Fire Insurance (Bharat Griha Raksha)
Anyone who owns or occupies a residential property should consider this policy. It is suitable for homeowners, flat owners, independent house owners, and tenants (for contents cover), as well as property owners renting out their homes.
Yes. Tenants can buy the policy to insure household contents even if they do not own the building. Building insurance is optional and typically taken by the property owner.
The sum insured is based on the reinstatement (reconstruction) cost, not the market value of the property. This includes the cost of materials and labour required to rebuild the structure, excluding land value.
Yes. The policy covers individual flats, including internal fixtures and fittings. Common areas of the building are usually insured separately by the housing society or association.
Yes. The policy remains valid whether the house is self-occupied or rented out, provided the use remains residential and is disclosed correctly at the time of policy purchase.
Loss or damage occurring during minor repairs or routine maintenance is generally covered, provided the risk has not increased materially. Major structural alterations should be disclosed to the insurer.
Yes. The policy can be issued for one year or long-term durations up to 10 years, depending on the insurer. Long-term policies help avoid renewal lapses and may offer pricing stability.
No. There is no waiting period under the Bharat Griha Raksha Policy. Coverage begins from the policy start date mentioned in the schedule.
Claims should be intimated immediately or as soon as reasonably possible after the loss occurs. Delayed intimation without valid reason may affect claim processing.
Yes. Jointly owned homes can be insured. The policyholder should have an insurable interest in the property, and ownership details may be required at claim stage.
Yes. Since Bharat Griha Raksha is a standard policy, you can switch insurers at renewal without losing coverage benefits, subject to underwriting norms and continuity.
