A Home Insurance policy offers coverage in case of any unforeseen events right from natural disasters to accidents.
Therefore, buying a house or a property is considered a big investment ensuring peace as well as financial protection in the coming years. This is the reason securing your house with a home insurance is very Important.
It is also important to read the policy document to understand what is covered, other terms and conditions and the claim process.
You cannot ignore home insurance since it is extremely important with the number of benefits that it offers: • Offers coverage for household and building content • Offers comprehensive protection to the content as well as the structure of the home • Offers coverage against burglary, theft as well as fire and allied perils • Offers peace of mind • Offers security to your assets thereby protecting it from any mishaps • Offers flexibility to buy online within minimum documentation
Reinstatement cost is the cost for reconstructing the damaged property. The cost of reinstatement includes the value of foundation, but not the land cost.
Ensuring your as well as your homes safety first, it is important to follow all the possible steps to avert the loss or damage to prevent the damage
Submit the documents required by the insurer to have a hassle-free and smooth claim settlement. Duly filled in claims form, FIR copy, original policy document, evidence of the extent of the loss or damage and the nature of accident, repair bills, rent agreement, fire brigde report, supplier’s bill, and invoices for the contents owned by you, court summons, etc.
Post verification, the insurer will settle your home insurance claim once the claim has been validated
Remember that your insurer may ask for additional documents depending on the nature of claim.
Apart from covering the structure itself, a good home insurance policy also offers protection to the objects, costly belongings as well as appliances in the home. So, opt for a home insurance plan that doesn’t only secure your dream home, but also those precious memories and emotions that resides therein.
A good home insurance plan:
A comprehensive home insurance policy offers coverage for the below:
· 100% mental peace in case of environmental catastrophe and social strife
· Offers coverage against liabilities that may arise due to loss/damage to your home or the household items or other contents due to man-made or natural calamities
Yes, insurance companies permit you to increase the sum assured of your home insurance policy. All you need to do is make the payment of the premium for the increased sum assured at the time of renewal.
· Intimate the insurance company. Fill and submit a duly-filled claim form with a rough estimate of the repairing cost. It is advisable not to carry on any repairing work at this stage simply because there are chances of claim rejection by your insurance company.
· Once the insurance company receives the claim form and the required documents, a surveyor would be appointed by the insurance company to visit your house in order to inspect and assess the extent of damages.
· The inspector/surveyor will file a report basis his findings. The insurance company will then either approve or reject your claim application based on the surveyor’s report.
· This is the time when you can undertake repair work if you wish to. After completion of the work, the inspector/ surveyor will re-visit your house. A detailed report will again be made by the surveyor depending on the repair and cost to the insurance company.
· The insurance company will then make a net liability on the basis of the surveyor’s recommendation after receiving the necessary bills and receipts.
· In case the insurance company accepts your claim, you will receive a cheque at your postal address. But, in case your claim gets rejected, the insurance company will inform you via a repudiation letter.
Yes, she can buy a home insurance policy from two different insurance companies. Your sister will receive the claim amount on a proportionate basis in case of a claim
The formula for finding the valuation of your home structure is calculated by multiplying the area of your home with the construction per sq feet rate, as on the date of policy issuance. Say for instance, if your home is 2,000 sq feet and the rate of construction per sq feet is ` Rs 800, then the total sum insured for the building structure of your home will be `Rs. 16,00,000. The contents, however, are assessed depending on the market value of the items. In case of a loss, the claim would be paid on the value of buying a similar new item, minus the amount of depreciation for the usage.
Yes, you may go ahead with an additional insurance since the home insurance that your society has opted for would cover only the structure and not your home contents. Therefore, it is imperative for you to buy home content insurance cover for your belongings.
No, your home insurance company won’t reduce your premium if you opt for fire extinguishers. This particular Fire Extinguishing Allowance [FEA] would be applicable only for the entire building, which the society can opt for
In case of a burglary claim, an amount up to 75% of the claim would be payable depending on the report issued by the surveyor after receiving the copy of the first information report (FIR). Once the final police investigation report is submitted to the insurance company, the balance amount would be settled.
In case you wish to sell your property during the insured period, all you need to do is cancel the home insurance policy and request the insurance company to pay back the premium.
Yes, all three of you can buy a separate home insurance policy for your own part of the asset.
No, you do not get any tax benefits on the premiums that you pay towards a home insurance policy. But, your main motive should be to protect and secure the house of your dreams as well as your belongings against the financial implications of any loss or damage.
You very well know that you’ve paid for it but are hoping to never require using it! When you file an insurance claim, you probably have suffered some type of loss or damage that is insured by your Insurer. This is when your Insurer offers you coverage and compensation for the losses covered or for the damages after validating your claim. So it is vital to be familiar with the claim process to avoid any headache at the later stage.
You may have bought an insurance policy, yet have thousands of queries and doubts. Our ‘Your Policy’ section is the fastest way to resolve your insurance related doubts and queries. All you need to do is attach your active insurance policy and write to us about your queries. We never let our customers down.
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