• Bharat Griha Raksha offers coverage for home construction and its contents. This policy has been mandated by the Insurance Regulatory and Development Authority of India (IRDAI) for every insurer to provide starting from April 1, 2021. The IRDAI announced the launch of the Bharat Griha Raksha standard home insurance policy on January 4, 2021, which will protect against fire and related risks for specific hazards. Bharat Griha Raksha essentially serves as a home insurance policy that safeguards against loss, damage, or destruction of the home structure along with its contents and jewelry. In the Bharat Griha Raksha policy, the coverage can be extended for up to 10 years. Valuable items within the home can also be insured with Bharat Griha Raksha through various optional coverages.

Features of Bharat Griha Raksha

1. Perils Covered
   The standard home insurance policy includes a broad spectrum of perils: fire natural disasters such as storms, cyclones, typhoons, tempests, hurricanes, tornadoes, tsunamis, floods, inundations, earthquakes, and subsidence landslide and rockslide. It also covers damages from forest, jungle, and bush fires. Additionally, damages caused by human-related risks like riots, strikes, malicious damage, acts of terrorism, and theft are also included in Bharat Griha Raksha.
   
2. Time
   Bharat Griha Raksha will offer coverage within 7 days following an incident of any perils and human-made hazards outlined in this policy.
   
3. Wider Coverage
   In addition to home construction, the Bharat Griha Raksha policy automatically covers general household contents without the need to declare details. It grants 20% of the insured sum for the building, capped at Rs 10 lakh. Higher sums insured for general contents can be selected by providing detailed declarations.
   
4. Optional Covers
   The Bharat Griha Raksha policy provides a variety of optional covers. You may choose coverage for your valuables, such as jewelry, silverware, paintings, and works of art, under the optional cover, where valuation may need to be provided in some cases. Furthermore, additional coverage for loss of rent or rental costs for alternative accommodation, architect, surveyor, and consultant engineer fees up to 5% of the claim amount, as well as costs for debris removal, are also included in this policy.
   
5. Other Features
   The Bharat Griha Raksha policy does not grant a full waiver of under-insurance. The claims of the policyholder will not be settled proportionately but will be compensated up to the declared sum insured. For instance, if the general home contents (like a television, fridge, washing machine) are insured for Rs 50,000 while the actual value is Rs 1 lakh, the policy will still cover the entire insured amount, which is Rs 50,000. As with all standard insurance policies introduced by IRDAI, this product has been crafted with features that favor the policyholder and is written in straightforward language for easy comprehension by the general public.

What Does Bharat Griha Raksha Policy Cover?

• Fire, explosion/implosion
• Riot, Terrorism, and Malicious damage
• Natural Calamities – Earthquake, flood, cyclone, storm, hurricane, typhoon, lightning, etc.
• Damage caused externally by third-party vehicles, other persons’ trees, etc.
• Theft

What Does Bharat Griha Raksha Policy Not Cover?

• Loss or damage to unset precious stones, manuscripts, blueprints, and drawings
• Loss, damage, or destruction to any electrical or electronic machinery, devices, fixtures, or fittings due to overloading, excessive pressure, and short-circuiting
• War, invasion, acts of hostility by foreign enemies, or operations resembling war
• Any deliberate negligence or misconduct
  
  Conclusion
  
  Homeowners in search of optimal home insurance coverage may choose the Bharat Griha Raksha policy, which will adequately protect the home structure and its contents. Even renters should think about purchasing the Bharat Griha Raksha policy to safeguard their possessions against any unexpected incidents.
  
  Disclaimer:
  The preceding information is solely for illustrative purposes. For additional details, please consult the policy wording and prospectus prior to finalizing the sale.