Housing Society Insurance

Housing society insurance is a type of insurance coverage designed to protect residential buildings and their shared assets. The insurance plan protects the building, its apartments, parking areas, lifts, etc., against unforeseen events such as fire, theft, natural disasters, or accidental damage.

With the plan in place, society and its residents can manage the cost of repairing and rebuilding the damaged building. It ensures that repair costs do not become a financial burden on residents.

• Financial Security Against Risks: With insurance for a housing society, you can have financial support against various risks such as fire, accidental damage, theft and natural calamities like earthquakes and floods.
• Protection for Common Asset: The plan provides coverage for the shared and common spaces, such as the parking lot, lift, garden and clubhouse, against unexpected loss or damage.
• Coverage for Building Structure: The housing or residential society insurance covers the cost of repairing or rebuilding the society's structure in the event of unexpected loss or damage.
• Reduced Financial Burden on Residents: With the plan in place, residents do not have to worry about the hefty repair and maintenance costs.

TATA AIG offers home insurance plans for residential societies, with flexible features to suit individual needs. Here are the two main home insurance plans offered by TATA AIG.

TATA AIG Bharat Griha Raksha Policy

• Comprehensive Structural Coverage: Offers protection to the main building and its permanently attached fixtures, fittings, and internal walls. It extends to common property and to additional on-site structures, such as compound walls, gates, fences, internal roads and parking spaces.
• Protection Against Major Perils: Coverage against unexpected disasters, including fires, explosions, lightning, earthquakes, volcanic eruptions, storms, cyclones, floods, landslides, bushfires, acts of terrorism, missile testing operations, and riots.
• Loss of Rent Cover: The policy also compensates for lost rent or the cost of alternative accommodation for a reasonable time required to complete repairs, up to a maximum of 3 years.
• Home Content Cover: Covers the accidental physical loss, damage, or destruction of your home's general contents due to sudden, unforeseen events such as fire, lightning, etc. With an optional add-on, you can also secure valuable items such as silverware and jewellery.
• Personal Accident Cover: If an insured event damages your property and results in the accidental death of you or your spouse, a payout of ₹5,00,000 per person will be provided.
• Automatic Payout Restoration: After a claim is settled, the insurance coverage is fully restored to the original maximum amount for the remainder of the policy period, subject to a proportionate premium adjustment.

TATA AIG Smart Home All Risk Policy

• All Risk Structural Protection: Protects insured buildings against sudden, accidental, and unforeseen physical loss or damage from covered fortuitous causes.
• Fine Arts and Valuables Risk: Covers physical damage to your artwork and valuables, but if an item belongs to a set, the policy only pays for its individual value, not the value of the whole set.
• Temporary Shifting Cover: For policies running a year or longer, it covers the costs of packing, transporting, and unpacking your contents to and from alternative accommodation.
• Leak and Seepage Tracing: Reimburses up to ₹10,000 to locate and access the source of a water leak from the building's pipelines, roof, or ceiling, provided the previous policy year was claim-free.
• Add-ons Options: Includes several optional add-ons, such as personal accident, public liability, EMI protection, etc., to enhance your standard property and contents coverage.

There are various inclusions under TATA AIG’s home insurance coverage for the housing or residential society insurance.

TATA AIG Bharat Griha Raksha Policy

• Coverage for home building structure and permanent fixtures against insured damages.
• Protection against fire, explosion, earthquake, flood, storm, landslide, etc.
• Coverage for general household contents such as furniture, appliances and electronic items.
• Optional protection for valuable items like jewellery, paintings and antiques.
• Coverage for architect fees, debris removal and alternative accommodation expenses.

TATA AIG Smart Home All Risk Policy

• Coverage for physical loss or damage to the building and home contents from unforeseen events.
• Coverage for temporary shifting, alternative accommodation and loss of rent.
• Protection for portable electronics, jewellery, fine arts and valuables.
• Compensation for lock and key replacement, preventive maintenance and leakage tracing expenses.
• Optional add-ons such as personal accident cover, public liability and EMI protection.

• Loss or damage caused due to normal wear and tear, gradual deterioration, rust, corrosion or ageing of the property.
• Damage arising from poor maintenance, structural defects, faulty workmanship or existing damage before policy purchase.
• Loss or damage due to intentional acts, negligence, illegal activities or fraud by the insured person.
• Damage or loss caused by war, invasion, nuclear risks, chemical contamination or similar hazardous events.
• Loss or damage occurring due to misrepresentation, non-disclosure of facts or submission of false documents during claims.

Note: These are common inclusions and exclusions under the plan. Kindly refer to the policy document for complete details.

TATA AIG housing society insurance plans offer various add-ons to enhance the coverage based on the specific needs of your residential society.

Add-ons Under Bharat Griha Raksha Policy

• Valuable Contents Cover: Coverage for valuable items such as jewellery, silverware, artwork and paintings.
• Personal Accident Cover: Pays up to ₹5,00,000 per person in the event of the insured's death.
• Temporary Resettlement Expenses Cover: Covers the cost of shifting to a temporary place if the home becomes unfit to live in.
• Accidental Damage - General Contents: Covers the cost of damage to general household items except portable electronic and electrical devices.
• Personal Liability Cover: Pays the compensation amount if the accident results in death, disability and injury to a third party.

Add-ons Under Smart Home All Risk Policy

• Breakdown of Domestic Electrical and Electronic Appliances: Covers the cost of repairing the electrical appliances damages due to electrical or mechanical breakdown.
• Fraudulent Charges: Reimbursement of unauthorised transactions made through your lost, stolen or misused payment card, SIM card, subject to policy terms.
• EMI Protection Cover: Pays the home loan EMIs if the accident results in death within 12 months or leads to permanent disability.
• Preventive Maintenance Expense: Covers the cost of preventive maintenance of the insured building.
• Personal Accident: Provides the compensation amount as per the policy clause if the accident results in death or disability of the insured.

Note: These are some add-ons under the home insurance coverage. Kindly refer to the policy document to know the complete list of add-ons.

When buying a housing society insurance policy, keep factors such as the sum insured, coverage type, etc., in mind to make informed decisions. Here are descriptions of some factors to consider when buying a plan.

• Extent of Coverage: Ensure that the plan protects society buildings and common areas, such as parking spaces, clubhouses, etc. Go with a plan that offers comprehensive protection against various risks.
• Accurate Sum Insured: When buying a plan, choosing the right sum insured is essential. Always assess the actual repair and reconstruction of the building to ensure adequate financial protection.
• Inclusion and Exclusion: You also need to analyse what is covered under the housing insurance plan and what is not. This will help avoid surprises when making a claim.
• Geographical Location: The location of the residential or housing society should also be considered, especially if the area is prone to floods, earthquakes or other natural calamities.
• Claim Settlement Ratio: Before purchasing a policy, check the insurer’s claim settlement ratio to understand how efficiently the company settles claims and supports policyholders during emergencies.

• Apartment Owners: Those who own flats in a housing society should opt for this insurance to help protect the building structure and shared spaces from unexpected damage.
• Resident Welfare Associations: RWAs managing day-to-day operations and maintenance of the society should ensure proper insurance coverage for common assets and facilities.
• Society Developers or Owners: Builders or developers responsible for managing or handing over residential complexes should consider it to safeguard large-scale property assets.
• Societies in Risk-prone Areas: Housing societies located in regions exposed to floods, fire, earthquakes, or theft should strongly consider this insurance for better financial protection.
• Tenants: Tenants living in a housing society should also consider investing in home and contents insurance to protect their valuable assets within the building.

• Step 1: Scroll to the top of this page and in the quote section, add name, pincode and phone number. Hit the “Submit” button.
• Step 2: Once the details are entered, our representative will call you to guide you through the housing insurance plan.
• Step 3: After that, provide the required information and complete the purchase by paying a premium.

Here are the steps to file a claim for the housing society insurance policy with TATA AIG.

• Inform TATA AIG Representative: Call our helpline number (022-6489-8282) to inform about the damage and loss to the insured property.
• Notify the Respective Authority: You also need to inform the relevant authorities, such as the police in case of theft or the fire department in case of a fire hazard.
• Prevent Further Damage and Loss: Ensure you take all necessary safety measures to avoid further loss or damage to the property.
• Coordinate with Surveyor: After that, our assigned surveyor will visit your home to assess the damage and loss of the insured property.
• Submit Claim and Other Documents: You must submit the claim form and supporting documents to our representative within 30 days of the incident.
• Claim Verification and Settlement: We will verify the documents and, based on that, provide the claim decision. Once approved, you will get the settlement amount.

• Filled and signed claim form submitted by the policyholder.
• FIR copy for claims related to theft, burglary or similar incidents.
• Fire Brigade Report for losses caused by fire accidents.
• Reports or documents submitted to other concerned authorities, if applicable.
• Photographs showing the extent of damage or loss to the property.
• Property-related documents such as title deed, occupancy certificate, completion certificate, architect’s report or building layout plan in case of total loss.
• Signed the EFT mandate form along with a cancelled cheque for claim payment processing.
• CKYC documents, including PAN card, address proof and CKYC form for claims above ₹1 lakh.
• Weather reports or news articles supporting claims arising from natural calamities.
• Repair quotations, estimates and invoices for reinstatement or repair work.
• Information regarding any other insurance policy covering the same damage or loss.
• Any additional documents requested by TATA AIG during claim assessment and processing.

Calculating the premium of housing society insurance is easy when you understand the factors that influence the policy cost. Insurance providers factor these components into their premium calculations.

Along with this, you can also use the online housing society insurance premium calculator to know the premium. Let us understand the different factors that affect the premium.

• Sum Insured: If the sum insured is high for the housing society insurance policy, then the premium will also be high.
• Size and Age of Building: Large residential complexes or older buildings attract a higher premium than new buildings or small complexes.
• Add-ons Selected: If you select additional add-ons during plan purchase, they will also increase the premium.
• Security Measures: If the society is equipped with CCTV cameras, fire safety systems and security guards, then you will get a discount on the premium due to reduced risk.
• Location: if the residential society is situated in high-risk areas, such as flood- or earthquake-prone areas, it will attract a high premium.

A housing or apartment society insurance policy is essential to protect the society's structure and common spaces from various forms of damage. The plan helps ensure that residents do not have to bear the hefty repair and rebuilding costs.

If you are looking to buy home insurance, TATA AIG offers affordable plans tailored to your needs. Our home insurance not only covers the building structure but also the contents inside it.

We also offer valuable add-ons, such as personal accident cover, fraudulent charges and public liability cover, for customers who want to enhance their home insurance coverage. Secure your building with our customised home insurance cover now.