1. Why and how should you take home insurance and claim for it? Here’s all you need to know

Why and how should you take home insurance and claim for it? Here’s all you need to know

Earthquakes have become very common these days. Regions in northern and western India are frequently experiencing a huge drift due to earthquakes. Even states near coastal areas like Andhra Pradesh and Odisha and in fact the whole of the southern India regions are getting prone to flood and cyclones.

By: | Updated: March 19, 2017 2:55 PM
Home insurance comes up with massive discounts when you take it for a longer term. Moreover, discounts are also given on various home appliances by many insurers.

Earthquakes have become very common these days. Regions in northern and western India are frequently experiencing a huge drift due to earthquakes. Even states near coastal areas like Andhra Pradesh and Odisha and in fact the whole of the southern India regions are getting prone to flood and cyclones. In such a scenario, where calamities are becoming quite common, one should ideally opt for a home insurance for their dream home.

Home insurance comes up with massive discounts when you take it for a longer term. Moreover, discounts are also given on various home appliances by many insurers. You need to check the best deal and opt for the same.

Here is all you need to know about the coverage under the home insurance policy:

What does home insurance cover?
Home insurance is an outright solution to protect your home from unfortunate events such as natural calamities, theft or burglary etc. It is particularly of two types: Structure Insurance and Content Insurance. Home insurance for the structure covers your home from the damage or collapse by fire, hurricane, earthquake or other natural disasters. If the damage is hard enough that you cannot live there, in that scenario, it covers the rent of living away from home, over and above your usual living expenses incurred, while your home is being rebuilt. Content insurance typically covers contents inside the house such as furniture, artwork, collectables, mobiles, laptops etc.

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“One can opt for comprehensive insurance policy to cover both the structure of the house and valuable contents inside the house. In case you are a tenant, then opting for content insurance can be a good investment to protect your valuables. A nominal premium is charged to provide a 360-degree protection to expensive contents of your house. It is important to buy a content insurance policy as nowadays, most of the people are working and houses mostly remain empty during the day. The chances of theft are high during the day time. It also eliminates the stress during the vacation time, when no one is at home for a longer period of time,” says Neeraj Gupta, Head of Motor and Home Insurance, Policybazaar.com.

A few insurers are giving appliance breakdown cover, where repair cost will be covered for appliances like AC, washing machine, TV etc. In certain scenarios, fire due to short circuit or kitchen cylinder blast is also covered.
“For example, you are living in a rented flat in Delhi and only looking to buy a content insurance. It will cost you an annual premium between Rs 700-Rs 1500 to cover furniture worth Rs 100000, electronic appliances worth Rs 100000 and burglary cover of Rs 200000. There are certain exclusions also in the Home Insurance. It does not cover loss or damaged due to wear & tear and war, loss of cash, damaged caused to any electronic equipment due to over-running or excessive pressure,” says Gupta.

How and when can one claim for it?
While making a claim against any uncertainty, you need to take a few precautions.Suppose something got damaged and in an emergency you had called a plumber. Then make sure that you kept the receipts of payment with you. The emergency funding is acceptable by an insurer, but the only thing you need to be aware of is that you are keeping all the relevant documents with you.

You need to file the claim on right time because if you are not able to do so, payments may get delayed. Moreover, there can be a chance of reduction in making due payments from the insurer side too.

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“In the case of any natural calamity, you can simply file the claim with your insurer. Your insurer will ask for necessary documents to confirm that the house is in the name of the person filing the claim. In the case of burglary, you need file an FIR and a copy of the same needs to be submitted with the insurance company will filing for the claim. Every insurance company has specified a time period to file the claim. It varies from 7-15 days. Post this time period, the insurer may reject your claim. The insurer will inspect the damaged goods. Therefore, it is important to make a declaration and have all the documents and proof in hand, before filing the claim,” says Gupta.

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