Bharat Griha Raksha Policy: A Thorough Home Insurance Guide

Securing your home with a robust insurance policy isn’t just a safety measure—it’s a necessity. Bharat Griha Raksha policy offers a comprehensive insurance solution tailored for the diverse needs of Indian homeowners. This guide walks you through every detail of the policy, including what it covers, how it works, and how you can make the most of its features to fully protect your home and belongings.

What Does Bharat Griha Raksha Cover?

Home Building Cover

The Bharat Griha Raksha policy ensures your home’s structure against damages from a plethora of natural and man-made disasters. Coverage extends to the building itself and any attached structures like garages, verandas, and even solar panels.

This part of the policy covers costs associated with repairs, architects’ fees, debris removal, and even the rent for alternative accommodation if your home is temporarily uninhabitable.

Home Contents Cover

This aspect of the policy addresses the contents within your home. From electronics like televisions and refrigerators to furniture and personal items, the policy covers repair or replacement costs.

Notably, there is an automatic coverage extension of 20% of your home building’s sum insured to general contents without additional declarations, up to a maximum of ₹10 lakhs.

Personal Accident Cover

In the unfortunate event of death due to an insured peril, the policy extends a compensation of ₹5 lakhs per person, covering both the policyholder and their spouse. This cover acts as a financial cushion, easing the burden during challenging times.

Optional Covers

For those needing additional protection, the policy offers optional covers for valuable contents like jewellery and art, and agreed value basis cover for items that might be irreplaceable.

Benefits and Special Features

Comprehensive Coverage: The policy stands out by offering protection against a wide range of events including natural disasters like earthquakes and floods, fire, theft, and even acts of terrorism.

Flexibility in Sum Insured: Unique to Bharat Griha Raksha, the sum insured for building and contents can be tailored to your needs, ensuring that you are not underinsured and can receive full compensation in the event of a total loss.

Long-Term Coverage: You can opt for policy durations up to 10 years, providing long-term security without the hassle of annual renewals.

Coverage Provided

1. Fire
2. Explosion or Implosion
3. Lightning
4. Earthquake, Volcanic Eruption, other Convulsions of Nature
5. Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood, and Inundation
6. Subsidence of the Land, Landslide, Rockslide
7. Bush Fire, Forest Fire, Jungle Fire
8. Impact Damage
9. Missile Testing Operations
10. Riot, Strikes, Malicious Damages
11. Acts of Terrorism (As per Terrorism Clause attached)
12. Bursting or Overflowing of Water Tanks, Apparatus, and Pipes
13. Leakage from Automatic Sprinkler Installations
14. Theft (within 7 days from the occurrence of and proximately caused by any of the above Insured Events)

Exclusions on Bharat Griha Raksha Cover

1. Fire caused by order of any Public Authority.
2. Subsidence of the Land caused by:
   • Normal cracking, settlement or bedding down of new structures.
   • Settlement or movement of made up ground.
   • Coastal or river erosion.
   • Defective design or workmanship or use of defective materials.
   • Demolition, construction, structural alterations or repair of any property, or groundworks or excavations.
3. Impact Damage caused by pressure waves caused by aircraft or other aerial or space devices travelling at sonic or supersonic speeds.
4. Riot, Strikes, Malicious Damages caused by:
   • Temporary or permanent dispossession, confiscation, commandeering, requisition or destruction by order of the government or any lawful authority.
   • Temporary or permanent dispossession of Your Home by unlawful occupation by any person.
5. Acts of Terrorism (Exclusions and Excess as per Terrorism Clause attached).
6. Leakage from Automatic Sprinkler Installations during:
   • Repairs or alterations in Your Home or the building in which Your Home is located.
   • Repairs, removal, or extension of any sprinkler installation.
   • Defects in construction known to you.
7. Theft of:
   • Any article or thing outside Your Home.
   • Any article or thing attached from the outside of the outer walls or the roof of Your Home, unless securely mounted.

How to Address Grievances?

If you have any issues with your insurance, follow these steps:

1. Contact the Insurer’s Grievance Redressal Officer directly to address your concern.
2. Use the IRDAI’s Integrated Grievance Management System (IGMS) if the issue isn’t resolved.
3. Approach the Insurance Ombudsman for unresolved grievances, especially if they have significant financial implications.

For more detailed information about, visit www.gbic.co.in or www.irdai.gov.in.

Eligibility and Coverage for Bharat Griha Raksha Policy

Who Can Buy the Policy?

To be eligible for the Bharat Griha Raksha policy, you need to be either the owner, an authorised occupier, a landlord, or a tenant.

The policy covers residential properties. However, if you engage in any commercial activities within the property, you will require a different type of policy.

Coverage Details

When you purchase this insurance, it ensures that both the building and its contents are protected. Here’s what you need to know about the coverage:

• Building Coverage: The policy covers the cost to rebuild your home at the current construction rates as of the policy’s start date.
• Contents Coverage: There is an automatic coverage for general contents which is 20% of the sum insured of the building up to a maximum of ₹10 lakhs. If you have higher value contents or have combined this with home building coverage, you can declare these values to increase the sum insured specifically for contents.
• Underinsurance: One of the key benefits of this policy is its approach to underinsurance. The policy compensates the actual cost of repairs or replacements, even if the sum insured at the start of the policy is less than the actual value, ensuring you are fully compensated without the typical penalties for underinsurance.

What Happens in the Event of a Loss?

In case of damage or loss, the policy will cover the actual expenses incurred for repairs or replacement of the insured property and contents. This ensures that you are not out of pocket following an insured event, providing peace of mind and financial stability when you need it most.

Duration and Additional Coverage Options

The Bharat Griha Raksha policy offers protection for up to 10 years, giving long-term security for your home. You can enhance your coverage by opting for additional covers, known as add-ons, which are tailored to meet more specific needs beyond the standard policy.

These add-ons are available after approval by the insurance authority, and details can be found on the insurer’s website.

Policyholder Responsibilities

As a policyholder, you have several responsibilities:

• Provide accurate information about yourself and your property.
• Take necessary steps to prevent damage or loss to your property.
• Keep unauthorised persons from occupying your property.
• Be transparent and provide complete documentation when making a claim.
• Inform the insurer about any significant changes, like alterations to the home or a change in ownership or occupancy.

Making a Claim

If you need to make a claim, follow these steps:

1. Immediate Notification: Contact your insurer as soon as possible after a loss, providing your policy number and details about the incident.
2. Documentation: Submit a detailed report of the damage, including photos and a list of items affected.
3. Legal Requirements: Report the incident to the police and any relevant authorities.
4. Mitigation: Take reasonable steps to prevent further damage.
5. Cooperation: Assist the insurer’s representatives by providing necessary information and documentation.
6. Timely Submission: File the claim within 30 days from the date you first notice the loss or damage.

What Happens if the Policyholder Passes Away?

In the unfortunate event of the policyholder’s death before a claim is settled, the insurer will pay the claim amount to the registered nominee. It is crucial to register a nominee with the insurer to facilitate a smooth transfer of benefits.

Conclusion

Managing your Bharat Griha Raksha policy effectively involves understanding how to make changes, renew, and potentially cancel your coverage. Always keep informed about the terms and conditions, and utilise the resources available to you for managing your policy. Staying proactive about these aspects ensures that your home insurance protection aligns with your current needs and circumstances.

Frequently Asked Questions