Home Insurance

Home insurance is a type of property insurance that provides financial protection against various risks associated with owning a home or property. Here are the key points to understand about home insurance:

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Home Insurance by Satija Consultants

Home insurance is a vital financial safeguard for homeowners, providing protection against various risks that could lead to financial losses or damages to your property. At Satija Consultants, we offer comprehensive Home Insurance policies designed to protect your home and belongings, ensuring peace of mind for you and your family.

Key Features of Our Home Insurance Plans

Protects the structure of your home, including walls, roof, floors, and built-in appliances, against risks such as fire, lightning, vandalism
Covers personal belongings inside your home, including furniture, electronics, clothing, and other valuables, against theft, damage, or loss.
Provides financial protection against legal expenses and liability claims if someone is injured on your property or if you accidentally damage someone else's property.
Depending on your policy, may include coverage for natural disasters such as earthquakes, floods, hurricanes, and tornadoes, which are not typically covered under standard policies.
Customize your policy with optional add-ons such as jewelry insurance, home office coverage, identity theft protection, and more, to enhance your coverage based on your specific needs.

Benefits of Our Home Insurance Policies

Protects your most valuable asset and investments from unexpected events that could lead to significant financial loss.
Provides peace of mind knowing that you are financially protected against damages to your home and belongings.
Offers liability coverage to protect you from lawsuits and legal claims arising from accidents on your property.
Tailor your insurance policy with various coverage options and add-ons to meet your unique needs and budget.

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Frequently Asked Questions

Is it compulsory to buy home insurance from the designated bank?

No. It is not compulsory for you to buy a home insurance policy from the bank sanctioning your home loan. Neither the Reserve Bank of India (RBI) nor the Insurance Regulatory & Development Authority (IRDA) of India has issued any guidelines that mandate you to buy home insurance from the bank where you have applied for a home loan. You can choose to buy homeowners insurance from any insurer of your choice. In case you designated bank forces you to buy home insurance from them, you can refuse them and file a complaint against them to the banking ombudsman.

What do you mean by reinstatement cost?

It is the cost which would incur on reconstructing the damaged property. As per standard regulations, reinstatement cost includes value of foundation and it doesn’t include land cost.

How is the sum assured computed?

Sum assured for the structure and content is calculated separately in following pattern. Sum assured for the structure Sum assured= Built up area x cost of construction per square foot It is computed on the basis of reconstruction value and not on its market value. For instance, if the built up area of your house is 1500 sq. ft and the construction rate decided by the insurer is Rs 1000 per sq. ft .. sum insured for vour home structure would be Rs 15.00.000.

Can I increase sum assured in my policy?

Yes, insurance companies allow you to increase sum assured value in your policy. At the time of increasing in value, you will need to pay a higher premium for the increased sum assured for the remaining tenure.

Can I insure my house let out for rent?

Yes, you can insure your house as long as it is used as a residence and not for commercial purpose. Also the home should not be a kutcha construction.