FAQs: Part 1

Consumer Voice - - Home Insurance -

Can ar­ti­cles in bank lock­ers be cov­ered? No. The house­hold pol­icy only cov­ers ma­te­rial as­sets that are housed where you stay. So, locker con­tents in a bank can­not be cov­ered. How­ever, there are in­sur­ance com­pa­nies who of­fer a sep­a­rate pol­icy in­sur­ing such locker con­tents in a bank. Can it cover home loan amount? Ex­cept in the case of one pri­vate in­surer, in­sur­ance cover on a home loan amount taken for the con­struc­tion/out­right buy of a flat/apart­ment is not avail­able un­der this pol­icy. How­ever, banks of­fer a tai­lor-made pol­icy with in­sur­ance cover for death/dis­abil­ity due to per­sonal ac­ci­dent of the bor­rower cov­er­ing any out­stand­ing amount of the home loan by the in­sur­ance com­pa­nies that have a tie-up. This cover protects the legal heirs from the bur­den of the home loan re­pay­ment, as the in­sur­ance com­pany di­rectly re­mits the claim to the loan ac­count of the de­ceased bor­rower. Does it cover tsunami dam­age? As of now, this is not be­ing cov­ered by any of the in­sur­ance com­pa­nies.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.