Householder’s Insurance
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Secure Your Home, Safeguard Your Peace of Mind
A home is more than just walls and a roof, it’s where memories are made and lives unfold. But unexpected events like fire, floods, theft, or appliance breakdowns can cause major disruption, both emotionally and financially.
Householder’s Insurance offers a simple, all-in-one solution to protect both the structure and contents of a home. Whether it’s damage to the building, stolen valuables, or liability towards guests and neighbours, this package policy ensures that one’s home and lifestyle remain protected.
What Does It Cover?
Coverage may vary slightly across insurers, but most householder policies include protection against:
- Property Damage:
- Fire, lightning, explosions, and aircraft-related impact (commonly grouped as FLEXA)
- Storms, floods, cyclones, and water damage (STFI)
- Riot, strike, malicious acts
- Burglary, housebreaking, larceny, and theft
- Home Contents:
- Furniture, clothing, electronics, appliances, and other personal belongings
- Jewellery (while worn or kept in a locked safe) can also be covered if declared
- Domestic Equipment:
- Electrical and mechanical breakdown of home appliances and electronic items
- Additional Protection:
- Loss of personal baggage during travel
- Third-party liability (injury to guests or damage to neighbour’s property)
- Optional coverage for:
- Pedal cycles
- Personal accident
- Workmen’s compensation for domestic helpers
Bharat Griha Raksha Policy (Standard IRDAI Product)
To make home protection more accessible and standardised, the IRDAI introduced the Bharat Griha Raksha Policy effective from 1st April 2021. This policy must be offered by all insurers providing fire and allied peril covers.
Key Features:
- What It Covers:
- Fire and explosion
- Natural calamities (floods, landslides, etc.)
- Forest, jungle, or bushfires
- Impact damage from any external object
- Riot, strike, or malicious damage
- Acts of terrorism
- Bursting or overflowing of water tanks and pipes
- Leakage from sprinkler systems
- Theft occurring within 7 days of an insured event
2. Contents Protection:
- Default contents cover is 20% of the house’s insured value (up to ₹10L)
- Higher amounts can be chosen by declaring item-wise details
- Optional Add-Ons:
- Coverage for valuable contents such as jewellery and antiques
- Personal accident cover for the insured and their spouse in case of death due to an insured event
3. No Underinsurance Penalty
One of the key features of the Bharat Griha Raksha policy is its waiver of underinsurance. This means:
If the declared sum insured is lower than the actual value, claims will still be paid up to the insured amount, without applying the usual proportionate deduction
*Quick Terms Explained
- Sum Insured = Max amount the insurer will pay (chosen when buying the policy)
- Underinsurance = Declaring a lower value than actual property worth
- Underinsurance Penalty = Claim reduced in proportion (e.g., 30L insured on a 50L house → only 60% of claim paid)
- Waiver of Underinsurance (in Bharat Griha Raksha) = No penalty applied; full claim paid up to sum insured
Frequently Asked Questions
1. What if I don’t know the exact value of my home contents?
Insurers usually offer a default coverage (e.g., 20% of building sum insured) for general contents. But for higher protection, it’s best to list and estimate the value of expensive items like electronics, art, and jewellery.
2. Is jewellery automatically covered under the policy?
No. Jewellery is covered only if declared separately. You can opt for additional coverage for high-value items under optional covers.
3. Do I need to submit bills for everything I want to insure?
Not at the time of buying the policy. But in case of a claim, proof of ownership (like bills or photos) will help settle faster. For high-value items, pre-declaration is advised.
4. Can I insure a rented apartment?
Yes. Tenants can insure the contents they own. The structure (building) is usually insured by the landlord.
5. What is not covered under the policy?
Common exclusions include wear and tear, war, nuclear risks, and damages caused intentionally or due to negligence.