HOME INSURANCE
Home Insurance
A home offers the peace, serenity and warmth that you may be looking for after a tiring day at work. Therefore, buying a home insurance is utmost important. It offers protection to the entire structure of your house and ensures utmost security for all the belongings that you may collected over the years. There are certain home insurance policies that offer coverage till 5 years. You would have to pay a premium based on the value of the belongings in your home.
You worked harder, longer and saved every penny to give yourself and your loved ones the security of a home. A home that they could call their own. It’s only understandable that you should want to secure your most important asset from any possible kind of natural or man-made catastrophe. Innovative Insurance realises the need and has designed a variety of home insurance products that cater to everyone’s home insurance needs. After all, homes are not built everyday.
Things to look for before buying your Home Insurance
1. Covers Burglary
2. Covers domestic appliances
3. Covers Fire and natural disasters
4. Customisability
5. Covers Water damage
6. Exclusions
7. Covers jewelleries
8. Easy claim process
What does Home Insurance covers and what it does not?
Do you have your own house? Does it have multiple heavy duty locks, CCTV surveillance, a guard? ohhh.. ok ok ok! Well, all of this would definitely go a long way in protecting your house, but mishaps still happen. Houses still robbed. And a guard or CCTV can’t protect your house from rain, fire or other natural perils. This is why you need to protect it with a home insurance too.
But before you buy a policy, review the inclusions and exclusions.
To make things easier for you, we’ve compiled a list of things that are covered and not covered by an average home insurance:
A home insurance will cover damage to or due to
1. The structure: Any damage or loss to your house, the fixtures & fittings inside, and the renovations will be covered if caused by fire, earthquake, flood etc. This also includes extended parts such as garage, drainage, and sewer too.
2. Contents of the house: The coverage also extends to the contents of your home such as valuables, appliances and jewelleries. You are also covered for the loss or damage to them during transportation.
3. Burglary: Should anyone burgle your your house your home insurance would cover you for the loss of your possessions.
4. Alternate accommodation: In the case of a loss to property, you may have to stay in other accommodation for a while. Your policy may reimburse you for such expenses.
5. Liabilities: Certain policies may also cover you for any legal or medical liability that arises out of injury to domestic employees or third party
Home insurance does not cover damage due to…
1. Negligence: Did you forget to lock your house when going out? Or failed to turn off the water heater? If you did not take reasonable measures to care for your house, the home insurance will not apply.
2. Intent: Do not expect insurance protection if you caused loss or damage to your home intentionally.
3. Wear and tear: With regular use, your house and its contents are bound to deteriorate. For example, corrosion or rusting may occur. The policy does not provide for such wear and tear.
4. Unexplained loss: Sometimes, a loss or damage may occur due to mysterious or unknown circumstances. Your policy may not cover those.
5. War: Any consequential loss or losses, destruction, damage or bodily injury due to war, invasion etc. would not be covered.
6. Nuclear and radiation loss: Damage due to ionizing radiation contamination or nuclear weapon will not be covered
The right life insurance coverage for each and every one of our customers in India is unique. Talk with the Innovative Insurance team today to find out how to protect your home and your future with the right home insurance Policy.
There is every General Insurance Company provide this insurance, you may contact us for hassle-free services and a free quote.
If you want to read more about home insurance:-
Some useful links:-
Frequently Asked Questions
Q. What are the requirements to purchase a property insurance policy?
Ans: The proposer of the policy should first and foremost have an interest in the assets being proposed for insurance, i.e. he/she should stand to lose financially in the event of loss or damage to such assets. Secondly, the proposer should submit a proposal form (which can be obtained at any insurer’s website or office). The proposal form should disclose all details, which are true to the insured’s best knowledge and other information, which the proposer may feel is relevant.
Q. How does one fix the sum insured?
Ans: I
Q. What will be the cost of a fire insurance policy?
Ans:
Q. What are the different types of Property Insurance Policies?
Ans: The most popular is the Standard Fire & Allied Perils policy which covers most of the perils the property is exposed to like fire, riots, flood, and storm. Loss of current assests due to burglary and theft can be covered under a Burglary & House Breaking Insurance Policy. Valuables can be covered under All Risks Policies and there are package policies for house owners and shopkeepers.
Q. In case of loss, what are the obligations of the insured?
Ans: Every insured is expected to behave as though he is uninsured. Take all precautions to prevent / aggravate the loss. Inform Insurance Company who have to be given an opportunity to inspect the damages. Inform fire brigade who will assist to put out the fire. During fire fighting, any damage caused to other insured property caused by water, will be paid by Insurance Company. Extend cooperation to surveyor while inspecting and assessing the loss. If arrival of surveyor is likely to be delayed, then, take photos / and shift unaffected assets to a place of safety. Give completed claim form and documents as required by Insurer, in support of your claim. After repairs / replacement, submit bills to Insurer.
Q. If I insure for a higher value, will I get a higher claim amount?
Ans: No. When you apply for a fire insurance policy, the current market value of the property or the Reinstatement value of the property, depending upon the basis of the Sum Insured, should be accurately calculated for arriving at the correct amount to be insured. The compensation payable when a covered loss or damage occurs shall be based on whether or not the property has been insured adequately. If the amount insured is excessive, it will mean overpayment of unnecessary premium; if the amount insured is inadequate you will receive amounts in proportion to the market value only.