Natural or man-made disasters such as earthquakes, floods, or fires can wreak havoc on your home and property.
This can lead to significant financial losses. To protect you from these disasters, it is important that you buy home insurance. If you get insurance on your own, you will have to remember that you are getting the best prices.
For this, do a comparative study of home loan companies, and select the one that best suits your needs. Home insurance will protect you from financial losses in the event of an unforeseen accident damaging your home and its contents.
Types of Home Insurance
Insurance companies offer a variety of local insurance schemes to cater to the needs and requirements of the clients. Various types of home insurance provide protection against unforeseen financial losses. You can use all of them or choose the ones that best suit your needs. The different types of home insurance are:
• Property/building insurance
• General fire and special hazard policy
• Personal risk
• The inclusion of public debt
• Host package (burglary and theft)
Covered things under Home Insurance
Home insurance offers coverage that not only protects the house but also the contents inside it under a variety of conditions. Let’s take a look at the coverage offered under home insurance.
• Damage or loss of household contents
• Damage or loss of valuables and jewelry
• Loss of content due to theft or burglary
• Loss or injury due to disasters such as fires, explosions, hurricanes, typhoons, earthquakes, riots, lightning, floods, terrorism, etc.
Not covered things under Home Insurance
Apart from the general provision, certain conditions are not covered under home insurance. This is also called discharge. Let's look at some of them:
• Unlawful loss or damage to property
• Loss or damage to the house if left unoccupied for more than 30 days and failed to notify the company
• Electrical, electrical, and mechanical manufacturing problems
• Apartment, a building over 30 years old
• Non-disclosure of any information
• Frequent outbreaks
Home insurance is an important factor in protecting your home from unforeseen circumstances. Let's take a look at a situation where you can buy home insurance.
• Anyone who owns a place
• Employers who use rental space can also verify the contents of the premises
Procedure to claim Home Insurance in India
In the event that something happens, you will need to register the claim when you need to contact the insurance company. The following are the steps to take the claim process forward:
• Call the insurance company's 24 × 7 insurance number to immediately notify them of the problem
• In case you get lost or stolen, lodge a complaint or MOTO with the provider
• Provide other necessary information such as policy number and details regarding the claim
• Once the claim has been registered with the company, an inspector is given an inspection of the case
• Provide other necessary documents to move the case forward such as photos and other causes of loss
• The surveyor will send the research report to the provider
• If the provider finds the right case, it will claim compensation from your account, otherwise it will refuse you
• If you are not satisfied with the case, you can go to court
Required Documents for processing claims
When reporting a claim, all documents must be available for prompt and efficient operation. Different sets of documents are required for different types of claims. Some of the texts are:
• Complete the application form in full
• Structure plan
• FIR or fire brigade REPORT in the event of theft or loss
• Debts / receipts
• KYC documents
• Canceled check page for your bank account to claim the claim
List of companies that provides Home Insurance in India
As construction costs skyrocket, many insurance companies in India now offer low-cost home insurance. Some of the companies that offer home insurance in India are:
• ICICI Lombard
• HDFC Ergo
• Bajaj Allianz
• Royal Sundaram
• Controversy AIG
Before completing a home insurance program, compare and evaluate different insurance companies and plans. It makes sense to know some important factors before getting a policy. Let's look at some of them.
• When calculating the value of your home to be insured, there are a few things to keep in mind: land, building, and the cost of your property. Your insurance provider will only protect your home with construction costs. Therefore, if your construction costs are Rs 40 lakh, but their market value is Rs. 1.25 crore, your policy will only consider Rs. 40 lakh.
• Your insurance provider gives you cover for the cost of rebuilding a house, not for its market value or its assets. The contents of your house, moving furniture though it may be, continue to accumulate in your house over the years. This content may add up to a certain amount, and it will definitely be destroyed along with your house in the event of a disaster.
The furniture you buy for your house is actually a commodity you can use over the years, which is why it is always a good idea to invest in its insurance. This is why it is important to include the amount of items in your house while making the value of your home.
• Your home insurance needs to be updated from time to time to ensure that your home is not provided. The value of your assets continues to rise over time, as will the cost of restructuring. In that case, if you do not adjust your cover from time to time, and then expand it accordingly, you will be putting yourself at greater risk.
For example, if you buy Rs 30 lakh home insurance, and five years later the cost of rebuilding your house is Rs 50 lakh, and you do not add your cover properly, you will only be compensated with Rs 30 lakh. In the event of a disaster, you will not be able to rebuild your home according to your standard of living.
Benefits of Buying Home Insurance
Given the types of protection offered under home insurance, people should consider themselves and not take it lightly. Other benefits of buying home insurance are:
• You are covered by financial loss through theft, burglary or other natural disaster
• Provides content coverage and other valuables such as jewelry
• You get the cost of replacement and remodeling
• Attractive discounts make it an affordable policy