Home Insurance 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:

• Offers comprehensive coverage to the content as well as structure of your home.
• Secures your assets from uncertainties.
• Reduces stress in case of unforeseen circumstances by having a good home insurance plan.
• Makes timely insurance payouts allowing families to start the rebuilding process quickly.

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.

Yes, she can buy a home insurance policy from two different insurance companies. Your sister will receive the claim amount on a proportionate basis in case of a claim

The formula for finding the valuation of your home structure is calculated by multiplying the area of your home with the construction per sq feet rate, as on the date of policy issuance. Say for instance, if your home is 2,000 sq feet and the rate of construction per sq feet is ` Rs 800, then the total sum insured for the building structure of your home will be `Rs. 16,00,000. The contents, however, are assessed depending on the market value of the items. In case of a loss, the claim would  be paid on the value of buying a similar new item, minus the amount of depreciation for the usage.

Yes, you may go ahead with an additional insurance since the home insurance that your society has opted for would cover only the structure and not your home contents. Therefore, it is imperative for you to buy home content insurance cover for your belongings.

No, your home insurance company won’t reduce your premium if you opt for fire extinguishers. This particular Fire Extinguishing Allowance [FEA] would be applicable only for the entire building, which the society can opt for

In case of a burglary claim, an amount up to 75% of the claim would be payable depending on the report issued by the surveyor after receiving the copy of the first information report (FIR). Once the final police investigation report is submitted to the insurance company, the balance amount would be settled.

In case you wish to sell your property during the insured period, all you need to do is cancel the home insurance policy and request the insurance company to pay back the premium.

Yes, all three of you can buy a separate home insurance policy for your own part of the asset.

No, you do not get any tax benefits on the premiums that you pay towards a home insurance policy. But, your main motive should be to protect and secure the house of your dreams as well as your belongings against the financial implications of any loss or damage.