This is universal truth that home is the best place to live in this entire world. It is one of few places where you spend your best times with your parents and other family members and keep them with you till your last time. Generally people spend their most of saved income to buy or build their dream home to create special memories. It would be wise to buy home insurance policy to give extra protection to your home as well as your family members. Basically, it covers accidents like earthquake, destruction of house, robbery, fire and other unexpected occasions. These days it is easy to opt for policy as per interest, means customer may opt for online or traditional mode of buying policy.
1. Protect property or asset form any accidents.
2. Policy offers cover for entire structure of home including interior.
3. On time claim settlement and payout ease the process of rebuilding; it will ease the complete processing and helps you to bring into regular life.
4. In case of any sudden tragedy, respective company will offer entire coverage and it will reduce stress regarding safety of your dream house.
a. Any reputed company or individual may buy policy. Applicant must be Indian resident, legal occupant of property, owner of house, will be eligible for this scheme.
b. If someone want to buy insurance policy for multiple years tenure then as per provision only authorize owner of flat or home will be eligible for scheme.
c. To buy policy for entire society, it is responsibility of management committee head or recognized member of that sociality to take call on this matter for welfare and safety of all residential members. Company will offer all applicable benefits in name of society and at the same time remember one thing that policy will be issued in name of respective society. It will offer cover not only for building but for other utilities too.
d. A tenet is also eligible for buying insurance policies. As per criteria of policy all materials will be covered in case of loss from smoke, flood, fire, lightning etc. Other personal belonging like furniture, electrical items like dryer, washing machine vital equipments. It is tenet responsibility to read all policy related terms and condition to avoid any misunderstanding in near future.
e. Always remember that benefits and rewards may vary with policy of respective company. It is possible that user will not get cover in policy of other company what the first one is offering to them.
1. Check the Reputation of Company : It is one of the prime things that always must be considered before opting for policy. Collecting information about the previous track record of company, it beneficial activities, availability of skilled and sensible support team of executives, capability of claim settlement, its reputation in entire market and other facilities. After your satisfaction go for final processing.
2. Collect information about Coverage and Premium : Before opting for this decision, initially explore the condition of your home, chances of threat, possibility of any accident in near future and accidents like if your home is located in any sensitive areas like forest, flood affected areas are couple of things that affect premium amount and other vital factors.
3. Track Claim Settlement Ratio : Claim settlement related track record of any company play vital role in attracting customer and boos their interest towards company. If insured person is not getting all liable settlement and financial cover then it will affect the mindset of other customers.
1. Earthquake : Policy will offer 100% cover in case of disaster like earthquake and support insured person to build their dream home again. It depends on policy because some insurance offering companies do not offer cover in condition like overflow of river, sea, flood and lakes due to earthquake.
2. Preils and Fire Cover
b. Strike, Riot
c. Missile testing related operations.
d. Aircraft damage
f. Flood, storm, cyclone
3. Theft and Robbery Cover : As per provision of policy, material of house will also be covered in case of any robbery or theft. Top companies of this sector also offer cover for ornaments, valuable items, diamonds and other precious items to offer entire cover in case of any tragedy.
a. Loss of Cash
b. Destruction, loss, damage caused by any electrical or electronics devices due to excessive use of particular device or may be due to putting extra pressure.
c. If damage caused by wear and tear, depreciation.
d. Damage or loss due to any nuclear war.
e. Damage due to act of foreign country, civil war and invasion.
All insurance facility offering companies follow strict guideline to offer benefits and facilities. User need to fulfill criteria before filing for claim settlement, generally this process consume one to two week. It is smart way to initiate the process. Some companies ease the process by sending alerts through SMS or email. Before contacting to customer care team or support team, read all the required terms and condition, lodge FIR and keep a copy of that file. Some other necessary document that need to submit are outlined below
a. Police Investigation Report.
b. Report of Fire Brigade Team.
c. Repair estimate.
d. Medical Officer Certificate issued by officer regarding disability and death.
e. If required invoice of owned article.
f. Genuine copy of invoice by supplier regarding replacement.
g. Summons by court.
If you really want to manage your premium and financial condition too then follow some beneficial tip specified below:
a. Buy multiple policies to become eligible for getting discount.
b. By agreeing to share the cost of damage repairing will help to reduce the load of extra premium.
c. If services offering company is ready to install all security equipment then it will be condition where you will be eligible for applicable discount.
d. Always take wise decision and insured your property right after its construction because if you will opt for insurance policy for your 10-15 years old home then it will hard to find suitable service provider.