Since April 2021, fire and allied perils cover in India is written on IRDAI’s standard products. For homes that is Bharat Griha Raksha, covering the building and its contents against fire, natural catastrophes, riot, terrorism, impact damage and burst pipes. It carries a full waiver of underinsurance, so a claim is not reduced if the sum insured turns out to be low.
For business premises with total assets up to Rs. 5 crore at one location, the product is Bharat Sookshma Udyam Suraksha; above that, Bharat Laghu Udyam Suraksha. Both cover the structure, plant and machinery, furniture and stock under one policy.
The number that matters is the sum insured. Set it on what it would cost to rebuild today, not the market value or the purchase price.
What you get
- Homes covered under Bharat Griha Raksha, the IRDAI standard home policy
- Businesses covered under Bharat Sookshma or Laghu Udyam Suraksha
- Sum insured worked out on reinstatement value, so a claim rebuilds the property
- Earthquake, flood, storm and riot included as standard perils
Talk about building insurance
Speak to Rahul Jain directly. Enquiries are answered within the hour.