Everything You Need To Know About Bharat Griha Raksha Policy


Everything You Need To Know About Bharat Griha Raksha Policy
Everything You Need To Know About Bharat Griha Raksha Policy
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Homeowners can secure their property and belongings from uncertain perils by purchasing Bharat Griha Raksha Policy. As per the IRDAI guidelines, this insurance policy replaced the Standard Fire and Standard Perils policy. 

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This policy will provide coverage for fire and other perils too. So, individuals planning to insure their houses can check the sections below for in-depth knowledge of this housing insurance policy.

What Is The Bharat Griha Raksha Policy? 

The Insurance Regulatory and Development Authority of India (IRDAI) introduced the Bharat Griha Raksha Policy in April 2021. It features a standard housing insurance plan for homeowners in India. So, individuals purchasing this policy can safeguard their homes and their finances from the damages caused due to unforeseen incidents. 

One can purchase this insurance policy for their own house as well as rented property. It covers the losses and damages caused to the insured property due to thefts, fire, natural or manmade calamities, etc.

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Importance of Bharat Griha Raksha Policy

Considering the following features, the Bharat Griha Raksha Policy is of immense importance to its policyholders:

  • Budget-friendly premium

Maximum insurance companies charge affordable premiums against a substantial sum insured for this policy. It becomes a feasible insurance policy for most homeowners due to the lower premium amount.

  • Provides a higher sum insured
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According to IRDAI guidelines, the sum insured for this policy should be the property value multiplied by construction cost at the time of policy commencement. Here property value includes fittings and fixtures of the carpet area per square meter.

  • Easy insurance claims

Policyholders can receive a claim settlement within seven days from the occurrence of mishaps such as manmade or natural hazards.

  • No underinsurance

Policyholders can rest assured of the disadvantages of underinsurance when opting for this policy. The policyholder will be compensated if the sum insured is calculated less due to improper information. 

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What Does Bharat Griha Raksha Policy Cover?

The Bharat Griha Raksha Policy covers an insurance holder in the following ways:

  • Natural calamities – Policyholders get coverage against the losses and damages caused due to natural hazards such as earthquakes, storms, floods, etc. Floods cause damage to several houses in India each year. Moreover, houses in earthquake-prone areas are at higher risk of getting damaged. Bharat Griha Raksha Policy financially covers the policyholder upon facing losses due to such incidents.
  • Theft or burglary – Individuals can claim insurance for losses due to theft and robberies within seven days of occurrence. This policy covers the costs of stolen materials.
  • Fire – Houses closer to forests generally catches fire due to forest fires. Moreover, there may be various other reasons that can cause fire-related incidents. Whatever the reason may be, fire causes severe damage to the house and its belongings. Policyholders can insure their houses and their belongings against fire by purchasing this policy.
  • Explosion – It also covers the damages caused due to an airplane colliding into a complex or causing an explosion.
  • Terrorism – If an insured house gets affected due to terrorist attacks, the Bharat Griha Raksha Policy will also cover that.
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For Which Property Can One Take This Policy? 

Residential houses or properties are eligible for Bharat Griha Raksha Policy. One can insure three types of properties with this policy:

  • Flats – Independent flats that are part of a housing or located in standalone properties can be covered with this insurance policy. Moreover, the coverage for a rented and owned flat remains the same.
  • Villas – Policyholders owning independent villas or houses can insure their assets with the Bharat Griha Raksha Policy.
  • Standalone buildings – Residents or tenants of standalone buildings can purchase this insurance policy. It will cover the damages and losses caused to their assets due to unforeseen mishaps.

Individuals looking to buy property insurance to safeguard their houses can opt for property insurance online. They can visit the website of the preferred insurer and purchase this policy with just a few clicks.  

Conclusion

Insurance companies providing Bharat Griha Raksha Policy should abide by the IRDAI guidelines. Individuals who are planning to buy property insurance but are worried about higher premiums can opt for buying Bharat Griha Raksha Policy. 

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