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Sweet Home Insurance Policy
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FAQ
• What is Sweet Home Insurance Policy ?
Sweet Home Insurance is package policy covering Building, Content, Machinery Breakdown of Electrical/Electronics Items & Personal Accident cover for insured and spouse.
• How many sections are there in the Policy ?
There are five sections under the policy, which are as under:
  1. Building against Fire & Allied Perils

  2. Contents against Fire & Allied Perils

  3. Contents against Burglary & Housebreaking.

  4. Machinery Breakdown against Electrical & Electronic Items

  5. Personal Accident on Floater Basis for Insured & Spouse.
• Does insured has to opt all Sections under the policy ?
No. Section 2 to 5 are Compulsory (Package Policy), whereas Section – I, cover against Building is Optional.
• What are special features of the Policy ?Top
  1. The insured is relieved from hassles.

  2. Household contents are covered on First Loss Basis against Fire & Allied Perils and Burglary & Housebreaking.

  3. No Household list is required.

  4. Personal Accident cover is on Floater Basis.
• What is First Loss Basis ?
First Loss basis is a concept wherein the under-insurance clause in the event of a claim shall not be applied on the subject matter of insurance until and unless the value of the entire property proposed for insurance is much more than the value of the property at the time of loss.
• What is Floater Basis ?Top
Floater is a system wherein the sum insured made available to the insured and the spouse remains the same. For example a sum of Rs. One lakh floats amongst both insured and spouse means either individually or collectively they can utilize the sum insured to an extent of Rs.One lakh.
• What are the pre-conditions while opting for this policy ?
  1. Insured has to declare the full value of the contents (except Jewellery).

  2. Since, the insured is not required to submit the list of household contents, the maximum value of individual items covered will be 10% of Plan Value of Rs.1 lac, Rs. 2 lacs & Rs.3 lacs under Plan A, B & C respectively.

  3. The Machinery Breakdown Section covers has cap of Rs.30,000/-, Rs.50,000/- & Rs.70,000/- under Plan A, B & C respectively.

  4. Machinery Breakdown value is part of total value under different plan.

  5. In case the individual value of Electrical/Electronic items value under breakdown coverage & total value of contents exceed under a plan, then insured has to shift next higher slab and in case the total value coverage exceeds Rs. 3 lacs, then insured has to go for Householder Package Policy.

  6. Electrical/Electronic items has to be covered on reinstatement value basis.
• What is Market Value & Reinstatement Value ?
Market Value :   Market value of the subject matter of insurance is the one which arrived at after applying the depreciation for the age and the salvage value.
Re-instatement Value :   Reinstatement value of the product is the one which prevailing as on the date of replacement .
FOR ANY FURTHER DETAILS PLEASE CONTACT OUR NEAREST OFFICE.
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Oriental Insurance Company Limited