Home Insurance For Buyers

In India, home insurance is still a new idea. But we can’t deny how important the same thing is. It’s surprising that we’ve all heard of life insurance and that most of us have probably also bought one for our families. It’s strange that we want to protect our lives from anything that could go wrong, but we don’t feel the same way about our homes. Since we spend almost all of our life savings on a home, it is important that we understand home insurance and make sure our homes are covered in case of a disaster.

It is not very expensive and usually, costs between Rs 800-1000 per 10 lacks worth of property. There are two kinds of insurance for homes:

• A policy that covers the structure of the building
• structure of the building and permanent fixtures and fitting
• Covers the things inside the home.
• Furniture, jewelry, gems, electrical and electronic equipment, etc.

You can choose a policy that covers either the house’s structure or its contents, or both. Typical disasters that are usually covered are:

• Fire
• Lightning
• Storms
• Floods
• Water tanks and pipes
• that burst or leak
• Earthquakes
• Terror attack
• Explosion

The market value of the things in the house is covered. This means that the claim would be paid for the item’s current market value minus its loss in value, not for how much it cost to buy. On the other hand, a policy for the building’s structure only covers the cost of building it, not the property’s total value.

But you are not covered if you damage the property yourself or if it gets damaged because of normal wear and tear. You can get insurance for either an apartment building or a single-family home. Home insurance does not cover properties that are being used as a home office, as part of a plotted development, or as a “kutcha.”

Unlike cars whose value depreciates from the moment you purchase them, houses generally increase in value over time. If you see it from a future perspective, owning a property is an investment that will ensure your financial security in years to come. Hence, it becomes very important that you protect your home with a comprehensive insurance policy.

When it comes to a home insurance policy, you must be well informed about what risks are covered by the policy and also the exclusions. You must be familiar with the process of filing a home insurance claim as this will help you contact your insurer without any hassles in case of an accident. Here’s a general outline of the claim filing process.

• In case of an accident, ensure your safety and the safety of the home first. If you can, take all possible steps to avert the damage.
• Contact your insurance provider through the helpline number, fax, or mail and explain the damage caused.
• If possible, take snaps of the damaged parts of your property. Also, ensure that you keep the bills and receipts of the services that you have availed yourself of after the accident.
• Depending on the nature of the accident and the extent of damage, your insurer will ask for supporting documents. Make sure you submit all necessary documents along will the duly filled claims form.
• A surveyor may be appointed by the insurer to assess the damage.
• After the claim is validated, you will be offered a suitable reimbursement by the insurer.
• Documents Required for Filing a Home Insurance Claim
• Having all the necessary documents in place will ensure a quick claims process. Below are some of the necessary documents for filing home insurance claims.

Duly filled claims form signed by the insurer and the insurer’s legal representative

Evidence of the event, the extent of loss, and nature of accident – some of the valid independent evidence reports include First Information Report (FIR), rent agreement, court summons, repair bills, legal opinion if applicable, fire brigade report, invoices of owned belongings, hospital bills, bills of suppliers for replacement, etc.

Depending on the nature of the claims made, additional documents may be asked for. Also, keep a copy of the policy, policy number, identity, and address proof to be shown if required.

The following tips will help you make your home insurance claims process faster.

• Read the policy document carefully to understand your inclusions and exclusions. You must know what can be claimed for and what is excluded from your policy.
• Always store your documents carefully. Safely file all the receipts and bills regarding the contents of your house. This will greatly simplify the process of making a claim.
• Enter the correct details when it comes to the valuation of household goods.
• Always make it a point to follow up with the insurance provider after you have made a claim.
• Ensure that your claims form is carefully filled with all necessary details to avoid any bureaucratic delays.

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Disclaimer: The opinions shown above are mainly for informational reasons and are based on market research. Deal Acres is not responsible for any actions made as a result of relying on the provided material and makes no representations as to its accuracy, completeness, or reliability.