Importance of Universal Sompo Home Insurance Plan
A home is something more than just walls and beams, it is a place of comfort and safety, where dreams are built, memories are made and families grow. Universal Sompo home insurance policy also called as the Householder’s insurance policy offers protection to your home and its valuable contents including furniture, electronics, precious metals, etc. against both man-made as well as natural situations and circumstances.
A home a place of security and peace; it’s a place we retreat to, a place of safety from the world. It is a place where dreams are built and they grow, where families come together and lives are made. Thus, our homes are much more than cement and brick, they are much more than four walls and windows and door. Our homes are an investment both in financial terms as well as in, time and memories.
And if you want to ensure financial cover for your paradise, then Universal Sompo Householder’s insurance policy is important as it seeks to protect this investment against everything that will harm it.
Why purchase Universal Sompo Home Insurance Policy?
Universal Sompo Home insurance policy covers all the perils that can cause loss or damage to your house. Moreover, Universal Sompo is a rapidly growing insurance provider in India, it strives to become a trusted leader in the insurance industry; it provides simple yet innovative solutions for various types of insurance.
Universal Sompo is an ideal insurance company for those looking for robust home insurance plans that are provided efficiently and quickly, with comprehensive coverage benefits. Given below are some of the benefits and advantages of purchasing householder’s insurance from Universal Sompo:
- Protection is provided for the customers’ property and all the contents within it, all encompassed within a single policy plan
- Universal Sompo offers very competitive and attractive premium rates for this insurance
- A wide range of assets and items are covered under the single all-inclusive Householder’s Insurance plan, ranging from jewellery and ornaments to laptops
Scope of coverage of the Universal Sompo Home Insurance Plan
To provide its customers with the financial stability and protection, Universal Sompo has created a householder’s insurance policy that provides coverage against a wide range of natural calamities such as fire, explosion, etc. and man-made disasters like theft, robbery, aircraft damage, and likewise. The coverage is categorized under ten different headings, which are as follows:
- Fired Allied Perils
- Burglary and Robbery
- All Risk (Jewellery and Valuables)
- Plate Glass Cover
- Electronic Equipments
- Electrical Mechanical Breakdown of Domestic Appliances
- Personal Accident Cover
- Baggage Insurance
- Workmen’s Compensation
- and Public Liability Cover
A further detailed explanation and exploration of each category is given below:
Section 1: Fire Allied Perils – Building Contents
The insureds’ home and all the contents within it are protected in the light of the following circumstances:
- Storm, cyclone, hurricane, earthquake, tornado, flood and inundation, tempest
- Missile testing operations
- Leakage from automatic sprinkler installations
- Aircraft damage
- Damage caused by impact from rail/road vehicle or animal
- Riot, malicious damage, strike
- Subsidence and landslide including rockslide
- Terrorism (on paying an additional premium)
- Bursting and /or overflowing of water tanks, apparatus and pipes
The Sum Assured for assets must be on the Reinstatement Value Basis. Here assets should be understood to mean – The building, permanent fixtures, fittings, electrical fans, tube lights and domestic appliances.
Section 2: Burglary and Robbery
Loss and damage to the customers’ property and the contents within the property are protected in the event of a burglary. The following items are covered:
- Contents or any item that was kept in the insured premises
- Insured premises (including reasonable costs for locks that have been damaged)
- Currency notes and cash up to the limit that was agreed upon and mentioned in the schedule, which was contained in a safe and locked cupboard.
Section 3: All Risk (Jewellery and Valuables)
Valuables such as jewellery and precious items, which even be kept in bank lockers are covered under the House Insurance policy. This coverage extends to loss or damage to the jewellery or valuables while they are worn during travelling and/or any social function occasioned by theft, robbery, fire or any such other unfortunate event.
Section 4: Plate Glass Cover
Under this section of Universal Sompo householder’s insurance policy, the following loss or damages are covered:
- Accidental loss and damage to Plate Glass
- Damage to the frame and framework of any description following the breakage of Glass and/or neon boards/glow signs, subject to a maximum amount of Rs. 5000
- The cost of lettering, embossing, tinting, painting, silvering or any other such ornamental work on the replacement Glass, on the condition that such costs were included in the Sum Insured of the Glass under this section.0000
- The customer will have to provide details of the plate glass along with an estimation of its value
Section 5: Electronic Equipment Cover
- Electronic equipment such as any audiovisual equipment, like TV and VCR and computers, etc. are covered
- In case there is partial damage or loss, no depreciation is deducted except for the parts with limited life
- The Sum Insured has to be on Reinstatement Basis
Section 6: Electrical Mechanical Breakdown of Domestic Appliances
- The customers’ mechanical and electronic appliances that they have in their homes are covered against accidental mechanical or electrical breakdown. For this, a list has to be given to the company stating the value of the items to be covered.
- The Sum Insured has to be on Reinstatement Basis
Section 7: Personal Accident Cover
Personal Accident compensation is provided along with the Householder’s Insurance plan by Universal Sompo. Death, permanent partial disability and permanent temporary disability are all covered in this section. This section of the insurance plan provides coverage for bodily injury that leads to the death or disability leading to:
- Loss of sight
- Physical separation of or loss of the ability to use both hands or both feet
- Loss of sight of one eye and physical separation or loss of the ability to use one hand or one foot
- Permanent Total Disability
Section 8: Baggage Insurance
- This section of the insurance policy provides coverage against the loss of the customers’ baggage while on holiday or on tour outside of the municipal limits of the city or town of residence.
- This section provides coverage to the customer as well as to his family members’ baggage.
- The coverage is against fire-allied perils, burglary and theft and/or due to any external accident means.
Section 9: Workmen’s Compensation
A Workman’s compensation protects the customers’ liability towards his or her domestic employees. This goes into effect if the employees if they suffer an injury during their employment. This compensation is extended towards death of the domestic help or their legal heir as well.
Section 10: Public Liability Cover
Universal Sompo’s Householder’s Insurance provides a public liability that compensates the customer in the event of a claim that arises because of a third party bodily injury/ death that occurs within the insured premises. The same applies for any damage to property that occurs on the premises.
For detailed understanding of Universal Sompo householder insurance policy you can refer to the policy wordings.
What is not covered under the Universal Sompo Home Insurance Plans?
The insurer is not liable to pay for claims arising under the following circumstances:
- Damage and loss that is caused to money cheque/stamps/ currency.
- Damage and loss caused by theft and/or housebreaking when a member of the insured's family is involved.
- Damage and loss to motor vehicles, pedal cycles, and livestock are not covered.
- When there is damage caused to audio-visual equipment for which the manufacturer or supplier has to take responsibility, then the policy will not cover it.
- When there are damage and loss to mechanical/electronic equipment and audio-visual equipment that is a result of normal wear and tear, atmospheric or climatic conditions, gradual deterioration, corrosion, moth, rust, vermin, or insect.
- When mechanical and electronic equipment is willfully damaged or caused damage to by gross negligence then it will not be covered.
- Mechanical equipment or electronic equipment will not be covered for damage if it has pre-existing faults that the insured person is aware of.
- Mobile phones and other such communication gadgets are not covered by the policy.
- The Personal Accident cover has a few exclusions of its own, which are as follows –
- When the injury has been intentionally caused to the self
- When alcohol and drugs are the cause of the accident
- Illegal acts or a violation of law or the persons’ resistance to arrest
- It does not cover when the insured is taking part in risky activities such as ballooning, aviation, and trial runs
- Accidents that have been caused by curative treatments and interventions.
- Any complications that arise out of pregnancy, miscarriage, abortion and, childbirth.
- It will not cover when the accident is caused by the invasion, war, or any acts of foreign enemies and attacks.
- Radiation and nuclear contamination are not covered.
- Pre-existing disabilities are not covered.
- Venereal diseases and sexually transmitted diseases, HIV/AIDS are not covered.
- A hospital stay that is not specifically recommended by a doctor.
- Expenses that are non-medical in nature and emergency medical evacuations are not covered.
- There are exclusions under the tenant’s legal liability cover which are as follows:
- Normal wear and tear, shrinkage or settlement, fungus, insects, vermin, the weather, or anything that occurs naturally and gradually; faulty materials, workmanship, and design; and building work involving renovations, alterations, repairs, and extensions; or subsidence of the land.
- There are exclusions under the workman’s compensation cover that are as follows:
- Liabilities that involve the payment of fines and penalties
- Any liabilities that are assumed by an agreement
- Liabilities that are connected to motor vehicles, spacecraft or hovercraft, watercraft
- Liabilities that arise out of intentional, willful, and deliberate non-compliance with set statutory provisions
- Liabilities that arise out of any kinds of animals that are kept for agricultural and commercial purposes
- The interest of any kind that is imposed in connection with the Workmen's compensation act
- There are exclusions under the Baggage cover as listed below:
- When items are stolen from the car except for fully enclosed saloon cars that have all the doors, windows, and other openings securely locked and properly fastened
- When there is damage and loss when the car is in transit by a carrier under a contract of affreightment
- Damage and loss to gold and silver ornaments, money securities, travel tickets, jewelry, drafts, share certificates, cheque
- Articles that may be consumed will not be covered
- The exclusions under plate glass cover are as follows:
- When there is damage or breakage during alterations or repairs or removal taking place in the insured premises
- When the glass is damaged by disfiguration or scratching, other than a fracture that extends through the entire thickness of the glass
- Intentional or willful destruction of the property.
- Loss and damage caused due to war.
- Loss/damage caused due to wear and tear.
- Volcanic upsurge or other seizure of nature.
- Effluence and contamination damage.
- Change of temperature which results in damage of stocks.
- If the home is unoccupied for more than 30 days without any prior intimation to the company, the same will not be covered under the plan.
- Consequential effects of the perils are specified.
- Loss of Art Work – paintings, antiques, or artwork unless they are separately covered.
- Seepage Losses: Damage to the house because of seepage.
- Mechanical and Electrical Background: Breakdown of mechanical and electrical appliances unless it is separately covered.
- Damage caused because of pollution.
- Nuclear war
- Electronic appliances loss due to overuse or electrical fluctuation.
- Unmaintained property: If you do not maintain your property and then it gets damaged. In this case, the policy will not cover the damages.
- Self-Damage to Property: Any intentional losses to the property such as if the policyholder damages his/her property by him/herself, the damages will not be covered by the insurer.
- Impact of Government: Property loss as per the order of any court or government property.
- Pre-existing Losses/ Damages: Any pre-existing damage such as any wear and tear or any defects.
- Home Business: If you have a small business that you are running in your home, then its equipment is as well not covered under a home insurance policy.
- Damage Due to Rodent: Your home or property can get damaged because of rodents and a standard home insurance policy like Reliance Home Insurance does not provide coverage for the same.
Ways to apply for Universal Sompo Home Insurance Plan
Universal Sompo’s Householder’s Insurance plans can be applied through the following means:
Potential customers can dial the Universal Sompo Sales helpline of the company and talk to a customer service representative.
- Interested individuals can mail their queries at the following email ID contactclaims@universalsompo[dot]com or contactus@universalsompo[dot]com.
- Potential and interested applicants can walk into any of Universal Sompo’s branches and get to know more about the householder policy from an agent.
Universal Sompo Home Insurance- FAQs