What is Home Insurance?
We understand that your home is not just bricks & concrete. It’s a place that offers you security, peace of mind, and one that you love to call your own. It only makes sense to protect your safe place from unforeseen risks such as Fire, Earthquakes, Burglary and many more, with a comprehensive Home Insurance. You can choose a home insurance policy for a minimum period of 3 months up to a maximum period of 20 years.
Types of Home Insurance
There are three types of home insurance plans available on Finserv MARKETS online –
- Home Building (Structure)
- Household Articles (Content)
- Home Building (Structure) & Household Articles
Your house protects you from the harshness of the changing climate, but it also needs protection against perils like Fire & Natural Calamities. Bajaj Allianz Home Insurance provides financial coverage in case of losses caused by these perils and more. This property insurance covers your home’s structure i.e. building, including the ceiling, walls, roof, doors, windows, electrical & plumbing works.
We know how much you emotionally and financially invest in turning a space into your home and that memories are attached to every article you own. The contents of your house are always at risk, may it be due to burglaries or perils like Fire. A property insurance is hence, a must have, to secure the stuff you have at home. If you are a Tenant staying anywhere in India, an insurance for your Household articles is highly recommended.
It takes a lot of efforts, time, energy & finances as a homeowner to build a house and then make it a home with the things you love. However, it’s unpredictable as to when a Fire, Natural Calamity or any other unfortunate event can result in your house being damaged. It is wise to have a Home Insurance in place that covers your house’s structure & everything that it contains.
Importance of Having a Home Insurance along with your Home Loan
Many people tend to buy home insurance when buying a new house. A home is a sacred place for us Indians. Now, if you have bought your dream house with a home loan, you must have also planned its interior designs. It would be quite unfortunate and heart wrenching to see your dream home is destructed in a fire or natural calamities such as earthquake, floods, lightning, thunderstorm, etc.
Not having an adequate home insurance plan only means that you have to cover the damage repair expenses from your pocket. Since a home insurance plan provides coverage for building structure and its content, your precious house will be well protected in case of any unfortunate incident.
Benefits of Property Insurance
Besides covering your home from disasters and destructions, home insurance has several other benefits as well. That includes –
- The policy provides complete coverage for damage expenses incurred due to fire or natural calamities.
- The policy comes in handy when you are rebuilding your home after an unfortunate event.
- The policy acts as additional security for you and your loved ones in case of theft.
- Luxurious and expensive items such as home entertainment systems, computers, and other appliances are covered under the policy.
- Also, the policy covers valuable jewelry and priceless work of art.
- The add-ons available on the policy cover the cost incurred in case of alternative accommodation.
- You can enhance the scope of the policy with several add-on covers for extensive coverage.
Reasons to buy Home Insurance
Why Choose Finserv MARKETS For Home Insurance
Key things to consider while buying Home Insurance
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Which plan is right for you?
It is important to know whether to insure your Home Building or Household Articles– or both. There are three types of plans available, suitable for homeowners, tenants/renters, and landlords alike. A home building insurance makes sense for a landlord, while a household articles insurance works better for those living on rent, and a home building & household articles insurance is best suited for a homeowner, living in his house.
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Have you chosen adequate coverage?
Being underinsured is never a good place to be in. It is important to be as accurate as possible while calculating the value of your house’s structure as well as its contents. Over-estimating too leads to an unnecessary increase in your home insurance premiums.
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Are you aware about the Claim Settlement Ratio of your insurer?
A Claim Settlement Ratio (CSR) is an indicator as to how many claims an insurer has settled against the number of claims it has received. Higher the CSR, better the efficiency. With one of the highest claim-settlement ratios of 93% Bajaj Allianz General Insurance ensures claim settlement is quick and efficient.
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How to decide on a good home insurance policy?
Be it for your own home or for one that you have rented, knowing what's covered in your insurance policy and what's not is important. Bajaj Allianz General Insurance offers a lot of custom-made plans to suit your home insurance needs.
Factors affecting Home Insurance Premium
Home Insurance Calculator
Buying a house is one of the most significant investments for any individual. Hence, it is necessary to have adequate home insurance coverage to protect the property and other personal belongings financially in unfortunate times.
But how to decide the coverage amount that will be sufficient for you?
That’s when a home insurance calculator comes in handy. This tool helps determine how much coverage you will need based on the built-up area and reconstruction cost. With a home insurance calculator, you will be able to know how much needs to be invested in a home insurance plan and have sufficient coverage in case of any mishap.
Eligibility
- Insurance can be taken by a person residing in a self-owned or rented house
- Property under construction or not in possession yet, is not covered.
- Items/contents have to be inside the house to be eligible for claim
- Only Pucca Construction is covered (for definition of Kutcha Const. refer to the FAQs section)
How to buy Home Insurance at Finserv MARKETS
Buying home insurance at Finserv MARKETS is a hassle-free process. Just follow the steps below:
1. Choose the type of home insurance plan you need from the options available on Finserv MARKETS online
2. Provide the requested details and documents
3. Review the policy terms and conditions properly
4. Pay the premiums online
5. The policy will be issued to you in no time
Claim Process for Home Insurance
Filing claims was never so easy. Just follow these steps and your're done.
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1
Register Your Claim Online
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2
Upload Documents Online
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3
Claim Assessment
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4
Claim Decision
What is Home Insurance? All you need to know
Protect your home against unforeseen risks like fire, natural calamities and man-made disasters. Buy a Bajaj Allianz Home Insurance available at Finserv Markets. Affordable premiums to insure your house and your household articles.
- Process
- Download
- Emergency Contact
- Basis of Claim
- Register a Claim
- Documents Required
- Cancellation Process
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.
- Claim Forms
- Exclusions
- Policy Wordings
Link to redirect customers to links category.
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Claim Form for Fire
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Claim Form for Burglary
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General
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Home Articles
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Home Building (Structure)
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Home Building & Household Articles (Structure + Content)
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Burglary Policy
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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.
Manage all your queries about Home Insurance here
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✔️What are the eligibility criteria’s for buying a home insurance?
For purchasing a house insurance your property must be registered under residential premises in India and not commercial premises. Also, for your property to be eligible for home insurance in India, the construction for the house/property should have been completed. -
✔️When will my home insurance policy be effective?
Your policy starts covering your property a day after you purchase a home insurance online. -
✔️I am a homeowner. Is it important for me to have a house insurance?
Your home is one of your most prized possessions and any loss/damage to it could lead to a major financial setback. India is considered at a ‘high risk’ of natural hazards and ranks 49 on the Natural Hazards Vulnerability Index 2016. A home insurance, can shield you in case of losses/damages caused due to natural calamities, fire incidents, burglary and more. Hence, it is crucial for you to have a home insurance in India. -
✔️Which home/property insurance should I opt for if I have rented my house to someone?
If you are a homeowner in India who has rented only his house to a tenant, then Home Building (Structure) Insurance is suitable for you. However, if you have household articles (content) in that house that belong to you, or if you have also rented out your household articles in along with the house, then a Home Building + Household Articles Insurance would work for you. -
✔️Do I need an insurance for household articles if I am only a tenant?
Yes, you do need an insurance for the contents of the house you have rented. In case a catastrophe like fire, or a natural disaster strikes, or in the event of a home burglary, your household articles are a much at risk as the structure of the house. A home insurance in India provides you a burglary insurance cover to deal with the losses/damages arising out of any such risks. -
✔️Who can purchase a home insurance policy?
The Bajaj Allianz Home Insurance policy can be purchased by homeowners and tenants alike. -
✔️If I have an HUF /Leased(Mahada/Cidco) property, can I get an insurance for the same?
You can get a property insurance for an HUF/Leased(Mahada/Cidco) property, if you have financial interest in the property as an owner or leaser. -
✔️What happens to my home insurance policy if the insured house is sold?
In case you sell off your house/property to someone else, the policy stands to be cancelled & the insurance coverage becomes ineffective. However, the home insurance policy becomes ineffective as soon as the transfer of ownership of the property becomes effective. The insurance company will then refund the premium for the remaining insured period. -
✔️What does the term underinsurance mean?
Underinsurance refers to a situation wherein a policyholder doesn’t have sufficient insurance coverage. For example; Kabir has a house with contents valued at Rs. 5,00,000 but only has a sum insured of Rs. 4,00,000. His coverage therefore falls short by by 20%. In the event of his property worth Rs. 2,00,000 being damaged by fire, his insurance company could reduce the claim by 20%. Hence, Kabir will only get Rs. 1,60,000 from his insurer, leaving him with a shortfall of Rs. 40,000 to be paid from his own pocket. -
✔️How much property insurance do I need for my home’s building (structure)?
It is crucial to ensure that you get a property insurance for the amount it would cost to rebuild your home from scratch. This amount is known as the sum insured. Do remember that the cost of rebuilding your house is not the same as the price you paid for your house, or its current value if you were to sell it. Rebuilding costs are usually less than the current market value, so ensure that you get the right amount of home insurance for your house. -
✔️Will I be eligible for a home insurance policy if my wife uses a part of the house (let’s say, a room) for conducting coaching classes?
No, you will not be eligible for the policy coverage. Homes that are used only for residential purposes are covered under a property insurance policy in India. A house used for business purposes is not covered. -
✔️If my property gets damaged due to an incident like, the garden bushes catching fire and spreading to the premises, will the damages be covered by a home insurance?
Yes, your home insurance covers the property in case of the spread of fire to the insured premises is covered but the fire should not be a deliberate action of the insured. -
✔️If I carry my valuables outside the insured property premises and the valuables get burgled while I am out, will the burglary insurance be effective?
No, the home burglary insurance will not be effective in such a scenario. Any burglary of valuables/items that takes place outside your insured premises is not covered under the house insurance policy. It is so because the insurance is restricted to the premises and all the coverages are linked to the insured property that is within the insured premises. -
✔️What all documents are required to buy a home insurance policy in India?
You are only required to fill the online proposal form while buying the property insurance policy online. -
✔️How is the value of my contents/household articles calculated?
Your contents/household articles are assessed on the market value of the items under a home insurance India. This means that in case of a loss, your claim will be paid on the value of purchasing a new item, which is like the one damaged, minus the depreciation for the usage of the item. -
✔️How is the value of my home building structure calculated?
The value of your house’s structure under property insurance is calculated basis this formula: Sum Insured = Built up area x Cost of construction per sq.ft. It is computed based on the reconstruction value and not on its market value. For instance, if the built-up area of your house is 1500 sq. ft. and the construction rate decided by the insurer is Rs. 1000 per sq. ft., then the sum insured for your house’s structure would be Rs. 15,00,000. -
✔️If I carry my valuables outside my premises and the valuables are burgled on the way, is the burglary covered?
No. Any burglary taking place outside your premises or when your items are outside your premises is not covered under the burglary insurance policy. This is because this is a premises insurance policy and all covers are linked to the insured property inside your premises. -
✔️Under home burglary insurance, if my servant is involved in the burglary, will the losses be covered?
No. Any loss or damage caused due to burglary or attempted burglary where your servants are involved is not covered under the home insurance policy. -
✔️If I insure my property under home insurance for a higher value, will I get a higher claim amount?
No, you will not get a higher claim amount. When you apply for a home insurance policy, the reinstatement value of your property (depending on the sum insured) must be calculated appropriately for arriving at the amount of insurance cover required. The compensation which is payable at the time of the claim will depend on whether your house is adequately insured. If the insurance amount is excessive, it’ll result in you having to unnecessarily pay higher home insurance premiums. However, if the amount insured is inadequate you will receive amounts in proportion to the market value only. -
✔️Are valuable items like jewellery, ornaments and art work covered under home insurance policy?
Unless and until prior consent has been given by the insurance company, home insurance policies in India do not cover valuables like jewellery/ornaments, shares and stocks, art works, computer system information, scripts, documentary information and cash. All these valuable articles can be covered under a policy only on specific request of the customer and are subject to valuation wherever necessary. -
✔️I have bought an insurance policy covering my home building. However, my bank, which has financed my business has also taken insurance separately. Now, both policies are in force covering the same property. What happens in case of a claim?
In case a claim arises, in accordance with the principle of contribution, each one of the insurance company will pay the loss amount in proportion to the sum insured under their respective policies. The motive of the principle of indemnity is to bring the policyholder back in the same place that he occupied prior to the occurrence of the damage/loss. The policyholder is prevented from making claim for the full amount of loss under each policy. The insurance company indemnifies the insured only to the extent of actual loss suffered subject to depreciation, policy excess etc., and does not allow him to make any profit out of the losses. -
✔️What’s the difference between home building and household articles insurance?
Home building insurance covers the outer/physical structure of your property, including the walls, roof, doors & windows. Household article insurance provides coverage for the items inside your home like furniture, home appliances, clothes, curtains, etc. -
✔️Can I benefit from two home insurance policies bought from two different insurance companies?
Yes, you can benefit from both the policies, but proportionately. When the same property and perils are insured under multiple policies, the total loss that needs to be compensated for is divided among the insurers proportionately, basis the contribution agreement. Multiple house insurance policies are usually bought for high valued properties. In such a case, each insurance company compensates for the losses only up to the applicable limit, as specified in the contribution agreement. It’s important to note that policyholder will be able to receive the total claim benefit only up to the extent of the losses faced, even if you have multiple policies in place, for the same peril.
