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You Can Buy Policies From The Following Insurers

For most of us, our home is the largest asset that we’ll ever purchase. Needless to say, it should be adequately insured at all times against many different types of losses. Most of the home loan lenders too, require the borrower to have replacement-value insurance all the time. If the home insurance coverage is insufficient, it often leads to severe financial problems for the homeowner.

Contrary to popular belief, a cheap home insurance is not always the most affordable home insurance. To help you choose a home insurance that perfectly suits your requirement, Compareraja offers home insurances from a number of reputed insurance companies. Moreover, one can also compare the policies and know more about them without even visiting the home insurance portals individually.

What is a Home Insurance?

Home insurance is a type of property insurance which protects the home from damages and/or the possessions inside the home. The insurance also offers liability coverage against the accidents that take place on the property or in the home.

Why you Need Home Insurance?

There are a number of reasons that make home insurance, a must for homeowners. Some of the most important reasons are-

  • Home insurance offers coverage for the structure as well as the possessions in your home

  • Protects the asset from human damage as well as damage done by natural calamities

  • During an unexpected event, a home insurance provides coverage to help you repair or rebuild your home

Key Features to watch for when looking for Home Insurance

Home insurance is offered by a number of insurance companies in India to keep up with the insurance needs of different homeowners. To make it easier for you to understand how you can select an insurance provider, we have listed some important points below-

  • The reputation of the Company - While coverage, premium, etc. are important, it is also very important to make sure that the insurance provider has a good reputation too. Friendly and knowledgeable customer service staff is also a highly positive assurance.

  • Premium and Coverage - Before you start to search for a home insurance, evaluate the risks which the home can face. For instance, if the area where the home is is prone to floods, make sure that you buy insurance which covers flood. Also, make sure that you can afford the premium for the policy. The comparison tool on Compareraja can help you make a better decision.

  • Claim Settlement Record - A home insurance is of no use if your claim is not settled when you need it. So, check the claim settlement record of the company before making the decision.

Eligibility for Home Insurance

Just like other insurance products, there are eligibility criteria for home insurance too. While the criteria varies between insurance providers, some of the most common requirements are -

  • Only individuals or companies can purchase a home insurance. Indian residents who are occupant/owner of the home can buy a home insurance. However, a multi-year home insurance can only be purchased by the owner.

  • Home insurance for societies can be purchased by an authorized society member. The policy will be issued in the society’s name and will offer coverage for the buildings as well as common utilities of the society.

  • Apart from home owners, home insurance policies are also available for tenants. These policies cover the contents of the home against flood, fire, theft, etc. Make sure that you properly read the policy document before buying the policy as there are several exceptions to different policies.

What is covered under Home Insurance

A home insurance usually offers protection to the home and its content from -

  • Human Causes - Terrorist attack, strike, riot, explosion, implosion, leakages, damage due to missile testing or aircraft, etc.

  • Natural Causes - Flood, storm, fire, hurricane, landslide, lightning, earthquake, etc.

What is not covered under Home Accident Insurance

Some of the common exceptions to a home insurance policy are -

  • Depreciation, wear and tear, consequential loss

  • Any kind of damage by invasion, war or nuclear war

  • Negligent use of property

  • Under-construction property

  • Loss or damage to specific items, like money, sensitive documents, gold, etc. unless mentioned in the insurance policy

Home Insurance Claim Process

One of the most important factors while choosing a home insurance policy is the claim settlement process. The insurance provider should provide a smooth and quick settlement process to help you repair or rebuild your property. As the claim settlement process plays such an important role, every insurance owner should know the basics of making a claim.

Some points that can help you make a claim are -

  • If the home is damaged due to any reason covered by the insurance, estimate the total damage. Even if the damage is not major, an estimate is still very important.

  • If there has been a theft or burglary, you should immediately file a FIR for the same and contact the insurance company.

  • If possible, try to take pictures or videos of the damage. Also, do not just throw away the damaged items. You’ll need all this for a successful claim settlement.

  • When the damage is being assessed, along with the cost of the damaged item, make sure that you also calculate the labor costs and materials that would be required to repair the damage. If you cannot live in the home until it is repaired, add the coat of alternate living arrangements too.

  • Insurance providers usually have a time limit for making a claim. Make sure that you know this time limit and make a claim within this time limit.

  • Save the receipts for all the expenses that you incur and submit them to the insurance company.

  • When you have informed the insurance provider about damage to your home, you’ll have to fill the claim form. While filling this form, ensure that none of the details are left out, and all the details are accurate.

When the claim form is submitted to the insurance provider, they will send an Adjustor or Surveyor for inspecting the damage. While the insurance provider will most probably approve the claim, the damage report of the surveyor plays a very important role in the approval process.

After the inspection, the Surveyor will submit a damage report to the insurance provider to begin the claim settlement process. In the case of any queries about the claim settlement process, you can also get in touch with the customer service department of the insurance provider to know more.

How Can Compareraja Help you?

Compareraja allows you to compare many different home insurance policies offered by a number of reputed insurance providers. With so many different insurance companies, it can be very difficult for a buyer to select one. By allowing buyers to compare and know more about the policies offered by different companies, Compareraja makes it easier for the buyers to make a smart decision.