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.
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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