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Home Insurance

Home has always been a special place for every individual and every customer in India knows that value. A home is a place of rest, sanctuary and the word itself signals peace and finality. There is no such place like home in the entire Universe - it is a place where you and your loved ones can rejoice, weave thousands of memories that last for a lifetime. So we need to protect our homes from every disaster whether it is natural or man-made and there can be no better option than having a home insurance - A home insurance protects our homes from any unforeseen events.

Home Insurance covers: Losses due to natural and man-made calamites like aircraft damage, lightning, storms, cyclone, flood, riots, strike, fire, missile testing operations, earthquake, burglary and theft (can be extended to silver articles, jewellery, precious stones and other valuable items – provided these are kept in a locked safe within the home premises). However, some policies do not cover flood or overflow of the sea, rivers and lakes due to earthquake.

Home Insurance does not cover: Wear and tear, depreciation, cash loss, losses caused due to war, invasion, nuclear war and loss/damage caused to electric equipment due to over-running or excessive pressure.

Types of Home Insurance

1. Building Insurance: Covers only the structure of the house. The policy covers: the reconstruction cost (only for the built-up area as per the construction rates fixed by insurance company), flood, earthquake, storm, cyclone etc. and also for man-made disaster like strikes, riots etc.

2. Contents insurance: Cover that protects the valuable belongings like precious jewelry, electrical appliances, furniture etc. - provided these are kept in a locked safe within the home premises. However, the policy does not include cash, stocks, bonds and antique items in their insurance cover. The insurance cover can be taken for protection against earthquake, burglary, damage due to fire, short- circuiting etc.

3. Insurance companies also provide additional covers when one needs to move into a rented accommodation due to earthquake, fire, storm etc. This will cover for the expenses that one may have accounted while living there.

4. Add on covers: These covers come in many types:
a. Terrorist cover: Provides cover against terrorism.
b. Cover for Domestic Appliances: TV, refrigerator, air conditioner etc against damage from fire, theft etc.
c. Cover for Valuables including jewelry against natural or man-made reasons for damage and/or loss.

Eligibility for Home Insurance

Eligibility criteria vary from company to company. However, there are certain criteria that you must fulfill in order to obtain a home insurance:

1. Home Insurance Policy can be bought by individuals, who are Indian residents and the owner of the house/flat.

2. For a society, any authorized member of the society’s managing committee can buy the home insurance in the name of the society. The policy will cover the society building as well as the utilities that are for common use in the society.

3. Many insurance companies also provide cover for contents to tenants as well. Contents insurance covers your possessions against loss or damage by lightning, fire, theft, smoke, flood etc. It covers everything from personal belongings, furniture and electrical items including washing machines, dryers etc.

However, it is advisable to read all the policy related documents – because the coverage varies from company to company.

Documents to File for a Home Insurance Claim

The deadline within which you have to inform about your loss varies between 7-15 days from company to company. So make sure you do it as soon as possible. Some companies even let you do with an email or SMS. Before you file for a claim, you will have to lodge an FIR and the copy of which you need to submit with insurance company. Apart from FIR report, the other documents which you need to submit are:

Fire brigade report
Medical Officer’s Certificate for death or disability
Investigation report by police
Supplier’s original invoice for replacement
Invoice of owned articles, if any
Repair estimates
Court summons
However, this is an indicative list and you may be asked to submit other documents at the time of claim settlement.

Disclaimer

Please note that the information provided is collected from sources publicly available & we believe to be reliable. The website doesn't warrant the accuracy, reliability & absolute information available on the website. Participation by site visitors or registered customers is on a voluntary basis. The policies are offered by various life Insurance & non-life insurance offering companies and Click2cover.in does not seek to, either directly or indirectly, advise, offer, solicit or recommend that any person who is or proposes to become its member should purchase the Policy.

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