Your home is not just built of bricks and mortar. A lot more goes into it—your emotions, family, belonging, and they all come together to make a house your home. And when you’ve spent so much time, effort, and money in building a home, it becomes your responsibility to take care of it as well.
Getting a home insurance will always keep you reassured that you don’t suffer when something unfortunate befalls your home.
What Is Home Insurance?
A home insurance is a comprehensive coverage that protects your home and all your belongings inside it. And this is extremely helpful in case your home suffers damage from a natural or man-made calamity like earthquakes, theft, cyclones, terrorism, etc. A good home insurance policy can not only protect your house and the things inside, but can also provide coverage for your family and surroundings.
The Need for Homeowner’s Insurance
- Floods, fire, burglary, riots are things that are beyond your control. A home insurance will give you surety that you’ll always have a ceiling over your head.
- You can get coverage for not just your house but also other liabilities that occur because of a calamity.
- The payout of your home insurance can provide you great help to put your home and family back together.
- Some insurance policies also provide costs for alternate or additional expenses incurred when you’re forced to move to another house like rent, commute, living arrangements, etc.
Eligibility for A Home Insurance
- Home insurance can be bought by both companies and individuals. An individual buying a home insurance needs to be a resident of India and should be an owner or occupant of a house.
- You need to be a homeowner to buy a multi-year insurance.
- You can also get a home insurance as a tenant to protect your home and belongings. The insurance coverage, however, varies in different companies.
- You are eligible to get a home insurance for a society or building as an authorised member. This policy will be issued to the society and will cover the damages to the building as well as common utilities.
Home Insurance Policy: Features
1. Cover for Damages
Every home insurance policy offers basic cover for a vast array of damages. This includes coverage not only to the physical structure but also to surrounding structures and personal possessions. In addition to the building, the coverage also includes:
- Electrical framework, plumbing, heating, and air-conditioning.
- Physical structures in and around the building like your fence, swimming pool, backyard shed, garage, and driveway.
- Personal belongings like electronic gadgets, furniture, and home appliances.
- Living expenses incurred when you have to look for an alternate accommodation.
2. Cover for Liabilities
In addition to providing coverage against damages within the house, home insurance can cover you for third-party liability as well. You have full coverage against
- Any legal liability due to an injury or damage, caused to a third party or his/her property.
- Any medical expenses incurred by the above when the damage occurred.
How To Apply For A Home Insurance Claim
While getting a home insurance is the first and the most important step, the second most important step is knowing the claim process. Here are some points to remember before applying for a claim.
- Evaluate the amount of damage your house has suffered. Even if the damage is not severe, it is better to have an estimate.
- In the case of a theft or burglary, immediately inform the police and your insurance provider.
- You should get a visual record of all the things that were damaged. Walk around your home clicking pictures of all the things that were damaged.
- Don’t throw away all the damaged items as they are necessary to provide evidence for the claim.
- Include the cost of labour and materials required to fix the damages caused. You can also include the cost of alternate living arrangements during the time that your house needs to be repaired.
- Every insurer has a time limit within which a claim can be applied for. Ensure that you contact your home insurer and begin your claim application process within this period.
- Ensure that your home suffers no further damage and save all the receipts and bills for all the expenses incurred for submission as part of the claim.
- Make sure that you include all the details of the damage and that they are correct when filing the claim form.
Once your insurance company receives your claim form, a surveyor is sent to inspect the damage and provide a report. On receipt of this report, your home insurer will contact you to begin the settlement process.
Availing home insurance coverage is a prudent move that protects your home and financial interests. There are several companies that provide home insurance policies. Some of the leading players include Bharti AXA, TATA AIG, Bajaj Allianz, and Max Bupa. To know more about home insurance policies, visit the Bajaj Finserv website.