Home / Office Insurance.. Any ideas?

tsk1979 · 3rd February 2010, 10:45

Hi,
We stay in a rented apartment, and nowadays, even gates apartments are not safe from break-in and thefts etc.,
So I was wondering is there any insurance policy which covers household goods?
Anybody have any experience with such insurance policies?
What is the premium?
And more details etc?

NetfreakBombay · 3rd February 2010, 11:29

Took policy from Bajaj Allianz. It covers household items from theft but with some "fine print".

Positive thing is it covers electric / electronic items against breakdown as well. If you 47 inch LCD TV costs 30000 to repair, it will cover most of the cost.

Fine print:
1. House should be locked properly.
2. House must not be unoccupied for long duration [E.g. Onsite visits]

Cost depends on what you cover. If you cover just hte items and get very less cover for actual home (since you are tenant), cost would be approx 2 -3% of value of goods.

tsk1979 · 3rd February 2010, 11:33

Whats the definition for long duration. Is 2-3 weeks long duration? Do they specify long duration, or its on the whims of the company

NetfreakBombay · 3rd February 2010, 11:41

Its 30 days for this particular policy. And it it would not cover things like Raw Gold / Cash. Some jewelery is covered.

tsk1979 · 3rd February 2010, 12:26

Thanks for the info!
And how do they put value to jewelery and cash. For example, if a person says there was a robbery and 1 lakh cash was robbed, whats the proof of showing how much jewelery was present in the house etc., etc.,?
Similar case is with electronic goods. For many items 4-5 years old, there are no bills now.
Do they carry out a survey of household goods and put value to them?

GTO · 3rd February 2010, 19:45

We have all of the movable property in our office covered. 20+ computers, laptops, epabx, cash in transit etc. Don't recollect the exact value of each item, but paid an annual premium of a mere 5,067 rupees. Worth every penny IMHO.

Quote:

Originally Posted by tsk1979

And how do they put value to jewelery and cash.

Bills, receipts, withdrawal slips.

Quote:

For example, if a person says there was a robbery and 1 lakh cash was robbed, whats the proof of showing how much jewelery was present in the house etc., etc.,?

They will depend on the police investigation.

NetfreakBombay · 3rd February 2010, 21:10

Quote:

Originally Posted by tsk1979

Thanks for the info!
And how do they put value to jewelery and cash.

Cash and cash equivalents are not covered in home insurance.

For jewelery, you have to declare the value yourself. Premium depends on this value. For higher amounts, company gets it valued.

Police investigation report is must in any theft / burglary case.

tsk1979 · 4th February 2010, 11:01

Thanks! And what about old electronic goods like cameras etc., What if they go bad and have to be repaired. For example, lets say 4 year old DSLR?
What if it requires 5000rs for repair etc., blah blah blah

NetfreakBombay · 4th February 2010, 11:02

You have to pay for first 1000 or 2000 Rs, anything above that is covered by Insurance.

Not sure if Camera can be part of Insurance.

ghodlur · 24th June 2010, 12:46

I have an Home Insurance from Royal Sundaram called Home Shield for which I am paying an yearly premium of Rs 3K approx for an SA of 30L. I would like to know whether I should continue with the same insurance product and would I be able to increase the Sum Assured depending upon the market value. The main reason for asking this coz even if I increase the SA, the insurance payable in case of any damage would consider the reconstruction cost which is actually peanuts in comparison to the actual market value of my flat.
Would the individual flat insurance hold any good in a registered society where there are more than one flats? Should I enquire with the Society chair holders whether any building insurance has been taken and would it cover my flat too?
BHPians your expertise is reqd.

ghodlur · 28th June 2010, 12:58

Can any experienced BHPians respond, I need the info urgently since I have to renew the policy in another three days time. Pls let me know your suggestions/advice.

Red Liner · 8th February 2012, 19:51

Guys,

I need to get my office insured. Considering the national insurers are rated best for our cars, I plan to veer towards them for this too.

Would love some pointers from people who've done this in the past. How is the premium calculated, how do they take the inventory, what are the things I should watch out for?

Red Liner · 8th February 2012, 20:23

Quote:

Originally Posted by GTO

We have all of the movable property in our office covered. 20+ computers, laptops, epabx, cash in transit etc. Don't recollect the exact value of each item, but paid an annual premium of a mere 5,067 rupees. Worth every penny IMHO.

Who's your insurer? How do you insure cash in transit?

Marlon · 8th February 2012, 20:31

Quote:

Originally Posted by Red Liner

Who's your insurer? How do you insure cash in transit?

Cash is Transit is covered by Insurance companies under ' Money Insurance'

Money Insurance has two major sections
1. Cash in Safe
2. Cash in Transit

Red Liner · 8th February 2012, 20:45

Quote:

Originally Posted by Marlon

Cash is Transit is covered by Insurance companies under ' Money Insurance'

Money Insurance has two major sections
1. Cash in Safe
2. Cash in Transit

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?

3rd February 2010, 10:45	#1
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,717 Thanked: 22,825 Times View My Garage	Home / Office Insurance.. Any ideas? Hi, We stay in a rented apartment, and nowadays, even gates apartments are not safe from break-in and thefts etc., So I was wondering is there any insurance policy which covers household goods? Anybody have any experience with such insurance policies? What is the premium? And more details etc?
	() Thanks

3rd February 2010, 11:29	#2
NetfreakBombay Senior - BHPian Join Date: Jan 2008 Location: Bombay Posts: 1,466 Thanked: 1,021 Times	Took policy from Bajaj Allianz. It covers household items from theft but with some "fine print". Positive thing is it covers electric / electronic items against breakdown as well. If you 47 inch LCD TV costs 30000 to repair, it will cover most of the cost. Fine print: 1. House should be locked properly. 2. House must not be unoccupied for long duration [E.g. Onsite visits] Cost depends on what you cover. If you cover just hte items and get very less cover for actual home (since you are tenant), cost would be approx 2 -3% of value of goods.
	() Thanks

3rd February 2010, 11:33	#3
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,717 Thanked: 22,825 Times View My Garage	Whats the definition for long duration. Is 2-3 weeks long duration? Do they specify long duration, or its on the whims of the company
	() Thanks

3rd February 2010, 11:41	#4
NetfreakBombay Senior - BHPian Join Date: Jan 2008 Location: Bombay Posts: 1,466 Thanked: 1,021 Times	Its 30 days for this particular policy. And it it would not cover things like Raw Gold / Cash. Some jewelery is covered.
	() Thanks

3rd February 2010, 12:26	#5
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,717 Thanked: 22,825 Times View My Garage	Thanks for the info! And how do they put value to jewelery and cash. For example, if a person says there was a robbery and 1 lakh cash was robbed, whats the proof of showing how much jewelery was present in the house etc., etc.,? Similar case is with electronic goods. For many items 4-5 years old, there are no bills now. Do they carry out a survey of household goods and put value to them?
	() Thanks

4th February 2010, 11:01	#8
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,717 Thanked: 22,825 Times View My Garage	Thanks! And what about old electronic goods like cameras etc., What if they go bad and have to be repaired. For example, lets say 4 year old DSLR? What if it requires 5000rs for repair etc., blah blah blah
	() Thanks

4th February 2010, 11:02	#9
NetfreakBombay Senior - BHPian Join Date: Jan 2008 Location: Bombay Posts: 1,466 Thanked: 1,021 Times	You have to pay for first 1000 or 2000 Rs, anything above that is covered by Insurance. Not sure if Camera can be part of Insurance.
	() Thanks

24th June 2010, 12:46	#10
ghodlur Senior - BHPian Join Date: Sep 2009 Location: Thane Posts: 6,010 Thanked: 4,200 Times View My Garage	Which is the best Home Insurance available in the market these days? I have an Home Insurance from Royal Sundaram called Home Shield for which I am paying an yearly premium of Rs 3K approx for an SA of 30L. I would like to know whether I should continue with the same insurance product and would I be able to increase the Sum Assured depending upon the market value. The main reason for asking this coz even if I increase the SA, the insurance payable in case of any damage would consider the reconstruction cost which is actually peanuts in comparison to the actual market value of my flat. Would the individual flat insurance hold any good in a registered society where there are more than one flats? Should I enquire with the Society chair holders whether any building insurance has been taken and would it cover my flat too? BHPians your expertise is reqd.
	() Thanks

28th June 2010, 12:58	#11
ghodlur Senior - BHPian Join Date: Sep 2009 Location: Thane Posts: 6,010 Thanked: 4,200 Times View My Garage	Can any experienced BHPians respond, I need the info urgently since I have to renew the policy in another three days time. Pls let me know your suggestions/advice.
	() Thanks

8th February 2012, 19:51	#12
Red Liner Distinguished - BHPian Join Date: Aug 2006 Location: Bangalore Posts: 5,209 Thanked: 18,044 Times	Office Insurance Guys, I need to get my office insured. Considering the national insurers are rated best for our cars, I plan to veer towards them for this too. Would love some pointers from people who've done this in the past. How is the premium calculated, how do they take the inventory, what are the things I should watch out for?
	() Thanks