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Thursday, 10 January 2008 |
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Insurance policy premium depends on age of your home, the materials used to build it, the area of its location, the square footage, the number of rooms etc. |
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Thursday, 10 January 2008 |
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Whether you’ve owned your home for years or are a first-time buyer or your house is on rental, the attachment towards your home is always immeasurable. At some unforeseen event, if your house is on fire or is robbed, the damage caused, economically and emotionally is indefinable. No one can avoid a nasty situation like that, but one can take steps to reduce the economical loss after such incidence. It makes sense to invest in home insurance policy and as an informed shopper, we empower you to compare and choose the right insurance company on www.insurancemall.in, the search engine that offers you multiple options for best product and best price. |
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Thursday, 10 January 2008 |
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This Policy is suitable for you as a householder, whether you reside in an independent house or in a flat/apartment, whether the building is single storied or is a high rise, since each of the alternatives above would imply different risk exposures which can be covered under home insurance policy. |
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Thursday, 10 January 2008 |
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The most basic coverage for home insurance is property damage caused by natural and man-made calamities such as fire, earthquake, lightning, floods, explosion of gas cylinder, spread of Fire due to short-circuit, riot, strike, malicious damage, aircraft laws, impact from rail/ road vehicles, storm, cyclone, flood, landslide, burglary and bursting of water tanks/pipes. Some plans also cover for personal liability and personal accident as a an additional rider. |
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Thursday, 10 January 2008 |
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Personal accident covers you and your named family members against accidental bodily injury leading to death or disablement (either permanent total or permanent partial). |
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Thursday, 10 January 2008 |
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The home insurance policy insures the structure of your home for its reconstruction value (and not for market value). Reconstruction value is defined as the cost incurred to reconstruct the home if it is damaged. On the other hand market value is a combination of cost of land, demand & supply scenario, etc. The value of your home structure is assessed as per the area of your home multiplied by the rate of construction per. sq. feet, as on the date of taking the policy. |
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Thursday, 10 January 2008 |
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The contents are assessed on the market value of the items. This means that if there were a loss, the claim would be paid on the value of purchasing a similar new item after deducting depreciation for the usage. |
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Thursday, 10 January 2008 |
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The insurance company is not liable to make payment for any of the following, Any loss or damage by the insured and/or insured’s domestic staff with the direct or indirect involvement in an attempted burglary, any loss or damage on account of loss of livestock, motor vehicles, pedal cycles, money, securities for money, stamp, bullion, deeds, bonds, bills of exchange, promissory notes, stock or share certificates, business books, manuscripts, documents of any kinds, ATM debit or credit cards, unless previous specific declaration to the company, any loss or damage to any property that is illegally acquired, kept, stored which is subject to forfeiture, loss or damage due to war and allied perils, nuclear and pollution related perils, depreciation, wear and tear and consequential loss of any kind, scratching, Cracking, accidental breakage. It is important that you read policy wordings know more about policy’s limitations. |
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Thursday, 10 January 2008 |
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Yes, you will be covered only for content and not for the structure. It covers household appliances, jewellery, furniture & fixtures and other such personal items at your home, against fire and allied perils like earthquake, terrorism and burglary. |
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Thursday, 10 January 2008 |
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The insurance that your society provides may offer you a limited cover and generally includes only structure and not contents. You should buy home content insurance cover for your belongings if building structure of your house is insured by the society. We would recommend buying a comprehensive home insurance policy which covers your home structure and content against all the odds. So whether, it rains or hails or you are simply out on a vacation, your sweet home is well protected. |
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Thursday, 10 January 2008 |
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Yes, you can and you have two options while selling your property during the insured period. Either you can transfer the policy to the person to whom the house has been sold or you can cancel the policy and get the premium back on pro- rata basis. |
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Thursday, 10 January 2008 |
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No, home insurance policy covers you only for personal use of your house. |
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Thursday, 10 January 2008 |
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No, installing safety measures does not lower premium in case of home insurance. |
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Thursday, 10 January 2008 |
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More coverage generally means you will have less to pay out of your own pocket if disaster strikes. You must determine the amount you can financially afford to lose. Depending upon your determination, more insurance may be the answer. You should insure your property to the value you believe your home is worth to obtain maximum protection. |
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Thursday, 10 January 2008 |
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The loss or damage should be reported to the insurance company immediately with submission of a complete claim form along with an estimate of the loss with separate values. The insurance company will arrange for inspection of the damaged items to assess the loss. In case of major losses, a specialist-licensed surveyor is deputed. Its important that the insured has to provide the required documents to substantiate the extent of loss. In case the cause of loss is not established, it is for the insured to prove that the loss or damage has occurred due to an insured peril. Finally, on agreement of claim amount between the insured and the insurance company, the claim is settled. |
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Thursday, 10 January 2008 |
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The general list of documents that needs to be submitted with your claim are, completely filled claim form, FIR report, your repair estimates and all original invoices. This is an indicative list of documents required; kindly refer to the policy manual for complete knowledge on documentation for claim. |
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Insurance 
