• In India, home shield insurance offers protection against damages and losses to your designated building premises, along with certain elements included in comprehensive coverage. This typically covers damages and losses resulting from fire, theft, accidental damages, and damages due to natural disasters, in accordance with the terms of the selected plan.

Inclusions

Certain standard inclusions of a conventional home shield plan in India consist of the following:
1. Fire, lightning, explosion, wildfire, bush fire, implosion
2. Tempest, storm, flood, earthquake, landslide, inundation
3. Terrorism, strikes, riots, and other intentional damages
4. Aircraft damage, impact damage, damages from water tank burst and/or overflow, missile testing operation damage, pipes and apparatus
5. Leakage during the setup of automatic sprinklers
6. Theft, housebreaking, burglary
7. Accidental damages to fixed plate glass
8. Accidental damages to fixed sanitary wares and fittings
9. Losses and damages occurring to all electrical and electronic equipment that are less than 10 years old

Exclusions

The exclusions list can differ from one insurer to another based on the terms of the selected plan. However, typically, certain standard exclusions of this home insurance are:
1. Any direct or indirect damages resulting from war, allied conditions, or civil war
2. Losses and damages due to nuclear contamination
3. Any building damage related to poor or improper maintenance, faulty construction, termites, and natural wear and tear
4. Damages caused by defects in the manufacturing of mechanical, electrical, or electronic items
5. Damages from breakage, scratching, or cracking of binoculars, crockery, cameras, lenses, musical instruments, etc.
6. Sports equipment and similar delicate items unless caused by fire or other accidental situations
7. Any loss of money, bills, deeds, bonds, manuscripts, share certificates, stocks, tickets, cheques, transaction cards, business documents, etc.
8. Portable equipment, unless they are specifically covered by a separate rider
9. Losses and damages of articles that have a consumable nature
10. Any intentional theft or burglary resulting from gross negligence
11. Unexplained losses and damages
12. Damages to livestock, bicycles, and motor vehicles unless covered by a separate rider
13. Any losses that happened before the specific policy commencement
14. Any losses to the property once it has been moved from the insured premises for cleaning, renovation, etc. , not exceeding 60 days.

Claim settlement

• After you submit the properly filled and signed claim form along with other required supporting documents, the insurance authorities will assess and verify the extent of the loss. After the loss assessment is finalized, your approved claim amount will be issued, taking into account all the plan terms and the documents provided.

Conclusion

We have outlined the standard inclusions and exclusions of a typical home shield insurance. Based on the plan terms, it will protect your home and its components. However, this type of insurance does not provide any tax benefits.
Disclaimer: The above information is merely for illustrative purposes. For further details, please refer to the policy wordings and prospectus before making a purchase.