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Several insurance providers offer different home and property insurance policies that can help policyholders to get financial coverage in the event of any damage to the property. Bharat Griha Raksha is one such home insurance policy that can protect one financially in the event of any loss to the house due to natural and man-made disasters.
What is Bharat Griha Raksha?
The Insurance Regulatory and Development Authority of India (IRDAI) mandated Bharat Griha Raksha Insurance Policy to be offered by every insurer with effect from April 1, 2021. This policy provides financial coverage against damages and destructions caused to buildings due to theft, natural and man-made disasters, etc. Apart from building, it also covers losses of valuable articles inside the property under optional coverage plans. Want to know the nitty-gritty of this policy plan? Keep scrolling!
Features of BGR
Here are some of the features of the Bharat Griha Raksha Insurance Policy:
- Risks covered
The BGR provides coverage against perils of natural disasters such as tsunamis, cyclones, typhoons, hurricanes, landslides, inundations, etc. Furthermore, it protects the insured house against damages caused due to terrorist attacks, strikes or riots, water tank overflowing or bursting, leaking pipelines and many more.
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- Time
According to this policy plan, a policyholder is eligible to get the coverage within seven days from the occurrence of any of the mentioned perils. Moreover, this policy comes with an extended term of 10 years.
- Wider coverage
Under this policy, one can receive 20% of the sum insured as coverage against articles or valuables within the building valued maximum of Rs. 10 lakh. Though one can receive this coverage without mentioning the content details, declaring the details can help opt for a higher sum insured.
- Optional coverage
Several optional covers, such as valuables cover, loss of rent, etc., comes under the Bharat Griha Raksha Insurance Policy. The list of valuables includes jewellery, antique art pieces, silverware, paintings, etc. Besides, it includes add-on coverage such as alternative accommodation, consultant engineer fees, architect fees, etc.
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What does the policy cover?
Bharat Griha Raksha Policy protects the policyholder financially against the following losses and damages:
- Loss of valuables from the insured building due to theft or robbery
- Damages due to natural hazards such as storms, earthquakes, floods, etc., that cause potential damage to the house
- Destructions caused due to explosions or aircraft collision
- Damages incurred due to forest, bush or jungle fires or any other fire incidents
- It also covers the damages caused to the house due to an act of terrorism
What does the policy not cover?
Every insurance policy comes with some exclusions as well. The following factors are not covered under this insurance policy:
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- Damages caused to the building due to war or invasion
- Deliberate or intentional damages to the house do not count under the policy coverage
- Damages caused to the vehicles, manuscripts, bullion, explosive substances, etc.
- Losses or destructions caused due to ionising radiation or contamination
- Financial expenses incurred due to renovation or alteration of the house
Conclusion
Property insurance can help a policyholder protect himself or herself financially in case of damage to the house due to natural and human-made disasters. However, before opting for an insurance plan, one must gather detailed information about its inclusions, exclusions, features, benefits, etc., for a hassle-free settlement procedure. Thus, house owners planning to opt for Bharat Griha Raksha Insurance Policy will get an idea through this article for making an informed choice.
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