Owning a house is definitely a dream come true for many. Protecting this dream asset comes with a lot of responsibilities. As a homeowner, you might think of several ways to protect your home including installing security systems, making your home more strong and secure, appointing a security guard, etc. But have you ever considered getting home insurance?
A good home insurance not only protects your finances but also safeguards your home.
The Bharat Griha Raksha Policy provides essential protection to homeowners in India, safeguarding their homes against various risks. This comprehensive insurance plan helps homeowners achieve peace of mind by covering their property. One of the key coverages offered by this policy is the Home Building cover.
Let us explore how this policy can bring you peace of mind and financial security in this blog.
- What is the Bharat Griha Raksha Policy?
The Bharat Griha Raksha Policy is a standardized home insurance policy mandated by the IRDAI to offer comprehensive protection against various unexpected events, ensuring that both your home and its contents are financially secure in the event of damage or loss. This policy aims to simplify the insurance process, making it easier for homeowners to understand and choose the right coverage. It includes coverage for the home’s structure (home building), home contents, and optional covers for additional protection.
Key Features of Home Building Coverage
1. Protection Against Natural and Man-Made Disasters
The Bharat Griha Raksha Policy is designed to cover a wide range of risks due to natural disasters like earthquakes, floods, storms, cyclones, etc. It also gives protection against man-made disasters such as fires, explosions, riots, strikes, and acts of terrorism. This coverage ensures that your home is protected from unexpected events that could cause significant damage.
2. Coverage for the Structure
The policy covers the home’s structure, including the foundation, walls, roof, and other permanent fixtures like kitchen cabinets, electrical systems, and plumbing. This comprehensive protection ensures these essential physical components are fully safeguarded against potential damage, providing peace of mind for homeowners.
3. Rebuilding Costs
In case of damage, this policy also provides coverage for the cost of rebuilding or repairing the damaged parts of the home. This includes the expenses for materials, labor charges, and other associated costs required to restore your home to its original condition.
4. Additional Coverage for Extra Structures
The policy also offers coverage for additional structures on the property, such as garages, sheds, and boundary walls. This ensures that all parts of your property are protected, not just the main building.
While these are some of the key features of the policy, exclusions of the Bharat Griha Raksha Policy typically involve scenarios such as damage due to wear and tear, neglect or lack of maintenance, losses from war or nuclear risks, and damage caused intentionally. It is important to know these exclusions to ensure clarity on what may not be covered under the policy.
Conclusion
The Bharat Griha Raksha Policy offers comprehensive coverage protecting against various unexpected events, ensuring that both your home and its contents are financially secure in the event of damage or loss. For homeowners, this policy acts as a shield, offering a sense of security and financial stability during difficult times. The best part about The Bharat Griha Raksha Policy is that its coverage is customizable. This means homeowners can improve protection with optional covers for contents, rent loss, and alternative accommodation expenses. Home insurance is a fundamental investment that every homeowner in India should consider having. It provides comprehensive protection against a range of risks, including natural disasters, theft, liability, and unexpected events. Cholamandalam insurance plans serve as an excellent means to safeguard your cherished home from unforeseen hazards. These plans not only provide external protection for your house but also extend coverage to your assets and valuable belongings around your home.
