Insurance For Flat

Owning a flat is a major milestone, marking years of hard work and dedication for many Indians. Your flat is your sanctuary, filled with your belongings and memories. But what happens if an unexpected event threatens the security of your home? That’s where insurance for flats comes into play.

This blog will delve into insurance for flat, why it's important, what it covers, the claims process, and why Royal Sundaram could be your ideal choice.

What is Insurance for Flat?

Insurance for flats, also commonly referred to as buildings insurance for flats or apartment insurance, is a type of insurance policy crafted specifically to protect your flat's structure and its contents. It provides financial security against potential risks like:

• Natural calamities: Floods, earthquakes, cyclones, landslides, etc.
• Man-made disasters: Fire, explosions, riots, strikes, etc.
• Theft and burglary: Protection of your valuable belongings.

Why Should You Buy Insurance for Flat?

Here are some of the key benefits of having a comprehensive home insurance policy:

Protection against unforeseen events:

Natural disasters like floods, earthquakes or man-made disasters like fire can damage your flat and its contents. Home insurance provides financial protection against such unforeseen events by paying for repairing or rebuilding your flat and repairing/replacing the contents.

Peace of mind:

Knowing your most valuable asset and everything is protected can give you peace of mind. Home insurance safeguards you financially in case the unimaginable happens. With the right coverage, you can rest easy knowing that your flat and belongings will be restored in the event of damage or loss.

Liability coverage:

If someone is accidentally injured while visiting your flat, home insurance protects you by covering the legal liability. The insurance company, as per terms & conditions and the policy opted, will pay for the injured person's medical expenses on your behalf, giving you financial protection in case of a lawsuit.

Protecting interests of Financier:

When you apply for a home loan, the lender will likely require you to have a home insurance policy. Home insurance provides financial security to the lender by ensuring their interests in your flat is protected.

What is Included and Excluded in Flat Insurance?

Here's a general overview of what is typically included and excluded in flat insurance policies in India:

Typical Inclusions

• Structural damage: Coverage for damage by insured perils to the building structure of your flat, including walls, floors, ceilings, roofs, balconies, and permanent fixtures like built-in cabinets.
• Contents insurance: Protection for your belongings within the flat. This can include furniture, appliances, electronics, clothing, jewellery, pottery, and other similar items. The policy limit for contents insurance is usually specified in the policy document.
• Additional living expenses: If your flat becomes uninhabitable due to a covered peril, such as a fire or a major flood, many policies will cover the additional living expenses you incur while your flat is being repaired. This could include renting temporary accommodation.
• Public liability coverage: Protects in case of legal liability to third parties.

Typical Exclusions

• Wear and Tear: General wear and tear of the building or its contents due to everyday use is not covered. For example, if your paint peels due to age or your carpet gets worn out, this wouldn't be covered under your insurance policy.
• War and terrorism: Damage caused by war, invasion, or acts of terrorism is often excluded from standard flat insurance policies. You may need to purchase separate coverage for such events. While War is not covered, terrorism can be covered by paying additional premium.
• Wilful damage: Damage inflicted intentionally by you, a household member, or someone with your consent is not covered.
• Floods: While some insurers offer flood coverage as an add-on, be sure to check your policy wording carefully to understand whether flood coverage is included.

How to Claim under Insurance of your flat?

The claim process usually involves these steps:

• Inform the insurer: Contact your insurance company immediately after the incident.
• Document the damage: Take photographs or videos to illustrate the extent of loss or damage.
• File a police report: If the damage involves theft or a crime, a police report is often mandatory.
• Submit documentation: Provide the insurer with the required documents, such as repair estimates and proof of ownership of damaged items together with Invoices/Bills/Receipts
• Assessment and settlement: The insurer will send a surveyor to assess the damage and determine the claim amount as per terms and conditions of the policy and settle the claim

Why Choose Royal Sundaram for Insurance of your Flat?

Having such vast experience in the insurance field, Royal Sundaram has designed the Gruh Suraksha Home Insurance plan, keeping in mind the diverse needs of homeowners. Some of the key benefits of choosing Royal Sundaram for your home insurance are:

Hassle-free claim settlement:

Royal Sundaram is known for its quick and easy claim settlement process. If your flat is damaged or lost, you just need to inform Royal Sundaram. They will survey the loss, verify relevant documents, and settle the claim amount directly into your bank account. The entire process is designed to cause minimal inconvenience to policyholders.

Comprehensive coverage:

The Gruh Suraksha plan offers comprehensive coverage against fire, lightning, explosion, riot, strike, malicious damage, storm, cyclone, flood, inundation and earthquake. You can also opt for additional covers like burglary, theft, breakdown cover, etc., to suit your needs.

Flexible plans:

Royal Sundaram offers plans with different levels of coverage, so you can choose a plan that fits your budget. As your needs change, you can enhance your coverage over time. You can also customise the policy by modifying details like sum insured value, inclusion/exclusion of covers, etc.

24x7 helpline:

Royal Sundaram provides a 24/7 helpline to address customers' queries and concerns. Our customer support team promptly resolves all queries to ensure policyholders' peace of mind.

Attractive discounts:

Royal Sundaram offers attractive discount based on coverage and tenure opted. These discounts can reduce your premium, allowing you to maximise benefits at a lower cost.

Conclusion

You have learned that having insurance for your flat provides important protection you can't afford to be without. From covering repairs after damage to helping you secure peace of mind, the right policy safeguards you, your family, and your investment.

If you'd like to learn more about our home insurance offerings, contact Royal Sundaram today. Let us help you safeguard what matters most!