• If you reside in a communal area, obtaining housing society insurance is crucial for safeguarding your investment. This form of insurance provides coverage for buildings and residences within the society, guaranteeing that your property is shielded from unexpected occurrences. Whether it’s damage to structures or accidental injuries, a solid policy can offer reassurance. Let us examine the significance of housing society insurance, along with its advantages and coverage choices, to assist you in making a knowledgeable decision for your community.

Features of housing society insurance policy

The features of the Housing Society insurance policy are detailed below.

1. Stay protected for a year

Safeguard your vast housing society for an entire year by selecting the extensive housing society insurance plan from HDFC ERGO. With this singular insurance plan, you can effectively handle and reduce various risks associated with managing a large society. The most important aspect is that you can experience peace of mind knowing that your housing society is secured for the full length of the policy.

2. Bigger properties get higher coverage
The coverage limit for your Housing Society insurance policy can be customized according to the property’s size. You have the option to choose a suitable coverage amount between 1 lakh and 3 crores, ensuring that your entire society is sufficiently safeguarded against possible threats and risks.

3. Single insurance with bigger discounts
Envision having one insurance plan that encompasses your whole housing society. You can benefit from a remarkable 50% discount on this all-encompassing insurance offer. By purchasing this plan, you are able to protect your assets while also saving a considerable amount with the ideal home insurance solution.

4. Security to common amenities
In the event of an unfortunate fire incident that could harm common amenities and the society compound, there is no cause for concern. With HDFC ERGO, you can be confident that the common amenities are insured and safeguarded.

Why buy housing society insurance from HDFC ERGO?

HDFC ERGO is dedicated to building trust that transforms relationships. Their ongoing efforts are aimed at simplifying insurance, making it more accessible, and highly reliable. HDFC Ergo is devoted to fulfilling promises, addressing claims, and enhancing lives with unwavering commitment. Their ambition is to brighten the days of all their customers, ensuring their safety and peace.

1. 24*7 seamless support
In times of trouble, prompt assistance is vital. HDFC Ergo’s devoted claims team is always available to provide seamless support for your claims, ensuring a smooth experience. Rely on us to be present for you whenever you require help.

2. Catering customer needs
For the last twenty years, HDFC Ergo has effectively met a variety of customer needs. They accomplish this by providing a wide range of plans and additional coverages for each portfolio. Their dedication to serving customers has been steadfast over the years, ensuring that they present tailored solutions to fulfill individual needs with accuracy and care.

3. Transparency
Building insurance claims and all other claims at HDFC are resolved with complete transparency and a straightforward process that is simple for the insured to navigate.

Inclusions

Here is what is covered in the housing society insurance.

1. Fire
Safeguard your housing society from the financial strain caused by a fire incident with HDFC Ergo insurance. HDFC Housing Society insurance guarantees that any losses suffered by your society are addressed.

2. Natural calamities
Natural disasters cannot be predicted. Nevertheless, with building insurance, we can take preemptive actions to protect our possessions from the devastating impacts of earthquakes, floods, storms, hurricanes, and more.

3. Human hazards
Shield your home and your peace of mind from possible threats such as strikes, riots, terrorism, and other harmful acts during uncertain periods with the assistance of home insurance.

4. Accidental damage
For any unintentional damage to your building and community facilities, HDFC Ergo housing society insurance will provide coverage. This encompasses incidents such as bursting water tanks or leaks from automatic sprinkler systems.

Exclusions

Here is what is not included in housing society insurance.
1. Cooperative housing societies’ insurance does not provide long-term plans
2. Consequential losses, as opposed to losses that typically arise due to a breach, are left unprotected
3. Housing society insurance does not cover the cost of land
4. Any property that is not in your possession or property that is under construction is excluded from the home insurance coverage
5. Any intentional damages inflicted on the property remain entirely outside of coverage
6. A property ages with regular wear and tear. However, Housing Society insurance does not supply coverage for the upkeep of the building.

Housing Society add-on covers

For a small premium, you can obtain optional protection against acts of terrorism.
Benefits of Housing Society Insurance policy
1. HDFC Ergo Housing Society’s insurance policy offers coverage for all belongings against standard fire and special perils within the housing society.
2. This features protection against housebreaking, robbery, burglary, and fire incidents. Furthermore, our plan defends against financial losses arising from the loss of banknotes, currency, cheques, postal orders, and more, as long as the loss happens within the insured premises.
3. In addition, the building insurance provides coverage to residents or workers under the Workmen’s Compensation Act 1923 and/or Fatal Accidents Act 1855 and Common law.
4. Any physical injury or death due to accidents or occupational diseases during employment is part of the coverage.
5. Finally, the policy guarantees that residents are safeguarded from any legal liabilities in case of accidental physical injury, loss, or damage inflicted on third-party property possessions.

Conclusion

From housing society insurance to building insurance and home insurance, the field of protecting our house is vast and diverse. Each kind of insurance fulfills a specific role in securing our properties. Whether it involves protecting a community living environment, a business property, or a snug home sweet home, having the appropriate insurance coverage is vital for peace of mind. Thus, whether you’re part of a housing society seeking protection or a homeowner aiming to ensure your dwelling is safe and secure, examining various insurance options can assist you in discovering the best fit for your requirements.

Disclaimer: The aforementioned information is for illustrative purposes only. For further details, please consult the policy wordings and prospectus before finalizing the sales.