We are aware of the life insurance, health insurance, motor insurance, etc. These are the very common type of insurance taken by every one of us. Motor insurance is compulsory in our country while other insurances like life and health are optional for the policy holders. There are many other insurances available in the market, they are very less popular among the people. If it is less important means it doesn’t mean less important. This article explains one such insurance called Householder Package Policy (HPP). The purpose of this insurance is to protect the houses from any unexpected losses. The following sections explain the policy with more details. If you have any doubts, post it in the comments section. If you like the article, subscribe to our future articles here.
What is Householder Package Policy (HPP)?
How you are insuring your motor vehicles, in the same way you can insure your house from any various unforeseen events like theft, fire,earth quake, etc. In the simple terms, you are securing your house from the bad incident, if it occurs insurance company will be liable to pay any damage caused to your house and house hold things. The following sections explains the cost of the insurance and what type of house hold items can be covered under this policy.
What can be covered under Householder Package Policy (HPP)?
This policy covers divided into two categories.
- First one is, the complete structure of the house and building. It protects the any damage caused by fire, earthquake, storm, or any other natural disasters causing the damage to your house.
- Second one is, the content of the house. The house hold things like furniture, valuables, and any other house hold items from the same kind of natural disasters.
Householder Package Policy (HPP) also comes with the few add-on policies.
- Public Liability
- This section compensates a third party for the losses caused by your damage. The Public Liability Act, 1991 was made effective from 1st April 1991.
- Personal Accident
- This section compensates you from the any loss due to the accident because of that you are not able to work. It provides the compensation for the same period when you are unable to work.
- Workmen Compensation
- This helps to protect if any of your family member dies, offers the complete compensation caused by his death.
What is the Cost?
The cost of this policy differs for the each insurer. For example, normally Rs60 for the sum assured Rs.100000 if fire accident. This policy has 10-12 sections, each has the different purpose. The following are the list of sections available under this policy:
- Fire & Allied Perils
- a) Against House Building.
- b) Against household contents.
- Burglary & Housebreaking including larceny or theft (Contents only)
- All Risk against valuable items.
- Plate Glass Cover ( fixed )
- Breakdown of domestic appliance.
- Television Sets (All Risk ) cover
- Pedal Cycle (All Risks) cover.
- Personal Accident
- Public Liability & Workman Compensation Risks.
If you apply for more than four section, most of the insurers offer the discount on the premium payment. The following is the table shows approximate cost of insuring a house . It is less than Rs. 5 per day.
Who offers this policy?
This policy is offered by many of the insurers. Bajaj Allianz is one of the best insurer for this type of policy. You can read more details about this policy at their website.
It is very important to protect your house and its content from the unexpected losses. The good thing is that this insurance is coming with low cost because the lose would occur very rarely but if you are affected the lose will be huge. The problem is lack of awareness on the household insurance policy among the people. It is always good idea to insure your valuables including the house. This type of insurance is most suitable for the house owners. If you are in the rental house, it is not very important to take this policy. If you have any doubts, please post it in the comments section.
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