Home insurance policy covers structure of the house as well as its contents

Written by Neelesh Garg | Updated: Jul 15 2014, 13:39pm hrs
Would I face any issues with claims if I repainted my car with a different colour

Anand Singh

Repainting your vehicle with a different colour doesnt impact the claims process. Having said this, it makes sense to keep your insurance company informed regarding any changes made to the vehicle, whether mechanical or physical in nature.

Can I claim money from the insurance company for minor damages to my vehicle What are its implications in the renewal

Ashutosh Saini

The premium of your vehicle is calculated on the basis of the model of your car, age, distance travelled, etc. There is no loading on the renewal premium if you make a claim for repairs. However, you would lose on the no-claim bonus (NCB), which is offered as a discount on the total premium. NCB increases for every year of claim not being made on the policy. As such, preserving the NCB earned over a period of time helps lower premium rates, as well as in transfer of NCB to a new car purchased. You should consider the amount to be incurred on repair of the dent, your annual insurance premium outgo, quantum of NCB in case of no-claim as well as any plans to buy a new car before deciding on claims for expenses incurred on repairs.

How do I take an insurance cover for domestic travel of 15 days

Pramod Kumar

You can purchase insurance cover for domestic travel by air or bus at the time of booking tickets from the website of the airline/bus service provider or select travel portals. Domestic travel insurance offers diverse covers, including cover for personal accident, emergency hospitalisation expenses, loss of checked-in-baggage, delay of checked-in-baggage and trip cancellation/interruption/delay.

My daughter is covered under our familys individual health policy. She is getting married next month. Can she continue with the same policy If she takes a policy along with her husband, can she continue to get the no-claim bonus

Paramjit Singh

Your daughter can continue with her current health insurance policy after marriage and enjoy the NCB and other features as per the terms and conditions of the policy. Alternatively, she could port her health insurance cover to her husbands policy. She will get a waiver of the waiting period in this new policy as per the number of years she was covered under her health policy previously. Also, while porting, she can take a cover that is at least as much as the sum insured of her previous policy, including the no-claim bonus. Thereafter, she will be eligible for NCB as per the sum insured applicable in the new policy.

What are the various things that a home insurance policy cover

Anup Saxena

A home insurance policy covers the structure of the house as well as its contents. The cover for structure compensates against damage to the structure due to fire, lightning, earthquake, landslide, etc. The cover for content protects against damages/loss to home contents due to natural, man-made or social risks as well as burglary. You can purchase either of these covers or opt for both.

The home insurance policy generally excludes willful destruction of the property or damage caused by wear and tear, losses if the home has been unoccupied for more than 30 days, without prior notice to the company. Any damage due to radiation and radioactive or nuclear activities will be excluded. On the content side, the policy does not cover loss of cash, painting, works of art and antiques. You should go through the document for applicable covers and exclusions. You can purchase the policy by visiting any of the branches of your preferred insurance company or, alternatively, buy one from its website.

The writer is executive director, ICICI Lombard

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