meant for protecting such equipment against any accidents. If you have a treadmill or pedal cycle, it can also be covered under this particular section.

Collapse of Electrical Appliances or Machinery

Abrupt failure of electrical appliances or other equipment like AC, washing machines, fridges (less than 7 years) is covered under this section.

Personal Accident Cover

Accidents which lead to bodily harm, disability or demise could impose a substantial financial burden on your shoulder. This cover protects you against accidents which affect you or your loved ones. You can also get add-on benefits like compensation for an ambulance, loss of job benefits and schooling fund for children and restoration costs for the damaged home.

Loan Settlement Cover

This section covers settlement of EMIs for loans against possessions like your home, car, and other durables which belong to you and your family.

Loss/Theft or Damages to the Baggage

This section protects your luggage in case of theft, fire or any other accident or hazard.

Accountability

With this facility you are insured against the obligation to the general public for unexpected demise, physical injury or damages to third-party property and accountability to your workers for accidental demise, injuries. You are also legally covered as a tenant from such accountability according to the Indian Tenancy Agreement.

Ever-increasing Living Expenditures

Damages caused due to fire and burglary are incidents that can leave a trail of expenses for the house owner. Sometimes, the damages are so bad; people can't stay in the building. The expenses covered through the policy are an evacuation and emergency medical assistance. This also covers damage to the building, total value of the furniture that is supposed to be replaced, shifting of appliances and cost of temporary residence. The policy doesn't charge for emergency cash for getting basic requirements such as food and clothing.

Take-home Points

• It is recommended that people must purchase at least five out of the twelve add-ons offered.

• For section one to seven, the coverage is offered on Restoration Value Basis (i.e., new instead of old) for which the total Sum Assured must show the value of the new property which includes goods in transit, duties etc

• This doesn't mean concern clothings as mentioned under the first and second section.

• Apart from a few restrictions on some of the sections, there's no upper limit on the sum insured.

• If the calculated value of the property is greater than the Sum Insured, then the company can insure you accordingly. This applies to sections three to seven.

Exclusions to the Policy

• Damages caused due to war

• Damages incurred as a result of annihilation, seizure or appropriation of the property.

• Damage inflicted directly due to radioactivity or nuclear activities

• Damages caused due to depreciation.

What is Home Suvidha?

Features & Benefits

Home Suvidha Insurance Policy offers comprehensive coverage to you and your family against different types of dangers and threats

The sections which are covered under this policy are

Fire and Associated Hazards

This section makes sure that your building and its properties are protected against blasts, fire, bursting of water tanks, strikes, civil riots and various types of natural calamities.

Break-in and Related Threats

In this section, coverage is offered against break-in, robbery and additional destruction due to unnatural causes.

TV/ Video & Other Electronic Equipment:

Accidental and unconventional failure of electronic equipment are covered in this section. However, these equipment should be less than seven years old.

Personal Accident Cover

Accidents which lead to bodily harm, disability or demise could impose a huge financial burden on your shoulder. This cover protects you against accidents which affect you or your loved ones. You can also get add-on benefits like compensation for an ambulance, loss of job benefits and schooling fund for children and restoration costs for the damaged home.

Private Computer

Your personal computer is also covered under this policy. The only condition is that the computer shouldn't be more than five years.

Exclusions to the Policy

• Damages caused due to war and war-related

• Consequential loss/damages

• Pre-existing damages

• Money needed to repair a damaged part

• Cost of damaging an entire set if only a part of it is broken

• Damage caused due to terrorism according to the Indian Terrorism Act,

• harm to the property due to flaws and other shortcomings which existed before the policy date and damages caused due to negligence.

• Damages caused due to depreciation.

• Harm for which a builder or contractor is liable

• Harm to rented equipment

• Damage to expendable items such as pipes, faucets and bulbs

• Damage caused due to repair activities

• Facilities offered by Home Suvidha

Limit for Company Accountability

The maximum liability for the company is the insured amount stated in the schedule

Basis of Claim Settlement

• Cost for restoration of the market value is paid out to you

• Price of re-building and disassembling the building

• Transportation cost incurred

• Custom duties and other payments

Basis of Estimation of Repair

There's no deduction for devaluation in the replacement parts

Basis of Calculating Overall Loss

• Current Market Price of the item must be gauged by subtracting the absolute devaluation from the Replacement Worth of the item

• If you aren't substituting the equipment, then you needn't submit any bills

FAQs

What are the eligibility criteria to buy IFFCO Tokio Home Insurance Plan?

For Individuals

Any resident Indian who owns or stays in a property can buy an IFFCO Tokio Home Insurance Policy. However, some of the policies are only meant for the owners of the property and not the tenants.

For Societies

Any member of the society’s management group can buy a plan to protect the society building & shared facilities.

When will my home insurance policy commence?

The home insurance policy starts the day on which you make the payment of the first premium. If you buy the policy online, the policy starts 2-3 days after you have made the payment.

How can I calculate the value of my property for house insurance?

You can multiply the built-up area with the price of the building to find out the value of the property