HDFC Ergo Standard Fire & Special Perils Policy

1. Indemnifies against perils arising from fire, lights, explosion, flood, hurricane, earthquake, terrorist activities and civil commotions.
2. Only house or apartment owners can buy this plan and not tenants.
3. It indemnifies the building as well as everything in it.
4. The tenure of the policy is up to 15 years.
5. You can avail a rebate of up to 50 percent.
6. Provision for increase in Sum Insured at end of every year by10%
7. A distinctive housing insurance plan that offers long lasting protection which is particularly effective for hypothecated assets.
8. You get immediate policy online with no paperwork required.
9. You can opt for rider covers for damages incurred due to terrorist activities and inbuilt earthquake at a small extra premium.
10. You also have the flexibility to choose between two schemes, (a) Insurance for more Sum Insured at end of year under long term policy. (b) A Steady Sum Insured basis instead of long term rebate.

Assured Amount:

1. The Dwelling: On the basis of Restoration Value, which is basically the cost for construction (per square feet).
2. Items other than Individual Belongings: On how much it would cost to replace them.
3. Personal Belongings: The current market price minus the depreciation.

Premium Facts:

Premium is based on the below factors:

1. Insurance Plan Tenure
2. Policy Type - Rise in Amount Insured or Fixed Amount Insured
3. Optional Rider Covers

Exclusions:

1. Deliberate acts or gross carelessness.
2. Damage/ harm by own fermentation, normal heating or unprompted ignition.
3. Destruction due to blasts/ crumbling of boilers, damage due to centrifugal forces, fire etc.
4. Unstipulated exquisite stones, ornaments, cheques, hard cash, important documents, etc. unless explicitly mentioned.
5. Burglary during or post a hazardous event.
6. Damage incurred due to any terrorist activities, nuclear hazards, war, civil hostilities etc.
7. Harm to house because of toxic waste and contamination.
8. Loss or destruction owing to natural and gradual deterioration, and wear and tear.
9. Price of land
10. Co-operative societies are not allowed to avail long term plan for the whole society structure.
11. Building under construction.

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