Owning a property comes with its set of responsibilities, which includes its upkeep and regular maintenance. Opting for a home insurance cover is an important aspect of securing one’s property investment as it provides financial protection in the event of any unforeseen event. Some of the risks covered by a house insurance plan include theft, damage caused by natural disasters. However, one of the noteworthy aspects of a house insurance policy is the pet coverage. Therefore, getting a home insurance with pet coverage is a necessity.
What is home insurance?
Home insurance or house insurance is a type of insurance cover designed to provide financial protection against risks or losses, including man-made or natural disasters. Some examples of man-made calamities include burglary, theft, fire, accident, riot, strike, terror attack, etc. and some examples of natural disasters include earthquake, storm, floods, cyclone, etc.
When buying a home insurance cover, property owners should carefully read the terms and conditions of the policy. This will help them understand the risks that are covered and what remains uninsured.
Who can buy home insurance?
Any Indian citizen, aged 18 years or above, who is the owner or tenant of a property can purchase a home insurance plan. In case of an owner, the property should be registered in the individual’s name with all the relevant documents in place.
Why should you purchase property insurance?
Insurance policies are meant to offer protection against financial losses. Typically, home insurance plans are generally sold as a part of home loans. Lenders ask loan borrowers to get home insurance cover to secure them against potential losses or damages to the property, ensuring the loan amount obtained remains secured. Purchasing a property insurance is not mandatory but there are various benefits of getting one:
Extensive coverage
A home insurance plan provides comprehensive coverage against various risks. Besides the structure, it insures other areas such as garage, shed, compound, etc. Moreover, there are add-on coverage options for the internal elements of a house such as electronics, furniture, home appliances, etc. The plan may either provide reimbursement for the expenses or replacement of the goods.
Coverage against natural disasters
India is a country with diverse geographical and climatic conditions. Some cities such as Mumbai and Chennai experience more flooding during the monsoon seasons compared to other cities. Floods can cause severe damages to property. Similarly, some areas may be prone to earthquakes. Having a home insurance cover helps manage the expenses resulting arising from repairing a house damaged due to such events.
Additional expenses covered
Home insurance covers the basic structure of a property, including the walls, flooring, electrical wirings and the contents such as lights, appliances, furniture, clothes, valuables, etc. In addition to this, the house insurance may come with additional benefits such as:
- Temporary settlement cover: Home insurance may cover the expenses incurred by the property owner during the transportation, moving and packing to an alternate accommodation.
- Lock and key replacement cover: The expenses incurred by the property owner as a result of the loss or theft of any keys of the house or vehicle. Coverage will be provided for the expenses incurred due to replacement of the locks if the house or vehicle is broken into and procurement of duplicate keys in case of keys. In case of car keys, the cost of renting a car for use is covered if the time required for obtaining replacement keys exceeds 24 hours.
- Lost wallet cover: If the insured person’s wallet is lost or stolen, the insurance company will reimburse the expenses of replacing personal documents like Aadhaar card, PAN card, driving license, etc., payment cards (credit or debit cards). Moreover, the fees for the application of such documents and payment cards will be covered. Physical cash kept in the wallet may not be covered under the plan.
Coverage against theft
Burglary and theft are key concerns of many homeowners. A home insurance plan offers protection for the belongings inside the house, including furniture and appliances. Tenants can also apply for such insurance plans to secure their personal belongings, including jewellery or other valuable items.
What is pet insurance cover?
Pet ownership is witnessing a significant increase in India, especially in the urban areas. Opting for a home insurance with pet insurance cover can provide financial protection in case the pet dies or gets infected with a disease.
Under a pet insurance for dogs, insurance coverage is provided against death of the dog, staying inside the insured property, due to a disease or accident. The insurance company pays a lump sum amount in case of the death of the dog.
Key points to consider when opting for pet insurance
- Waiting period: They may be a specified waiting period before one can claim for the coverage. For example, a 30-day waiting period may apply for hospitalisation claims related to illnesses, terminal illnesses cover, etc.
- Documents required: The insured may need to produce a medical/fitness certificate of the pet from a qualified veterinary doctor.
- Exclusions: Like any other insurance policy, pet insurance cover may also have certain exclusions. For example, injuries caused due to a malicious intent will not be covered under such a policy. However, if these are performed as a medical necessity, then the expenses will be covered.
One should note that the insurance policy terms may vary from one company to another. Hence, it is advisable to read the policy terms and conditions carefully.
How does pet insurance work?
Generally, pet dogs residing inside the insured property are insured against death due to an accident or disease. The insurer is liable to pay the insured pet owner a lump sum amount in case the dog dies during the policy period. However, one must provide supporting documents for the claim, which includes a medical certificate from a veterinary doctor. This is a mandatory requirement that must be met. Otherwise, the claim could be rejected by the insurance company. The insurance company will review the documents and process the claim within a specified time.
How to get a new dog added to home insurance plan?
To add a new dog to a home insurance plan, the insured person must contact the insurance company and avail the add-on pet insurance cover.
What are some pet-related conditions not covered by home insurance?
A house insurance with pet protection usually covers the death of a dog. Home insurance plans may also cover the medical expenses the owner incurs due to the loss or damage caused by the dog. However, some insurers do not provide coverage for the medical bills for injuries caused by the dog to a third party. Moreover, some expenses may not be included under the pet coverage in the home insurance. They may include the damage caused by the dog or pet such as chewing the door frame, shredding off the carpet, etc.
Thus, one should read the insurance policy’s terms and conditions to understand the pet-related coverage – the expenses covered and the expenses not covered.
Housing.com News Viewpoint
If you are a pet lover and plan to adopt one or already have one, then it is better to get a home insurance with pet coverage. However, it is important to understand that the home insurance policy terms may vary from one insurance company to another. Some companies may not provide coverage for all dog breeds like Terrier, Pit Bull, Rottweiler Great Dane, Chow Chow, etc. While this is true, an insurer may offer covers for restricted dog breed at an additional premium. Thus, before opting for a home insurance with pet coverage, it is advisable to do thorough research and compare different policies in terms of the benefits and premium applicable.
FAQs
Can you get a home insurance for a dog with a history of bites?
Most home insurance provides do not provide coverage for dogs with a history of bites.
Will damages to personal property caused by a dog be covered under home insurance?
Damages caused by a dog or pet to personal property such as carpets, furniture, etc. are usually not covered under home insurance plans.
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