Is your dream kitchen insured? What you need to know
What's the story
Think your bespoke kitchen and handcrafted staircase are safe under standard home insurance?
Think again! Custom-built features bring a unique charm to your home, but insuring them requires special attention.
In India, where personalized home designs are trending, failing to declare these beauties can leave you underinsured.
Don't let your investment go unprotected—discover how to cover what makes your home uniquely yours in this guide to securing insurance for custom features.
Policy basics
Know your policy details
Standard home insurance policies in India generally cover the basic structure and contents.
However, custom-built features that increase your property's value might require additional coverage.
It's important to read your policy or consult your insurer to understand what's covered or not.
High-value customizations usually need distinct riders or endorsements, so knowing your policy's details is key to ensuring complete protection.
Accurate valuation
Valuation of custom features
The importance of accurately valuating custom-built features for proper coverage.
Unlike regular fixtures with a set market price, custom pieces require a more complex valuation, factoring in materials, craftsmanship, and design uniqueness.
Homeowners should obtain professional valuations and communicate them to their insurance provider, ensuring their policy accurately captures the unique value of their property.
Policy updates
Update coverage regularly
Major home improvements and additions can drastically change the value of your property and its contents.
It's crucial to notify your insurance company about any significant upgrades or additions to maintain adequate coverage.
Neglecting to update your policy can lead to underinsurance, meaning you may not be fully compensated in the event of damage or loss because the insurer was not aware of the true value of your insured assets.
Exclusions awareness
Understand exclusions and limits
Insurance policies do not cover claims resulting from wear and tear or neglect in maintenance. There are also limitations on claims for specific types of damage.
Being aware of these beforehand can save you from unpleasant surprises at the time of claim settlement.
This makes it all the more important to understand the details of your policy, especially when it comes to insuring unique assets.