Home Insurance has evolved as one of the most enterprising sector in the real estate scenario in India. As the growth curve of investments in Indian real estate sector escalates, more and more insurance companies are making their foray into the home insurance sector.
Home insurance policy is a guarantee provided by the insurance company that combines insurance on the home, its contents the personal possessions of the homeowner, as well as insurance covering accidents that may happen at the house like fire and natural calamities. The coverage of the risk however depends on the type of policy.
There are mainly two types of home insurance in India.
- Building insurance
- Content insurance
Buildings Insurance
Different home insurance companies have different specifications for policy coverage. It is recommended that you check the terms and conditions of the policy. Home insurance plan for buildings are usually meted out on conditions as per the policy terms arising out of conditions like
- Fire, Lightening, explosion of gas in domestic appliances
- Bursting and overflowing of water tanks, apparatus or pipes.
- Riot, Strike, Malicious or Terrorist Act
- Flood, Inundation, Storm, Typhoon, Hurricane, Tornado or Cyclone
- Damage due to earthquake, subsidence and Landslide (including Rockslide).
- Damage caused by Aircraft Impact damage
- Third party liability and personal accident.
Content Insurance
Contents insurance for home insurance plans includes protection to movable goods, possessions or contents in the house; anything that is not a fixed parts of your home, for example your appliances, electronic goods, furniture and clothing. Content insurance offers protection against various perils including:
- Fires
- Storms/flooding
- Explosions
- Theft and vandalism
- Valuables such as jewellery, cameras and watches against all risks,
- Cover against all kinds of accidental breakage of plate glass fixed in doors and window frames.
- Loss/damage to domestic appliances due to electrical and mechanical breakdown.
Calculation of the Home Insurance Premium or Amount
The factors to be kept in mind while calculating the insurance premium and accepting the home insurance quote being offered by the home insurance company are:
- Area of the House (calculated in sq.ft.)
- Location and neighborhood
- Approximate rate of construction (calculated in Rs. Per sq.ft.)
- Permanent construction on the land
- The time period offered for the insurance premium (monthly, quarterly or six monthly depending upon the insurance amount) Property more than 50 years old is not covered in home insurance
- The insurance policy offered is standard or flexi covering
Home Insurance Claim
The claim settlement procedure home insurance includes:
- Inform the call center with policy details.
- Provide relevant information, which includes your policy and other details regarding your claim. Consequently, your claim request is authenticated and is escalated to the company's claims department.
- Company's claims department validates and registers the request. They appoint a surveyor within 48 hours.
- The insured submits all the relevant documents to the surveyor. The surveyor submits the Final Survey Report (FSR) along with the documents within 7 days.
- If surveyor is not appointed, the company's claims department sends a letter of requirement for submitting documents to the insured within 24 hours of claim intimation.
- On receipt of documents, the claims department processes the claim within 7 days. On approval of the claim, a letter is send to the insured giving the approved amount of settlement along with the discharge voucher.
- Payment cheque is released on receipt of the signed discharge voucher.
List of Documents Required
- Duly completed and signed claim form
- Xerox copy of policy
- Copy of FIR
- Final Report from police
- Copy of all invoices, price lists, repair estimates
Some other documents may also be required at the time of claim settlement as par the policy.
Home Insurance Companies
Below mentioned is a comprehensive list of the top home insurance companies in India.
- Bajaj Allianz
- ICICI Lombard - Icici Lombard General Insurance
- National Insurance Company Ltd.
- Oriental Insurance Co. Ltd.
- The New India Assurance Co. Ltd.
- Tata AIG General Insurance Company Limited
- United Indian Insurance
- Quality Buildings Insurance from Royal Sundaram
- IFFCO-TOKIO General Insurance
- Home Suvidha
Travel Medical Insurance:Medical treatment away from home can be expensive and evacuation from a life threatening situation can cost thousands of dollars more than the cost of the trip abroad.
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