Housing Society Insurance Companies
Companies Offering Housing Society Insurance in India
Inclusions of Housing Society Insurance Policy in India
Housing society covers the losses and damages caused to your housing society due to the fire incident. It also offers coverage for the damage or loss caused due to Lightning Explosion / Implosion. In case of any aircraft damage, this policy covers the losses incurred. Man-made calamities such as riot strike and malicious damage are covered under this plan. In addition to this, damages caused due to missile testing operations are also covered. Impact damage due to railroad vehicle or animal not belonging to insured, subsidence and landslide including rock-slide.
This plan comes with an extra layer of shield to help protect the insured for their possessions against natural calamities such as storm, cyclone, tempest hurricane, typhoon, tornado, flood and inundation. Also, the plan offers coverage against accidental damage – Leakage from automatic sprinkler installations and bush fire, bursting and/or overflowing of water tanks apparatus and pipes. Terrorism optional cover offers coverage against acts of terrorism for a nominal premium
Benefits of Housing Society Insurance Policy
Some of the common benefits of the Housing Society Insurance policy include:
- Coverage to all contents (covered under standard fire & special perils)
- Coverage for burglary or housebreaking (theft following upon an actual forcible, violent entry of or exit from the premises), or robbery.
- It covers loss of money which includes banknotes, currency notes/coins, bank drafts, money orders, cheques, postal orders, treasury notes, and revenue stamps) belonging to the business of the insured whilst securely kept in the insured premises.
- Offers coverage to loss or damage to any safe, strong room or cash box securing money.
- Covers you for your liability under the Workmen’s Compensation Act’ 1923 and /or Fatal Accidents Act’1855 and/or Common law to pay compensation to employees for bodily injury or death caused due to accidents / occupational diseases arising out of and in course of employment.
- Offers protection against your legal liability in respect of accidental bodily injury to third parties and or accidental loss and /or damage to property belonging to third parties.
- Provides coverage for any sudden fire incident that might cause severe damage to the amenities of your building which includes a gym, play courts, etc. Opting for an optimum housing society insurance plan will help you to get all of these areas covered under one plan.
Exclusions of Housing Society Insurance Policy
There are certain policy provisions in any insurance policy that eliminates the coverage for some risk types. These are termed as “exclusions”. Some of the common exclusions of housing society insurance policy are listed below:
- There are certain consequential losses that are uncovered under this plan.
- Few standard fire and special peril are also not uncovered under this plan. Those include loss or damage caused by war or warlike operations, the destruction caused due to ionizing radiations, contaminations caused by the hazardous radioactive, nuclear fuels or waste, pollution or contaminations losses, losses of earnings or fall of the market.
- The housing society insurance plan covers completed constructed buildings. Any building which is under construction or not under possession is not a part of the coverage of this plan.
- This plan also does not cover the cost of the land
- Also, if there is any kind of damage caused to your property willfully that is out of your policy’s scope then it not covered under this plan.
- In addition to this, any loss, damage or destruction caused due to fire or explosions, inmates or member of the insured’s household or business staff is not covered in this plan.
- Any kind of loss of money, destruction or damage caused by collusion by any employee or agent of the Insured, use of keys or duplicate keys, use of counterfeit money is excluded from the coverage of this plan.
In addition to the above exclusions, liability arising out of willful or intentional non-compliance of any statutory provision, fines, penalties, punitive and/or exemplary damages does not come under the plan