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General Insurance Corporation of India


General Insurance Corporation of India was set up in India in the year 1972. It was set up with an agenda to regulate and supervise the general insurance services in the country. The general insurance companies were segregated into four separate verticals, namely the:-
  • United India Insurance Company Ltd
  • National Insurance Company
  • Oriental Insurance Company Ltd
  • New India Assurance Company
Home Insurance provided by GIC domains
Having and owning a residence of one’s own is a dream that we all have. At the same time, after having substantial investments done on the house, we also should take care of insuring it against all hazards and dangers. Besides the natural upheavals like tornadoes, cyclones, earthquakes, landslides even man-made threats and dangers are of serious concern that we need to take account and fix alternative measures. General Insurance Corporation of India has introduced home insurance policies that are aimed in order to insure and cover the home from all the hazards.
Other mishaps that can occur due to short circuit in electrical appliances, explosions in gas cylinders, burglary and the like that too are covered under the home insurance policy. It is to be kept in mind that the home insurance policy does not cover the market price of the accommodation or housing complex. The price of the house would be inclusive of the land cost and also the cost of construction. The land too in this regard cannot be insured. The amount that is insured can be estimated by multiplying the area of the house by the rate of construction per square feet.
Factors covered in Home insurance policies
The two factors that are included in the home insurance policies can be listed as:-
  • Components within the home
  • Building structure
Factors that Home Insurance policy covers
The fire and other peril featured under the home insurance policy takes charge and covers the house under the following conditions:-
  • Fire
  • Terrorist attacks
  • Natural calamities like earthquakes
  • Damages caused due to occurrences of bush fire
  • Situations of explosion or implosion
  • Any kind of leakage that might result from installations of the automatic sprinklers
  • Damages that might take place whilst experiments or operations pertaining to missile testing
  • Loss that might occur due to landslides
  • Any kind of damage that might generate from vehicles
  • Damages or loss caused due to aircraft
  • Disasters caused due to natural processes like thunders and lightning
  • Loss that can be the outcome floods, cyclones, inundations, rockslides, storms and the like
  • Loss in the house caused due to any social attacks or riots.
At the same time the policy also takes responsibility and covers certain contents inside the house when faced by any unforeseen calamity natural or man-made. They can be listed as the following:-
  • The insurance policy here takes into account the loss of the components within the house and also provides insurance coverage for them. These components can be furniture, clothing, jewelry, fixtures, electrical and electronic appliances and so on.
  • The insurance cover that can be availed for the constituents comprise of fire and other perils cover, earthquake and so on. The coverage includes covering the loss or damage of belongings that have taken place due to a theft or burglary attacks.
Fire Insurance Policy
Today majority of the population opt for a lavish lifestyle. Therefore, people heavily invest on the gadgets of all sorts. This results in giving rise to the probability of a crisis situation, mostly fire accidents. Perchance, such a situation would take place of which we might be unaware of, it is important that we have our house and belongings secured and insured. The policy that is of effective use here on the Standard Fire and Special Perils Policy.
Home Appliance Insurance
In the present day and age we are more dependent on machine and other equipments than us. All of us today have more electrical and electronic equipments at home nowadays from washing machines to microwaves. Therefore, there always remains a threat of mishaps generating from the same. In order seek security or coverage in such situations you can apply for the Home appliance insurance schemes from General Insurance Corporation of India.
Householders Insurance Policy
The householder’s insurance policy by General Insurance Corporation of India is one that offers a complete system of services that protects and secures the house owner from a number of hazards. It takes charge of all your belongings and the house hold contents. This includes the furniture, valuable items, domestic durables, electrical and electronic equipments and machines, liquid cash to certain limit against any kind of damage or loss.