What is the scope of cover (losses/ perils) covered under this policy?
The Kotak Home Secure policy covers the Building structure and content against Standard Fire and Special Perils.
The Standard Fire and Special Perils covered for Building and contents:
- Aircraft Damage
- Riot, Strike and Malicious Damage
- Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
- Impact Damage
- Subsidence and Landslide including Rockslide
- Bursting and/or overflowing of water tanks, apparatus and pipes
- Missile Testing Operations
- Leakage from Automatic Sprinkler Installation
- Bush Fire
The policy also provides burglary and theft cover for contents.
Optional cover of Additional Rent for Alternate accommodation can be opted for.
How is sum insured calculated for the building structure ?
Basis of Sum Insured – Building
Sum Insured for structure of the house is based Reinstatement (reconstruction) value i.e. amount of money it would cost to reconstruct, however excluding land cost. It is determined on 2 parameters:
- Per square feet cost of construction in the location
- Built up area of the house
Reinstatement value = per square feet construction cost * built-up area of the house
How is sum insured calculated for the building contents ?
Basis of Sum Insured – Contents
This include furniture, fixture and fitting and other household contents which are covered on market value basis. Market value means current cost minus an allowance for depreciation.
What is the policy period that can be opted ?
Policy period of 5 years is offered for building and contents. Additional period of maximum of 5 years can be taken for the building structure. Thus building policy period is for a maximum of 10 years and contents is maximum of 5 years under Kotak Home Secure. For any other policy period, please get in touch with the company’s representative.
In case stand-alone building structure insurance (without content) is required, the same can be given under Kotak Fire Secure.
What are the exclusions of this policy ?
Some of the general exclusions under the policy:
- Loss, destruction or damage caused by war or war like situation
- Loss, destruction or damage directly or indirectly due to nuclear perils
- Loss, destruction or damage due to pollution and contamination
- Loss, destruction or damage to stocks in cold storage premises due to change in temperature
- Expenses of architects, surveyors fees and debris removal in excess of 3% and 1% of the claim amount respectively
- Any kind of consequential losses (loss of earnings, profit, market) due to insured perils or earthquake, volcanic eruptions and other convulsions of nature
- Loss, or damage by spoilage resulting from the retardation, cessation of any process
- Electrical risks
- Loss by theft during or after occurrence of insured peril except as provided under Riot, Strike and Malicious Damage cover
- Loss or damage if the insured property is removed from the insured premises (except machinery and equipment temporarily removed for repairs for a period not exceeding 60 days.)
What are the eligibility criteria to avail Kotak Home Secure ?
Individuals who are the owners of the property can purchase a Home Insurance Policy for Building and contents.
Which are the types of property not covered under this policy ?
The following are the properties not covered under the Policy
- “Kutcha” construction
- Resident cum offices
If a part of residential property is used for commercial purpose (coaching classes, etc.) can it be covered under this policy ?
No. Homes used for business purposes are not covered.
The policy covers impact damage. Is Impact damage due to any reason covered ?
The policy covers visible impact damage caused to the insured property due to impact by any rail/ road vehicle or animal by direct contact and not belonging to the insured/ occupier of premises/ employees of the insured.
Can jewellery and other valuables be covered under Kotak Home Secure policy ?
In case jewellery and other valuables need to be covered, the item wise value of the jewellery and other valuables needs to be declared upfront at the time if taking quote.
What is the process to be followed in case of a claim ?
In case of a claim:
Inform the Call Centre/ Branch with the policy details
The company will register the claim after verifying details
The company will appoint surveyor for loss assessment
Documents to be submitted to the company as per request raised
The documents are processed by the company
On approval, claim payment will be made