National Insurance Householder’s Policy
It is a packaged insurance policy that offers a wide range of covers which are required by a common householder. The company does the property valuation by multiplying the built up area of the property with the cost of the construction per square feet. The company insures the household contents as per the market value, while electrical items are insured on the replacement value. Even if you are living in a rented place, you can get it insured against fire & allied perils.
Coverage Available Under the Policy
There are mainly ten sections which are covered under Householder’s Policy-
Section I : Fire & Allied Perils= It covers fire, lightning, explosion, aircraft and other aerial devices, riot, strike, storm, cyclone, flood, etc.
a) For House Building.
b) For t household contents.
Section - II : Burglary & Housebreaking including larceny or theft (Contents only)= It indemnifies the insured in respect of loss/damage caused to the contents by burglary or housebreaking. However the damage should happen to contents which are kept in the premises.
Section - III : All Risk against valuable items.= It covers loss or damage caused to jewelry and valuables by accidental or misfortune, provided it happens in India only.
Section - IV : Plate Glass Cover ( fixed )= It covers the loss/damage caused to the fixed plate glass due to accidental breakage in the insured premises.
Section - V : Breakdown of domestic appliance= It covers damages occur to the appliances due to mechanical or electrical breakdown of domestic electrical, electronic or mechanical appliances.
Section - VI : Television Sets (All Risk ) cover= It covers loss/damage caused to the television apparatus by fire, lightning, earthquake, riot, strike, etc.
Section - VII : Pedal Cycle (All Risks) cover= The insurer indemnifies the policyholder in respect of loss/damage to the pedal cycles due to riot, fire, flood, earthquake, etc.
Section - VIII : Baggage Insurance= It insures in respect of personal baggage accompanying the insured whilst travelling.
Section - IX : Personal Accident Insurance= The insurer shall pay to the insured if he sustains bodily injury directly caused by accidental violent external and visible means, which results into death or disablement.
Section - X : Public Liability & Workman Compensation Risks= The company will indemnify the policyholder in respect of amount which the insured is legally liable to pay as a private householder.
Only Section I is mandatory. In addition to this, proposer can opt for any two more sections from the remaining sections. The proposer is entitled to get 15% discount for opting over four sections and 20% discount on premium for opting more than six sections. You can buy the policy online by using debit/credit cards or net banking.
What it Doesn’t Cover?
The company can’t be held liable in respect of the following scenarios-
- Loss or damage happens due to terrorism activities unless it is specifically mentioned.
- Loss or damage caused by wear and tear
- Loss or damage, liability or expenses directly/indirectly happens due to war, invasion, nuclear weapon material, etc.
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