Home insurance policy not only protects policyholders’ home, but also the contents kept in the home from unforeseen damages owing to natural or man made calamities like a fire, flood or earthquake. It also safeguards policyholders against other unanticipated events like water pipe burst, riots, theft and burglary.
Home Insurance Inclusions
Here are the inclusions of home insurance policy, as explained by Parag Ved, executive vice president & head- consumer lines, Tata AIG General Insurance:
Home Insurance Exclusions
Here are the exclusions of home insurance policy, as explained by Ved:
How To Choose The Right Home Insurance Policy?
The policy coverage should be selected as per the need of the consumer. For example, a customer staying in a rented property should only insure the contents in the home.
How To Put Home Insurance Claim?
In case of damage to the property, the policyholder/homeowner must first inform the insurance company at the earliest about the damages caused to their home. The insurer will have an agent survey the losses incurred thoroughly.
Hence, the policyholder will need to ensure that they have made the right declaration and also have satisfactory proof in place to verify the claim, according to Ved.
"Insurance companies generally settle these claims within a stipulated time. This timeline varies from seven to 14 days, depending on the insurer. Policyholders can notify the insurer about the claim via helpline, toll-free number, e-mail or through other digital services including mobile apps, chatbots and WhatsApp," explains Rakesh Jain, executive director and CEO, Reliance General Insurance.
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First Published: IST