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Old 8th February 2012, 21:45   #16
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Default Re: Home / Office Insurance.. Any ideas?

Originally Posted by Red Liner View Post
Thanks Marlon. My first question stands. Who's the best insurer to go with for office, and what do I need to look out for in the fine print?

I cannot comment on the best insurer for Office/ Commercial Insurance. All the govt & public players offer insurance with varying quotes. Suggest you approach a broker with your requirement. He would analyse the market and get you the best insurance quote.

You need not pay any commissions. The broker will get the commissions from the Insurance Company where you take your policy.

Most of the times, the Money Insurance will be given free of cost ( since very less premium) when you take high value fire or commercial policies. You can negotiate the best rate depending on the size/ volume of the business you would be giving to the insurance companies.

In case the Sum to be insured is very high then you may opt for Co-insurance. This is typically done when your Sum insured runs into Crores.

The list of brokers could be obtained from the IRDA website.

It is very difficult to read the insurance fine print in commercial policies. The broker might help you with that. The major thing you have to look out for is the clauses and its wording in the insurance policy schedule. The law stands by layman incase there are technical wordings in the policy schedule and is not clearly understood.
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Old 14th November 2014, 10:27   #17
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Default Re: Home / Office Insurance.. Any ideas?

I am reviving an old thread. I am looking for some recommendations on Home insurance (including contents) for flat. Will be good if some one has some experience with claims as well. Thanks in advance.
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Old 14th November 2014, 19:38   #18
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Default Re: Home / Office Insurance.. Any ideas?

Insuring a home is a good practice, as the home usually represents the most valuable asset of most individuals. Also the premium is dirt cheap. Make sure you get an earthquake cover as that is a add-on.
Also note, that in the event of a claim the insurance company only pays the cost of re-construction, not the land. So if one has insured a flat of market value Rs. 50L, for Rs. 50L, in the event of a claim, the insurance company will only pay the cost of re-construction (not the insured value of Rs. 50L). They have a method of estimating the same.
The home insurance policy can cover the home contents against theft, at a minor additional cost.
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Old 17th June 2015, 16:14   #19
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Question Re: Home / Office Insurance.. Any ideas?

Bumping an old thread.

Have a query regarding the Home Insurance.

Uptil now the building in which I stay does have a Insurance against it. Now my question is - is it prudent to have a home insurance for my flat independently? As I can see, Insurance co offer two types of Home Insurance:
1) To insure the structure against the known perils
2) To insure the contents of the home against the know perils.

What Option should I opt for? Option 1 or 2 or both. Are there any Insurance co which offer both the options packaged as one. It is a know fact that in case of any claim for Option 1, the reconstruction cost is the only payable amount and not the Insured amount which generally people tend to buy based on the present property rates applicable for the area.

Query1: How do I find out this reconstruction cost? Is it area based, locality based or based on whims of the Insurance co?
Query2: If the reconstruction cost is payable in case of claims, why do Insurance co allow Insurance to be bought for the present property rate?
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Old 17th June 2015, 17:26   #20
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Default Re: Home / Office Insurance.. Any ideas?

In case of apartment, I don't think individuals can insure against structural damages. The association has to insure the building as a whole. The laws vary state-wise and it would be better to consult a local insurance agent.
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