SBI Home Insurance is an insurance policy that safeguards residential properties. It is covered by SBI General Insurance. This insurance protects both independent homes and apartments or flats against any unforeseeable exigencies that could cause damage or loss to the structure or contents of the home.
The policy covers the house insured in case of fire, natural disasters, man-made hazards, theft, and other such events. An SBI house insurance policy will protect your home from all kinds of disasters, whether you live in your own home or in a rented one.
SBI Home Insurance: Overview
It is a major decision to buy a house. Indians often save their entire lives to purchase the house they want. You also want to make it as beautiful as possible, which can attract additional costs. You must ensure that your house is protected from any potential financial loss. A home insurance policy is the best way to protect your house against any possible risks.
There are many insurance companies that offer home insurance plans in India. SBI is one of them. Here are some of the best features and benefits of SBI Home Insurance:
- Coverage for the contents and structure of your house
- The policy can be purchased by both homeowners and tenants
- There is coverage for apartments, flats and independent houses.
- Max policy cycle: 30 years
- Worldwide personal accident cover
- Tenure discount available
- You have the option to choose terrorism coverage
- A total bonus of up to 50% available under PA coverage
- Global coverage for baggage insurance and all-risk cover
- Section Discount for Choosing 5 or More Sections
Types of Insurance Plans provided by SBI
SBI home insurance is primarily in two types for home owners. These are:
Long-Term Home Insurance Plan: This is a type SBI house insurance policy that covers only the structure of the home against fire and other perils. The policy can be purchased for 3 to 30 years.
Simple Home Insurance Plan: An insurance plan that specifically safeguards the structure and contents of your house against any unforeseeable risks. The policy also covers the insured for personal accidents. The policy can be purchased for one to three years. People can also choose from the 10 sections that make up this plan to get the coverage they want. To get this policy issued, you must have at least two sections inclusive of section 1.
Inclusions in this Plan
SBI house insurance plans cover the following:
Standard Fire and Special Perils-This policy covers any damage or loss to the structure or contents of your house that is caused by:
- Crash of an aircraft
- Manmade hazards like strikes, riots, and malicious damages are all examples of man-made hazards.
- Natural calamities like earthquakes, floods and volcanic, bush fires or landslides are all possible.
- Impact damage
- Overflowing or bursting of water tanks
- Automatic sprinklers leakage
- Missile testing
- Optional: Terrorism
Burglary and Theft –This policy covers your house from any loss resulting from burglary, theft, or larceny. It covers personal money and newly bought contents up to the limit.
Public Liability- This section covers legal liability for the policyholder. It includes litigation expenses and compensation. It also covers domestic assistance claims made by the insured under the Workmen Compensation Act.
Plate glass –It protects against any accidental damages or losses to the plate glass that is installed in your house.
Baggage-It protects the policyholder’s accompanied baggage against theft, damage or accidental loss while traveling anywhere in the world. It also covers any baggage that the insured or his family purchase as contingency while on holiday.
Repair of Domestic Electrical/Electrical Appliances – This section covers the cost to repair any domestic electrical or electrical appliance in the house that has suffered an electrical or mechanical failure. This coverage covers the first loss and any external damage to audio/audio-visual appliances.
Personal accident –It covers the policyholder and their family members for personal injury compensation in case of an unforeseeable event resulting in their death or disability. This coverage includes global coverage, hospitalization expenses, and the cost of repatriating the insured’s mortal remains.
Loss in Transit of Cash – It covers cash that was stolen, robbed, or held up within six hours after withdrawing cash from an ATM.
All-Risk Cover –This provides coverage worldwide for the loss or damage to jewellery, valuables, and portable equipment on a first-loss basis. This covers any new-purchased jewelry and valuables while on the trip.
Replacement of Keys –In this section, you will get a reimbursement for the cost of replacing keys to your house or vehicle in the event that it is lost or stolen. The policy also includes Lock-Out Reimbursement as well as Break-In Protection.