Coverage under the Oriental Householders Policy

The Oriental Householder insurance policy provides complete protection for your home and its contents against various risks. It is divided into ten sections, and you are required to choose at least three sections to avail of the policy benefits. Moreover, one of the mandatory sections covers the contents of your home against fire and related perils.

*Disclaimer- Kindly refer to the policy wordings available on the official website of the insurance company to understand the exact coverage and terms & conditions of the policy.

Salient Features of the Oriental Household Policy

1. The Oriental Household policy provides coverage for residential properties constructed with durable materials.
2. Under Section I, the policy allows for a 15% waiver of the sum insured to account for underinsurance.
3. For items that have a value exceeding 5% of the total sum insured under Section I B, they must be specifically listed with their respective values.
4. Section III, known as the All Risks Section, requires separate specifications for any item valued at more than 10% of the sum insured.
5. The policy offers coverage for jewellery and valuables stored in bank lockers on a first-loss basis.
6. Discounts are available for policies covering more than four sections.
7. A discounted rate is offered for long-term policies ranging up to four years.
8. There are no upper limits on the sum insured for either the building or its contents.
9. Different sections of the policy may have varying excess amounts.
10. Artwork and showpieces can be covered if their value is assessed by government-approved values and their report is submitted.
11. Terrorism risk coverage is available at an additional premium, subject to the insured's option and the company's acceptance.
12. Housing societies with their own security arrangements may receive discounts for Section II. Also, volume discounts may apply to housing societies.
13. Discounts should be applied in a manner that the minimum net premium after allowing all discounts should not less than 50% of the gross total premium under the policy.
14. The premium may be adjusted based on the number of policy periods affected by claims.

You may also read- Oriental Sweet Home Insurance Policy

How to Select the Sum Insured of the Oriental Household Policy?

1. For the Building

   The sum insured should cover the complete cost of rebuilding the property, including architect fees, debris removal, and obtaining sanctions for new building regulations or by-laws.

2. For Contents

   The sum insured should reflect the replacement value, except for Section III (All Risks), where the market value should be considered. However, for jewellery, the sum insured will be the market value minus 10% (making charges) or the purchase cost.

   The sum insured for the remaining sections is determined based on the proposer's preference.

General Exclusions of the Oriental Householder Policy

This policy does not cover loss or damage to the home and its contents caused by-

• War and allied perils.
• Nuclear radiation and related causes.

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