Home Insurance
Home Insurance
There are two types of home insurance policies — basic fire insurance policy and a comprehensive policy, also called the householder’s package policy (HPP). … The basic cover bifurcates into two: one covers the structure of the building against fire and other allied perils and the second covers the contents of the house.
Advantages of Home Insurance
Comprehensive Cover
Home insurance policy offers comprehensive coverage to both, the structure and contents of your home, against a wide range of risks such as fire, lightning, earthquake, theft, riot and other hazards.
Replacement Cost Cover
Homeowner insurance policy will pay for the expenses of replacing your personal belonging which got damaged in an unfortunate event with the brand new items of the same quality.
Affordable Premium
Home insurance comes at comparatively low premium rates. Also if proper safety equipment like burglary alarm are installed at home, then insurers also offer attractive rebates on your premium.
Quick Claim Settlement
Householders insurance policy claims are usually promptly settled, allowing families to start the reconstruction process quickly and helping them to reduce stress and move back to their normal lives.
Query?
FAQ
General Question
The claim settlement process of home insurance is simple and hassle-free. In the event of a claim, you need to intimate the insurance company and register the claim. Then you need to submit a claim form with basic details like nature of loss, location of loss, the approximate amount of loss and policy number.
Documents play an important role while filing the home insurance claim. Apart from duly filled claim form, some of the important documents which need to be submitted to the insurance company are - FIR copy, fire brigade report, a brief summary of the incident, KYC form, repair estimates and original invoice for replacement. This list might vary according to the nature of the event and the clauses as per your policy.
If your house is damaged, you should never undergo reconstruction or repair work without intimating the home insurance company, as it may cause claim denial. Instead, you should inform the insurance company about the damage and register your claim. Their surveyor will visit your house to access the extent of damage and accordingly will ask you to repair the damages. Once the work is completed, the surveyor will revisit, then you can submit all the documents and bills to him so as to process the claim further.
If you live on rent, the landlord is responsible for the maintenance of the building. Hence its up to them to cover the house structure under home insurance.
But you would be responsible for those contents which belong to you while you are living in the rented house. If any accidental damage happens to them then you will have to bear all the cost of replacement. Hence it is recommended to buy home insurance with content cover if you live on rent.
Home insurance policy offers coverage to home contents like furniture, precious valuables like jewellery, expensive belongings, furnishing items, electronic devices like refrigerator, television and washing machine and portable items like laptops.