SBI General Bharat Griha Raksha Policy: Key Benefits
||1-10 years available
||Can be bought by homeowners and tenants
||Fire & Special Perils Coverage
Auto escalation of sum-insured
Underinsurance not applicable
Home contents covered at 20% of SI
||Loss of rent
Up to 5% claim amount for fees of architect/surveyor/ engineer
Up to 2% claim amount for removing debris
||Valuable contents cover based on agreed value
Personal accident cover of upto Rs. 5 lakh per person
*For exact coverage and benefits please go through the official policy wording provided on the insurer’s official website
Add-On Benefits of SBI General Bharat Griha Raksha Policy
There are two optional covers or add-ons offered by this SBI General Bharat Griha Raksha Policy:
Personal Accident Cover
In case of an insured event if your house building or content results in your or your spouse's death, then the insurer will provide a compensation of Rs. 5 lakh per person.
In case the insured peril results in the policyholder's death, then this personal accident cover will cover the spouse until its expiry.
Valuable Contents Coverage on Agreed Value Basis
This option will compensate you for the loss or damage of your insured valuables up to the agreed value. In case of damage, you will be compensated for the cost of repairing that item. In case of a total loss of the insured item, the insurer will you as per the policy terms.
A valuation certificate may be required if the SI opted is more than Rs. 5 lakh. The insurer may waive off the certification requirement if the SI opted is below Rs. 5 lakh with individual items not exceeding Rs. 1 lakh.
Who can Buy SBI General Bharat Griha Raksha Policy?
The plan is specially designed for building owners. If you want to protect your home from unexpected damages and other perils, SBI General Griha Raksha Policy is a great option covering your home building and contents.
However, if you are a tenant living on a rented property then you can purchase the Home Content cover for your house content. If looking to secure your valuables, you can buy optional coverage. Add-ons for valuable contents in your home will be based on the agreed valuation certificate submitted by you to the insurer.
Inclusions of SBI General Bharat Griha Raksha Policy
This SBI General Bharat Griha Raksha Policy offers coverage for any physical damage, loss or destruction caused to your home according to the policy terms and conditions. The following are the inclusions under Bharat Griha Raksha Policy:
- Property damage or destruction due to fire, explosion/implosion or lightning is covered. However, damage due to the burning of the insured house by a public authority is not covered.
- Loss/destruction caused by volcanic eruptions, earthquakes and other natural convulsions including tsunamis, storms, typhoons, hurricanes etc. is covered.
- The policy offers in-built covers for up to 5% of the claim amount for fees of the surveyor, architect, and consulting engineers.
- The policy also covers loss of rent/rent for alternative accommodation if the home building is not fit for stay due to a physical loss caused by an insured event.
- Up to 2% of the claim amount for removing debris from the site is also covered under this policy.
- Subsidence of your property's land due to landslides and rockslides is covered.
- Impact damage due to external physical objects (like falling trees, aircraft, vehicles, etc.) is covered.
- Malicious damage, riots, strikes etc. are covered.
- Loss/damage because of bursting/overflowing of pipes or water tanks covered.
- Damaged due to forest fire, bush fire, and jungle fire is covered.
- Damages due to acts of terrorism are covered as per the policy schedule.
- Damages due to missile testing operations are covered.
- Loss or damage because of automatic sprinkler leakage is covered.
- Any theft that has taken place within seven days from the occurrence of any of the above-insured events.
Exclusions of SBI General Bharat Griha Raksha Policy
Some contingencies will not be covered under this SBI General Bharat Griha Raksha policy. Take a look at the policy exclusions below:
- Intentional damage to the house on your or anyone else's behalf won't be covered.
- If the house is burned by the public authority, it won't be covered by the policy.
- Loss or damage to the house because of rebellion, war, acts of a foreign enemy etc. are not covered by the policy.
- Property damage due to nuclear contamination or ionising radiation will not be covered by the policy.
- Loss of earnings, damages to the house or its content due to consequential loss is not covered.
- Contamination by pollution won't be covered unless it is a result of an insured event.
- Electrical breakdowns like short-circuiting, electricity leakage etc. are not covered.
- Loss of manuscripts, drawings, unset precious stones, vehicles etc. are not covered unless optional coverage has been opted for.
- Subsidence of your home's land due to the normal cracking, settlement movement, river erosion or defective workmanship/construction is not covered.
- Reduction in the market value after repairs of the insured property is not covered.
- Unauthorized extensions or alternations to the home's carpet area by over 10% of the carpet area are not covered unless an additional premium has been paid.
- Extra costs towards the preparation of any claim are not covered by the policy.
- Loss of insured contents whose disappearance can't be linked to an identifiable event will not be covered.
Claim Procedure for SBI General Bharat Griha Raksha Policy
In case your home or home content is damaged due to one or more insured perils, then you must raise a claim at the earliest. By no means you should delay informing the insurance company for more than 30 days.
Claims filed after 30 days from you first noticed the damage/loss will not be liable. SBI General Bharat Griha Raksha Policy has a straightforward claim procedure, make sure to follow these steps:
- Immediately reach out to concerned legal authorities (fire brigade, police, ambulance, etc.)
- Inform the insurer about the mishap as soon as possible so that they can assess and investigate the losses your property has suffered.
- Provide the relevant details including your home insurance policy number, police report details, a brief statement about the loss, details of damages under any add-on coverage, and photos of damage wherever possible.
- If there is a theft or burglary, ensure filing FIR with the police or a written complaint on time.
- Until your damage has been investigated by the insurance officials, don’t carry out any repairs or dispose of any damaged items.
Based on the surveyor's report to the company, you will be compensated for the damages your house has incurred.