Feel at home with a standardised fire cover
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IRDAI has now mandated standardised fire policy for homes
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IRDAI has now mandated standardised fire policy for homes
Cookie-cutter houses are often decried for lack of aesthetics and character. Cookie-cutter home insurance, on the other hand, may just be a good thing.
Have you been all set for that long holiday and felt the pangs of fear about your home not being insured? In that last moment flurry to get a policy done, you will find that your jewellery has to be valued by an authorised valuer, you need the original invoices of your appliances to list their values and age, plus other mystifying and irritating requirements.
Coming in April, a new standard home insurance policy: Should you buy it?
The insurance regulator IRDAI has now mandated a standard cover to protect your house s structure and contents January 08, 2021 / 09:27 AM IST
Soon, you will be able to buy a standard home insurance cover from any general insurance company, except health insurers, in India. The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines on the standard home insurance policy – Bharat Griha Raksha – that will be available from April 1, 2021. In 2020, the insurance regulator had framed standard clauses for term insurance, health, COVID-19, personal accident, travel and vector-borne diseases covers. A home insurance policy with uniform clauses is the latest in this list. Like in the case of other standardised covers, the premium will be decided by insurers, but clarity is awaited on whether zone and geography-based pricing will be allowed.
IRDAI in a press release dated 4 January announced the introduction of a standard home insurance policy Bharat Griha Raksha: Irdai to launch standard home insurance policy | Photo Credit: BCCL
New Delhi: The Insurance Regulatory and Development Authority of India (IRDAI) announced a standard home insurance policy that will cover the risk of fire and allied perils for certain risks.
The Irdai had issued guidelines on 4 January, announcing that the Standard Fire and Special Perils (SFSP) Policy provided for in the erstwhile All India Fire Tariff (AIFT) 2001 will be replaced by the following standard products that shall be mandatorily offered by all general insurers carrying on fire and allied perils insurance business from 1 April.