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Home Insurance is an arrangement in which the company undertake a guaranty for loss arising from insured property, its contents, loss of use, and other thing in personal possession in the insured property. It also includes any accident which may arise in the property of insured or area near by insured property which is included in policy document along with the damages caused by household pets or any members of family to other people.
1. In case of individual must be resident in India and he must be owner of the property or he is residing in the property.
2. In case of society, he must be member of society managing committee.
1. Home insurance provides safety against loss or damages caused to property
2. Policy is not limited to owner it also covers tenants, any other people living in the Insured property.
3 . Insurance property not only covers home, but the same extends to its contents, loss of use, and any other personal assets in the personal possession of insured.
4. Policy remains in force at all the time, even when you are away from the home.
1 .It provides protection against all the valuable assets in the property. Ex- Gold, Silver, Art etc.
2 .It covers all the contents in the insured property
3. It provides complete security and safety.
4 .It also covers cost of repair and replacement of the contents in the property.
1 .Aircraft damages
2. Storm Testing operations
4. Riots, Strike
5 .Earthquake cover
6. Burglary and Theft Cover
1 .Normal Loss and damages caused due to wear and tear or depreciation
2. Damages caused due to nuclear war
3 .Loss arising due to electronic equipment
4. Loss arising due to war, invasion, act of foreign country
5. Loss of Cash
1 .Property under Construction
2 .“Kutcha” House
3 . Land
5 .Residential cum office space
1. On happening of an event policy owner have to ascertain the quantum of loss or damage.
2. In case of theft, policy owner have to file an FIR and then he has to contact the insurance company for claim.
3. Take photograph or record the video of the property in question.
4. Prepare estimate of the loss or damaged caused taking into consideration all possible expenses like materials, labour cost, cost of articles or things, cost incurred in arranging alternate living arrangement, etc.
5. In case of accidents, Insurance company may also ask for Medical report, discharge document, disability certificate, etc.
6.Notify the insurance company about the loss. Fill the claim form
7.Make sure that you did not miss out any details and do provide the correct information.
8.Provide all the information and details seeked by the surveyor, sent by the insurance company.
9.On acceptance of claim the insurance company will notify you.
10.After acceptance of claim insurance company will process your claim on the basis of documents provided by you, actual expenses and taking into consideration other details like report of surveyor.
1) HDFC Ergo Home Insurance
2) ICICI Lombard Home Insurance
3) TATA AIG Home Insurance
4) IFFCO Tokyo GIC Ltd
5) Bajaj Allianz Home Insurance