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Home Content Insurance Guide

Home is our most valued possession and our little heaven on earth. After all, it’s the heart of all our memories, our possessions, and our priceless investments. Owning a house is a financial investment that ensures security in the years to come. But what if there is an unfortunate incident like a fire or a robbery that becomes lethal to your investment? It would be a devastating experience to lose all your valuables. Also, re-buying all of them again would cost you a fortune. Thus, having an insurance policy in place to protect your investment is the right thing to do.

Content Insurance is an insurance that compensates for the damage or loss of a persons’ possessions present in their home. These possessions may be your home appliances, electronics, clothes, crockery, furniture or jewellery. In this context "possessions" stands for any item that is not permanently attached to the structure of the home (possessions that are permanently attached to the structure of the home can only be insured via home insurance.) Some insurance companies may also include possessions kept outside the main structure, but in the vicinity of the house. Content insurance can be bought by renters or homeowners.

It's essential to take care of a few things before you decide to buy insurance for your homes’ contents since many a times insurers refuse to cover events which occur if your home is unoccupied for more than 60 days. Likewise, it will probably be for the best if you make sure your home is properly maintained - some insurers insist that you have deadlocks on your doors and windows. Consider what valuables you have in your backyard - that state-of-the-art water-fountain might not be covered for storm damage. Also, leaky roofs are a common cause for claim denials so make sure your property is properly maintained.

It is still important to understand the type of coverage you have as well as how much your policy may compensate after a covered loss.

1. In some covers, if there is damage, the insurance policy will reimburse the complete cost of repair. In another cover, if there is a theft, the reimbursement may be just enough to buy a similar new content. However, different items are covered in this category by different companies. Generally, clothes and apparels are not considered under insurance.

2. In indemnity policy, the reimbursement is decided after considering the wear and tear or depreciation in value of the content. Ex. if an appliance that is five years old needs to be claimed, during its claim the reimbursement will be according to the current value and not the purchase price.

There are options to extend your policy and buy add-on covers, but that costs additional money. Some of the common extensions are home emergency cover, children who leave the house for higher studies, accidental damage cover, etc.

Following are some of the basic coverages against risk, perils, and unforeseen incidents:

  • Coverage for expensive home electronics Fridge, AC, TV, Washing Machine and other electronic equipment
  • Coverage against theft or burglary
  • Coverage against damage caused due to short circuit, mechanical breakdown or accidental breakage
  • Coverage of your gold or diamond jewellery in case of theft or burglary
  • Coverage against personal accident inside the home for self and spouse

It is crucial to find the perfect medium & an insurance company, that suit your need of buying Content insurance. Luckily, we are now living the digital revolution. Most of the people like you expect the same experience from their insurance carriers as they do from their go-to app. The increased availability of, and access to, information is what is bringing insurance to the digital world. As a result, traditional businesses are being turned on their heads and everything is moving at an exhilarating speed — novelties, trends, new products, etc. The generation craves for instant feedback, messaging & gratification.

A shift of this magnitude has led to the emergence of convenience, comfort and most importantly -consumer gratification-based mediums like mobile apps. One such example is the newly launched Reliance Selfi App. An app that makes buying Home insurance feel like a breeze. It helps in making your policy buying experience smooth & speedy. The App provides you access to a host of assistance services like Pick & drop service for your damaged contents, plans recommended as per your needs & geo-location. This app also happens to give you a hassle free & paperless experience with no supporting documents required while serving as a knowledge portal making the Selfi App experience as user-friendly as mobile applications get these days.

Additionally, this app aims at speeding and simplifying your insurance experience with an array of unique services embedded in the application. This app assists you with quick video claim assistance and provides real-time claim/service status. With Reliance Selfi App, you can buy/renew your insurance policy just a tap and also get quick access to nearby garages, hospitals & RGI branches. You can also store all your important documents like Policy Copy, Driving License, etc, safely in an E-Doc vault for ready reference. In addition to these features, you can use this app to explore Motor Insurance, HealthGain policies & so much more.

Most of the houses in India are not insured. Just like our lives, our vehicles, our houses are also important, and the loss of one or more of its contents can cause a huge shift in our finances. So, it is always better to be insured in advance than to face the consequences when the time comes.