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Home Insurance

Home Insurance

What great pleasure lies in the often repeated statement, ‘I am home’. A home is a place of rest, sanctuary and the word itself signals peace and finality. A house also entails a tremendous expenditure of money, emotions and time- a onetime investment in many of our lives. Thus, securing this symbol of independence and achievement, against natural calamities and man-made conditions, is an extremely important concern. Ergo, the need for a good, comprehensive and timely Home Insurance Policy.

In India, Home or Property Insurance is a popular banking product. Being secure is better than being sorry- the essential tenet behind the concept of insurance, applies particularly to an emotional and costly insurance such as your family home. Aside from the structure itself, a good home insurance policy provides protection to the items/ implements/ appliances and prized possessions included in the home. A trusty home insurance policy is not just the protector of your cherished home, but the precious and unique memories and emotions that reside therein.

Features and Benefits of Home Insurance:

Subscribing to a comprehensive home insurance policy allows you to enjoy the features and benefits, following...

Given below are some of the key benefits of travel insurance plans -
  • Complete coverage against financial liabilities arising from the damage/loss of your home and/or its contents due to natural or man-made reasons.
  • Thoughtful additional covers including Burglary and Theft Cover, Earthquake Cover, etc. for specialized protection.
  • 100% mental peace when there is a solid security to fall back on, especially in these times of social strife and environmental upheavals.
  • Applying for a home insurance policy is simple, the turnaround times are quick and almost all banks in India offer this very dynamic product.
  • After the calamity that resulted in the damage/loss of your home, the on-time home insurance payouts will massively assist in helping the family put their lives back together. A big relief in such a trying time.

Eligibility for Home Insurance:

There are certain criteria that you must fulfil in order to obtain a home insurance. This varies widely from company to company. However, most companies have minimal requirements when it comes to home insurance. They are:

  • Home Insurance Policy can be bought by individuals or by companies. Individuals who are Indian residents and the owner / occupant of a property can get a Home Insurance Policy. Home Insurance - multi year policy, however, can be purchased only by the owner of the house/flat.
  • To buy Home insurance for a society, any authorized member of the particular society’s managing committee can make the purchase. The policy will be issued in the name of the society and will cover the society building as well as the utilities that are for common use in the society.
  • It’s not just owners who can get home insurance. Many insurance companies provide cover for contents to tenants as well. Contents insurance will cover your possessions against loss or damage by lightning, fire, theft, smoke, flood etc. Everything from personal belongings, furniture and electrical items including washing machines, dryers etc. can be covered. You must read the fine print carefully before buying cover as a tenant. What is covered will vary from company to company. For example, certain insurers will not cover contents if you live in a shared accommodation. There are many such exceptions that you must look out for.

Home Insurance Claim Process:

Given the times we live in, one cannot be entirely safe at home or even outside. The same risk extends to our prized belongings too, like our house or vehicles. So, while vehicles are protected by a motor insurance policy, our house also requires similar protection, which can be provided by a home insurance policy. One of the most crucial elements of a home insurance policy is the claim settlement process. A smooth claim settlement process can easily make or break a home insurance policy. The process of claim settlement is very crucial to a home insurance policy and it is important for every home insurance policy owner to familiarize themselves with the basics of the process. So, here are a few handy pointers to remember when you have to make an insurance claim.

  • First and foremost, evaluate the damage that the house has sustained. Even if there has not been any major damage, it is important to get an estimate.
  • If the house has been burgled or there has been a theft, the immediate step must be to contact the place to file an FIR, and also contact your insurance provider.
  • One of the more important things to do, in a situation where the house has sustained damage is to record the same via photographs. Take photos of the house or your could record the same on video by walking through every part of the house. Also, do not toss away the items inside the house which may have been damaged. All his is necessary in order for you to substantiate your claim.
  • When assessing the damage caused, you must take all the costs into consideration like the cost of labor, materials and even the items inside the house which have been lost or damaged. Also, add any cost that you might incur on alternate living arrangements while your house is under repair.
  • It is important that you contact your insurance provider before taking any action.
  • Find out the time limit that your home insurance policy carries regarding the filing of claims. Usually, companies have a time limit within which you must file for a claim.
  • You must ensure that no further damage is caused to the house. Also, make sure you save all receipts on whatever expenses you do incur and submit the same to the insurance provider.
  • Once you have notified the insurance company about the damage, you will be required to fill up the claim form. Ensure that you do not miss out any details and also provide correct information. Also, given that insurance policies are often time bound when it comes to filing of claims, try sending the filled out form at the earliest so the claim process can be initiated.

Following this, once the company has received your Claim Form, the insurance company will send a Surveyor or Adjustor to inspect the damage that the house has undergone. Though the insurance company is very unlikely to disapprove of your claim, the surveyor’s report of the damage definitely holds ample weightage in the decision.