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
- 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
- Applying for a home insurance policy is simple, the turnaround
times are quick and almost all banks in India offer this very
- 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
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
- 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
- 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
- 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
- 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
- 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.