Imagine the joy of finally purchasing your dream house—a place where you can create many memories you will cherish forever. The journey of homeownership is an exciting chapter in one’s life, but it also comes with a set of responsibilities and risks. Among these considerations arises: should you buy insurance in order to safeguard your house and unforeseen losses?
Buying insurance right after you buy your house is important since it will cover your property against damages. To promote the same, IRDAI issued guidelines for the issuance of a standard house insurance policy called Bharat Griha Raksha (BGR), meant to cover residential properties at affordable premiums.
The Bharat Griha Raksha Insurance Policy covers your home building and its contents. If unexpected events result in physical loss, damage, or destruction of your home or its contents, the insurer agrees to compensate you for the losses you incur.
Benefits of Bharat Griha Raksha Insurance
Home insurance provides several benefits that help protect homeowners from financial loss:
- Earthquake, volcanic eruption
- Storms, Cyclones, Typhoons, Tempests, Hurricane, Tornados, Tsunami, Floods, and Inundation
- Landslide, Rockslide (Not covered if caused by: normal cracking, coastal/river erosion, defective design, during demolition, construction, etc.)
- Bush Fire, Forest fire, Jungle fire, etc
- Missile testing operations
- Riots, Strike, Malicious Damage
- Acts of terrorism
- Bursting or overflowing of water tanks, apparatus, pipes
- Leakage from automatic sprinkler installations
What are the exclusions under BGRI?
The exclusions in these policies are damages caused due to:
- Wear and Tear or Loss Due to Depreciation
- Acts of War
- Any pre-existing damage
- Intentional loss
- Damage due to pollution or contamination
Claim Process Under BGRI
When you experience any loss or damage to your home building or its contents, following the claim process outlined in the policy is crucial. Let us understand the claim process of Bharat Griha Raksha Insurance.
- Submit the policy documents along with completely filled claim form
- Details of the report to the police that you made.
- Statement of loss
- Submit photographs and other related documents
- Proof that the event or loss has actually happened
What do I do if I have a Grievance or my claim is rejected?
In this case, you can contact Insurance Samadhan; we will gladly assist you. Till date, we have helped 15,000+ people in resolving insurance claim-related cases. We are always here to help you!
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