Home Insurance Policy - Features and Benefits

Home insurance, also called property insurance, offers you coverage for the structure or the contents of your house/ residence against unforeseen mishaps that are natural or man-made, or accidental. You are offered protection in exchange for a premium that you pay to your insurance company. If your home faces any losses, you will be compensated as per the home insurance policy that you have selected.

Here are some of the top reasons to buy home insurance:

1. Homes are vulnerable to damage. Home insurance gives you an all-inclusive home protection

2. Apart from the structure, home insurance can also cover your belongings

3. House insurance is a pocket-friendly way to secure your home and its contents

4. High coverage that can go up to INR 10 Crores allows you to create maximum protection

5. Whether you are an owner or a tenant, you can safeguard your house

If you are planning to buy home insurance, go through the key features of the best home insurance policy:

1. Home insurance will protect you from natural as well as man-made disasters along with other accidental damages

2. Burglary and theft are also covered under house insurance coverage

3. A house insurance policy can be purchased for all kinds of houses

4. You can also get coverage for the contents of the house

5. You can buy house insurance for a period of 3 months to 20 years

Let us now take a look at some of the benefits of house insurance that make it worthy of your investment:

 

        1. Coverage for all Kinds of Homes and Homeowners

Whether you live in a villa or a studio apartment or a homeowner or live in rented accommodation, you can buy house insurance and protect your home.

 

        2. Wide Coverage

When you invest in the best home insurance policy, you can rest assured that almost all possible damages to your house will be covered.

 

        3. Contents are Covered too

When you build a house, it's not just bricks and stones. Along with the structure of your home, you can also secure the contents that make your house a home.

 

        4. Cover the Valuables

If you want, you can also opt for coverage of the valuables that are in your house. The policy can also cover jewellery and artwork.

 

       5. An Affordable Way to Cover your Home

A lot of time, effort and dedication go into making a house comfortable. Seeing it damaged can cause a lot of mental as well as financial trauma. Your home insurance policy will give you the financial support to rebuild what you may lose in an accident.

 

       6. Peace of Mind

More than financial aid, property insurance can assure you that even if something happens to your house, you will be able to repair the damage.

Let us take a look at what is covered under a house insurance policy:

 

        1. Thefts and Burglaries

Theft is quite common in India. Home insurance will protect your home as well as its contents, from any losses that occur due to robberies and attempted burglaries.

 

        2. Natural calamities

The losses that occur due to earthquakes, lightning, landslides, rock slides, floods etc are covered.

 

        3. Man-Made Disasters

The damages that occur to your house because of explosions, riots, malicious damages etc are also covered.

 

        4. Aircraft Damage

Damages that are caused in case an aeroplane crashes into your house will be covered.

 

         5. Accidental Damages

Apart from aeroplane damage, damages caused due to external objects such a tree falling on your house, a vehicle rams into your house etc. are also covered. Bursting of water tanks and other such apparatus is also covered.

 

          6. Electric Breakdowns

Even the most advanced gadgets can break down and replacing or repairing them can be as costly. Most of such expenses are included in home insurance coverage.

Exclusions are the conditions that are not covered under your home insurance. Damages caused due to the following will not be covered:

1. War, an act of foreign enemy

2. Willful conduct or negligence

3. Radioactive substances, explosives

When you raise a claim for home insurance online, the process becomes very simple and quick. Here are the simple steps that you need to follow:

 

• Step 1

The first step to notify the damage which should be done as early as possible. The company will send a surveyor to analyse the damages

• Step 2

Upload the required documents 

 

Documents in case of Damages

• Claim form: filled and signed by the policyholder

• Details of the loss

• Invoices of damaged Item

• Estimate cost of repair

• NEFT details

• KYC Documents if the claim amount is over INR 1 lakh

   

Documents in case of Thievery

• Claim form: filled and signed by the policyholder

• Details of the lost item/ items

• Invoice of the stolen item/ items

• Details of the incident

• Police Report

• FIR

• NEFT details

• KYC Documents if the claim amount is over INR 1 lakh

The surveyor will submit a damage report to the company. Once the details and paperwork are verified, the company will release the payment based on the home insurance policy coverage.

Owning a house is probably the biggest dream one can have. While homeowners do not mind spending their life’s earnings on their dream home, most forget to secure it with house insurance coverage. You may use the best materials to build your house, but the damage during a natural or man-made disaster can be immense. Therefore, it is highly recommended that you invest in the right house insurance policy.

 

With over 100 million happy customers, Bajaj Markets understands your needs to cover your home. We offer a long list of plans including term insurance plans, endowment plans, ULIP and products from a number of insurers that you can invest in to safeguard your belongings. When you are ready to buy home insurance, make sure you compare the home insurance cost and features across different insurers to make a well-informed decision.

1. Basis of Claim

• Home Building

 

All claims filed under Home Building insurance will be settled on a reinstatement basis. Under reinstatement basis, the insurance company settles the claims by replacing the damaged property or item with a new one. The value of the replaced property/item will be equal to, but not more than the damaged item/property.

• Household Articles

 

Claims filed under household articles insurance will be settled on an indemnity basis. This means that the insurance company will compensate for the damaged item/article after deducting the wear & tear or depreciation in the value of the article. For instance; Claim on a three-year-old Air Conditioner will be settled based on its current value and not the original purchase price.

 

2. Register a Claim

• You would need to register a claim as soon as possible following the incident. You can do this over the phone by dialing our Toll free number - 1800-209-5858, post which you will be connected to our customer care executive who will guide you through the entire claim process.
• Survey will be done by Surveyor appointed by insurance provider. If additional documents are needed, you will be intimated about the additional documents required.
• Once all necessary documents are received, the insurance provider approves the claim.
• Payment will be released to you based on what is admissible under the insurance policy.

 

3. Documents Required

Documents Required for Damages:

 

• Claim form duly filled and signed by the insured

• Brief narration about the loss

• Purchase Invoice of damaged Item

• Estimate of repair

• Payment Receipt

• NEFT Documents

• KYC Documents if amount is more than 1 Lakh

   

Documents Required for Theft & Burglary:

 

• Claim form duly filled and signed by the insured

• Details of lost item covered under the policy

• Purchase Invoice of the lost item

• Brief narration about the incidence occurred

• First Information Report - FIR

• Final Police Report

• NEFT Documents

• KYC Documents if amount is more than 1 Lakh

   

4. Cancellation Process

• Company Cancellation:

 

The insurance provider may cancel your insurance policy providing a written notice 7 days prior to cancellation date. If no claim has been made, a refund of the premium for the unexpired policy period shall be provided on a pro-rata basis. If there has been any Claim under this policy no premium shall be refunded.

Your insurance policy will be cancelled for reasons such as non-disclosure of material facts, misrepresentation, fraud and non-cooperation.

• Customer Cancellation:

 

As a customer, you may cancel your insurance policy by providing a written notice 7 days prior to cancellation date. If you've made no claims, the insurer will refund short-term rates for the unexpired policy period as per the Company’s short period rates.

Download Claim Forms

• Claim Form for Fire

• Claim Form for Burglary

 

Exclusions

• General

• Home Articles

• Home Building (Structure)

• Home Building & Household Articles (Structure + Content)

 

Policy Wordings

• Burglary Policy

• Standard Fire & Special Perils Policy

Need further assistance? Reach out to us on our Toll-Free Number: 1800-209-5858 and our insurance experts will connect with you shortly.

Home Building

All claims filed under Home Building insurance will be settled on a reinstatement basis. Under reinstatement basis, the insurance company settles the claims by replacing the damaged property or item with a new one. The value of the replaced property/item will be equal to, but not more than the damaged item/property.

 

Household Articles

Claims filed under household articles insurance will be settled on an indemnity basis. This means that the insurance company will compensate for the damaged item/article after deducting the wear & tear or depreciation in the value of the article. For instance; Claim on a three-year-old Air Conditioner will be settled based on its current value and not the original purchase price.

• You would need to register a claim as soon as possible following the incident. You can do this over the phone by dialing our Toll free number - 1800-209-5858, post which you will be connected to our customer care executive who will guide you through the entire claim process.
• Survey will be done by Surveyor appointed by insurance provider. If additional documents are needed, you will be intimated about the additional documents required.
• Once all necessary documents are received, the insurance provider approves the claim.
• Payment will be released to you based on what is admissible under the insurance policy.

Documents Required for Damages:

• Claim form duly filled and signed by the insured

• Brief narration about the loss

• Purchase Invoice of damaged Item

• Estimate of repair

• Payment Receipt

• NEFT Documents

• KYC Documents if amount is more than 1 Lakh

   

Documents Required for Theft & Burglary:

• Claim form duly filled and signed by the insured

• Details of lost item covered under the policy

• Purchase Invoice of the lost item

• Brief narration about the incidence occurred

• First Information Report - FIR

• Final Police Report

• NEFT Documents

• KYC Documents if amount is more than 1 Lakh

Company Cancellation:

The insurance provider may cancel your insurance policy providing a written notice 7 days prior to cancellation date. If no claim has been made, a refund of the premium for the unexpired policy period shall be provided on a pro-rata basis. If there has been any Claim under this policy no premium shall be refunded.

Your insurance policy will be cancelled for reasons such as non-disclosure of material facts, misrepresentation, fraud and non-cooperation.

 

Customer Cancellation:

As a customer, you may cancel your insurance policy by providing a written notice 7 days prior to cancellation date. If you've made no claims, the insurer will refund short-term rates for the unexpired policy period as per the Company’s short period rates.