FAQs: Part 1

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.