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HDFC Ergo Insurance Plans

HDFC ERGO Home Insurance

HDFC ERGO General Insurance Company Ltd. is a joint venture between HDFC Ltd., India’s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. The company has its operations across 120+ branches on 106 cities and currently employs around 3000 employees. The company has also been assigned ‘iAAA’rating by ICRA indicating its highest claim paying ability. As on March 2020, HDFC Ergo was the 3rd largest Private insurance player in the General Insurance industry, growing at around 8% over the previous year. They have during the current year acquired Apollo Munich Health Insurance to strengthen their presence in the rapidly growing Health insurance space in India.

HDFC ERGO Home Shield Policy ensures the comprehensive protection for the structure and contents of any home in India. Importantly, it is brought to you by HDFC, a name synonymous with “home” to millions across India, and ERGO, one of the world leaders in non-life insurance solutions. This Home Plan provides competitively priced coverage for property and possessions against almost any eventuality.
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HDFC ERGO Home benefits

  • Eligibility
  • Features
  • What is covered under this Policy?
  • Sum Insured for your Home and Contents

Eligibility Criteria

The following are the persons eligible to purchase the Home Shield Plan from HDFC Ergo:
  • An Owner Occupant of Flat/ Apartment/ Independent Building can purchase this policy for his/her building and/or contents, jewellery & valuables, Curios, paintings & work of art and portable electronics equipment on an Agreed Value Basis.
  • A Tenant and other non-owners can also purchase this policy for contents, jewellery & valuables, curios, paintings & work of art and portable electronics equipment.
  • Multiyear policy can be availed by house/flat owners only wherein coverage for building (section I a) is mandatory.

Features of this Policy

  • A unique umbrella policy for home owners with long term coverage - Coverage upto 5 years can be provided
  • Get Discount upto 25% +15% (As per the policy tenure opted)
  • Option to cover Terrorism at additional premium
  • Flexibility in customization of policy – the insured can choose the add on options which they feel are relevant and required for their home.
  • Reduced premiums saving money for the insured
  • No documentation, get instant online policy

What is covered under this Policy?

Under this policy, the exclusions include, but are not limited to: Section I : Fire and Special Perils (a) Building (b) Contents Covers Against Fire/ Lighting/ Explosion/ Implosion/ Aircraft Damage/ Riots, Strikes and Malicious Damage/ Storm, Cyclone/ Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation/ Impact Damage/ Subsidence and Landside including Rockslide/ Bursting and/ or Overflowing of Water Tanks, Apparatus & Pipes/ Missile Testing Operations/ Leakage from Automatic Sprinkler Installations/ Bush Fire/ Earthquake, Volcanic Eruption & other Convulsions of Nature, Terrorism (Optional).

Section II :Burglary and Housebreaking Burglary cover for Contents cannot be opted for on a stand alone basis.

How to Arrive at the Sum Insured for your Home and Contents?

The sum insured for the structure of the house is based on the Reinstatement Value, which is the reconstruction value in terms of construction cost. This however would not include the cost of the land. The reconstruction cost is based on two parameters which are mentioned below:
  • Built– up area of the house (square feet)
  • Cost of Construction in the respective area/ locality
The owner / tenant would have to multiply the built up area of the house with the cost of construction to arrives at the reconstruction cost. Reconstruction Cost = Built – up area of the house * Cost of construction in your area/ locality.

Contents/ Valuables : The sum insured for Contents/ Valuables is based on the market value. Market Value would mean he current cost minus an allowance for depreciation, in the event of loss/damage. For jewellery, depreciation will need to be deducted when arriving at the SI. Once the sum insured for the structure as well as contents has been computed, simply choose the closest sum insured value and arrive at the premium.

Scope Cover details Sum insured limit
Building structure
  • Option I: Agreed value
  • Option II: Reinstatement Value basis
  • Option III: Indemnity basis (with depreciation)
  • Option I: Value as per Ready Reckoner or Reg. Agreement value whichever is higher
  • Option II: Cost of Construction
  • Option III: Cost of Construction less depreciation
Contents excluding portable equipment
  • Option I: Replacement Value basis
  • Option II: Indemnity basis (with depreciation)
  • Cover available upto 10yrs old items.
  • Extension for Higher SI is available (with condition of avg for entire content SI)
  • 10% of Agreed value or 50% of reinstate SI or indemnity SI upto max of 10 lacs (contents only policies) with waiver of condition of avg.
  • There is a provision of Auto- reinstatement of SI after the claim
Optional Covers
Jewellery & Valuables
  • Market Value basis
  • Extension for worldwide coverage is available
The maximum SI will be 20% of Contents SI
Painting, Curios & Work of Art Based on the Valuation Report of Government approved valuer
  • SI will be on Agreed value
  • The maximum SI will be 20% of Contents SI
Portable Electronic Equipment
  • Cover available upto 10 yrs old equipment
  • Extension option for Worldwide coverage available.
Sum Insured shall be equal to the cost of replacement of the insured property by new property of the same kind and same capacity.
Escalation option for Building It shall allow automatic regular increase in the Sum insured throughout the period of the policy. Escalation up to 25% on base SI
Rent for Alternative Accommodation It pays for alternative accommodation following total loss, maximum upto 24 months.
  • Option I: 0.5% of building sum insured
  • Option II: 0.3% of building sum insured
Hotel Stay The period of indemnity is limited to 15 days Sum insured limited upto 0.05% of Building Sum Insured, maximum upto 15000/- per day
Loss of Rent This covers up to a maximum period selected by insured subject to a maximum period of 24 months The Company's liability shall not exceed 0.3% of Building SI subject to maximum of Rs. 30,000/- as specified in the Schedule.
Expenses of shifting to Alternate Accommodation This covers actual expenses incurred by the insured for packing, unpacking and transportation of the insured's possessions/ dwelling contents to the alternative accommodation The Company's liability shall not exceed 0.5% of Building SI subject to maximum of Rs. 50,000/- as specified in the schedule
Emergency Purchases It covers expenses incurred by the insured towards emergency purchases Up to Rs. 20000/- or the actual whichever is less.
Keys and Locks Replacement Cover Covers cost of replacing any such lock with one of similar quality Upto maximum of Rs. 20,000/- or the actual whichever is less
Public Liability Cover Covers those sums that the insured becomes legally liable to pay, including litigation expenses Upto the sum insured as specified in the schedule
Brokerage for Alternate Accommodation The brokerage payment towards alternative accommodation on rent. Actual expenses incurred by the insured up to maximum of Rs. 50,000/- or one month rent whichever is less
Pedal cycle
  • Section I: Loss or Damage
  • Section II: Liability to Third Party
Replacement cost up to the limit of the sum insured set against the item in the policy schedule

Exclusions Under this policy

The following are some of the key exclusions under this plan:
  • Loss and/ or damage arising out of war, invasion, act of foreign enemy, hostilities, etc
  • Loss or damage due to nuclear perils
  • Damage to property due to pollution and contamination
  • Loss or damage due to wear and tear, gradual deterioration or slowly developing flaw
  • Consequential Loss
  • Wilful misconduct or negligence, wilful destruction of property
  • Loss and/ or damage to jewellery, precious stones, money, bullion or documents of any kind unless specifically declared.
  • Co-operative societies cannot take long term policy for entire society building
  • Property Under construction cannot be covered under this policy
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