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Homes are more than just physical structures. Opting for home insurance policies helps protect your valuable assets against unforeseen situations. With this financial protection, you need not worry about paying for damages or other liabilities from your pocket.

 

Before opting for a home insurance policy, research multiple options with affordable premiums. Apply for a plan online from the comfort of your home effortlessly.

How Home Insurance Works

If you are planning to get an insurance plan for your home, knowing how it functions is important. Here is a quick rundown of some essential facts.

  • You need to apply for a homeowners insurance policy with an issuer to access the coverage 

  • It comes with various inclusions and exclusions, along with the facility of add-on covers to enhance the coverage

  • You need to pay a premium amount to maintain the policy, typically monthly or annually

  • The premium amount depends on factors like the value of your home, its location, your claims history, and the coverage option you choose

  • If damages occur, you need to file a claim with the insurance company according to the policy

  • When you make a claim on any of these incidents, you will typically need to pay a deductible amount

Features and Benefits of Home Insurance

Getting home insurance is a smart decision as it offers coverage not just for the physical structure but also for items inside the house. Here are a few attractive features and benefits of home insurance:

  • Extensive protection

This insurance provides coverage for your house's structure and other extensions, such as garage and sheds

  • Add-ons

To enhance the overall coverage, you can also choose policies that allow you to include add-ons to protect your home appliances

  • Coverage Against Natural Disasters

These plans also offer coverage for unforeseen damages caused by natural disasters, such as floods

  • Protection Against Third-Party Liability

If your neighbour or any other person gets hurt or experiences loss on your premises, your insurance typically covers the damages

  • Alternate Accommodation Coverage

You can claim the expenses for your accommodation with your insurer in case your house is getting repaired because of damages

Reasons to Opt for Home Insurance

If you are a new homeowner, you may not be aware of the advantages of getting your home insured. Here are some top reasons to get this insurance coverage:

  • Your home remains insured against man made or natural disasters that can cause extensive damage

  • The benefits outweigh what you pay as a premium for home insurance

  • Some insurers provide funding if an unfortunate scenario requires you to relocate

  • Your home insurance can provide financial protection in case of accidental damage to someone or their property

  • The coverage of the policy continues even if you are not present in the house when the damage occurs

Home Insurance Inclusions

To make the best use of the insurance plan and to prepare better, knowing what your plan includes is essential. While it varies across issuers, here are some general inclusions:

  • Manmade and Natural Disasters: These plans provide coverage against fire outbreaks, floods, etc.

  • Home Structure Coverage: You receive protection from damages to any permanent fixtures in your house.

  • Public Liability Coverage: It provides coverage for any harm that a person experiences in the area included in the policy

  • Burglary and Theft Coverage: It also includes coverage for losses or damages you experience in case of burglary in your insured house

Home Insurance Exclusions

If you plan to get an insurance plan for your home, remember that some damages may be excluded from your plan. Here are some general exclusions you need to know about:

  • Damages resulting from the deliberate destruction of your insured property

  • Loss or harm from burglary or theft during prolonged periods of vacancy, ranging from 30 to 45 days

  • Damage to the insured residence resulting from negligence

  • Damage to the residence due to natural deterioration over time

  • Damages caused to any property constructed within a designated restricted area

  • Damage to the structure or belongings of the home that were recently added to the policy

  • Damages caused to the property without substantial evidence at the time of claim submission

Home Insurance Claim Process

Now that you know what is included and excluded from a homeowner’s policy, here is the process to claim home insurance when required. Simply follow these steps to file a claim:

  1. Report your claim immediately after damages, either online, via your insurance agent or by visiting the branch of the insurer

  2. Notify local authorities in case of theft or fire and obtain an FIR copy for claim settlement

  3. Gather evidence, including photographs, videos, or CCTV footage and submit it to your insurance company

  4. Inform your insurer about third-party damage since they need to raise a claim with the third party's insurer

  5. Get an estimated expense quote before making any repairs or replacements, and send it to your insurance company

  6. The insurer will assign a surveyor to assess and estimate your claim

  7. Submit all the required documents to the insurer after the surveyor verifies and accepts the claim

  8. The insurance company will reimburse the claim after the formalities

Documents Required to File an Insurance Claim

The insurance company asks for some paperwork for verification when you file an insurance claim. While the exact requirements may vary with issuers, here are some general requirements:

  • Duly filled claim form

  • Policy document

  • Contact details of the policyholder

  • Police FIR and police investigation report for burglary claims

  • Proof of house ownership or rent agreement

  • Loss details

  • Valuation reports

  • Repair estimates

  • Bills and invoices

How to Cancel Home Insurance

Some issuers provide you with the facility of cancelling the policy. Here are the steps:

  1. Ensure you have a new policy lined up before cancelling your current one to avoid any potential risks.

  2. Check the cooling-off period, fees, and other requirements

  3. Notify your current issuer regarding the cancellation and provide a reason

  4. Provide the necessary documents and complete other formalities

  5. Get the refund of the premium for the period not covered under your old policy, if applicable

  6. Pay the fees and charges for cancelling the policy, if applicable

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