• What is Sweet Home Insurance Policy
?
Sweet Home Insurance is package policy covering Building, Content, Machinery
Breakdown of Electrical/Electronics Items & Personal Accident cover
for insured and spouse.
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•
How many sections are there in the Policy
?
There are five sections under the policy, which are as under:
1. Building against Fire & Allied Perils
2. Contents against Fire & Allied Perils
3. Contents against Burglary & Housebreaking.
4. Machinery Breakdown against Electrical & Electronic Items
5. Personal Accident on Floater Basis for Insured & Spouse.
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•
Does insured has to opt all Sections under
the policy ?
No. Section 2 to 5 are Compulsory (Package Policy),
whereas Section – I, cover against Building is Optional.
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•
What are special features of the Policy
?
1. The insured is relieved from hassles.
2. Household contents are covered on First Loss Basis against Fire &
Allied Perils and
Burglary & Housebreaking.
3. No Household list is required.
4. Personal Accident cover is on Floater Basis.
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•
What is First Loss Basis ?
First Loss basis is a concept wherein the under-insurance clause in
the event of a claim shall not be applied on the subject matter of insurance
until and unless the value of the entire property proposed for insurance
is much more than the value of the property at the time of loss.
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•
What is Floater Basis ?
Floater is a system wherein the sum insured made available to the insured
and the spouse remains the same. For example a sum of Rs. One lakh floats
amongst both insured and spouse means either individually or collectively
they can utilize the sum insured to an extent of Rs.One lakh.
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•
What are the pre-conditions while opting
for this policy ?
1. Insured has to declare the full value of the contents (except Jewellery).
2. Since, the insured is not required to submit the list of household
contents, the maximum
value of individual items covered will be 10% of
Plan Value of Rs.1 lac, Rs. 2 lacs & Rs.3
lacs under Plan A, B & C respectively.
3. The Machinery Breakdown Section covers has cap of Rs.30,000/-, Rs.50,000/-
&
Rs.70,000/- under Plan A, B & C respectively.
4. Machinery Breakdown value is part of total value under different
plan.
5. In case the individual value of Electrical/Electronic items value
under breakdown coverage
& total value of contents exceed under a plan,
then insured has to shift next higher slab
and in case the total value coverage exceeds Rs. 3
lacs, then insured has to go for
Householder Package Policy.
6. Electrical/Electronic items has to be covered on reinstatement value
basis.
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• What is Market Value & Reinstatement
Value ?
Market Value : Market value of the subject matter of insurance
is the one which arrived at after applying the depreciation for the
age and the salvage value.
Re-instatement
Value: Reinstatement value of the product is the one which prevailing
as on the date of replacement .
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FOR ANY FURTHER DETAILS PLEASE CONTACT OUR NEAREST OFFICE.
