News details

• 26 Nov 2024

Asset Insurance in India : Bharat Griha Raksha Policy

Your home is more than just a building—it's where you keep your memories, investments, and dreams safe. A shocking fact shows that only 1% of Indian homes have insurance protection. This leaves millions of families exposed to unexpected disasters and damages.

The Bharat Griha Raksha Policy provides a standardized home insurance solution that Indian homeowners need. This detailed home insurance policy protects your property from natural calamities, accidents, and other unexpected events that could harm your valuable asset. Let's look at how this policy works and why it could be the right choice to protect your home.

Understanding BGR Policy Fundamentals
The Bharat Griha Raksha Policy offers complete protection through two main types of coverage: Home Building Cover and Home Contents Cover. Your policy automatically covers general contents worth 20% of the building's sum insured, with a maximum limit of ₹10 Lakhs.

This policy safeguards your property against several risks such as:

Fire and explosions

Natural disasters (earthquakes, storms, floods)

Impact damage

Water damage from tank overflow

Theft within 7 days of covered events

Built-in Benefits Your policy has extra benefits that come at no additional cost. You get up to 5% of the claim amount for architect and surveyor fees, plus up to 2% for debris removal costs. You can claim compensation for lost rent and alternative accommodation expenses if covered damages make your home uninhabitable. Policy Flexibility The policy duration ranges from 1 to 10 years. Your sum insured grows daily by 1/365th of 10% of the original amount for annual policies. Multi-year policies see a 10% yearly increase in building coverage, which can reach up to 100% of the original sum insured. Optional Protection You can improve your coverage with valuable contents protection on an agreed-value basis and personal accident cover for you and your spouse. These add-ons give extra security for high-value items and personal safety. The additional premium stays under 50% of the simple policy amount.

Making Smart Insurance Decisions
Smart home insurance decisions depend on how well you understand property valuation and coverage needs. A professional property valuation is significant because it helps prevent underinsurance and will give appropriate coverage levels.

Key Considerations for Smart Coverage:

Know your property's current value and replacement cost

Review policy limits and coverage adequacy

Keep valuations updated after renovations

Let your insurance provider know about changes

Items like jewellery, antiques, and artwork need special attention in valuable contents coverage. The BGR policy has coverage for these items on an agreed-value basis. You'll need simple documentation for values up to ₹5 lakh per item. Your property valuation should stay current to get the most from your policy. Claims might fall short if your valuation is outdated and you need to rebuild or renovate after a mishap. The BGR policy has an automatic 10% annual increase in sum insured that accounts for rising construction costs. The Personal Accident Cover is a great way to get extra protection. It pays ₹5 lakh compensation per person if an insured peril causes death to you or your spouse. Note that the premium for additional covers should not exceed 50% of the basic policy amount.

Maximizing Policy Benefits
Quick action during claims is significant to get the most from your Bharat Griha Raksha policy. You must notify your insurer within 7 days of the whole ordeal. Your notification needs your policy number, personal details, and a brief statement about the loss.

Essential Documentation Requirements:

Completed and signed claim form

Survey report with photographs

Repair/replacement invoices with payment receipts

FIR or Fire Brigade report (where applicable)

KYC documents for claims above ₹1 lakh

Your insurer will process the claim within 30 days after receiving all documents. The insurer may approve delays beyond your control based on merit. You're entitled to interest at 2% above the bank rate if claim settlement takes longer than 30 days. Valuable content coverage for jewellery and cash will improve your protection. The policy gives personal accident coverage for you and your spouse. This coverage continues until the policy expires if either policyholder passes away. Keep in mind that add-on premiums cannot exceed 50% of your simple premium amount. The quickest way to process claims is to maintain detailed records of your home contents and update your property valuation regularly. Store photographs of valuable items and important documents in a secure, available location. This preparation will give a smoother claim settlement process when you need it most.

Conclusion Bharat Griha Raksha Policy provides a strong solution for Indian homeowners with complete protection through building coverage, contents insurance, and valuable add-on benefits. The policy works best when you value your property accurately and maintain proper documentation for smooth claim settlements.

Your home needs total protection against natural disasters, accidents, and unexpected events. The BGR policy's flexible terms, automatic sum insured increases, and optional covers help safeguard your property effectively. You can protect your home confidently by reaching us today or Visit https://basketoption.insure/, , a leading Insurance Broker in Bangalore, to learn more about the Bharat Griha Raksha Policy. Expert advice and competitive quotes on home insurance in India will help secure your peace of mind today. Proper documentation, quick claims reporting, and regular policy updates are vital ways to maximize your insurance benefits. The BGR policy's standardized approach makes home insurance simple while giving your property the protection it deserves.