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Home Insurance: All Questions Answered

Countless questions may spring to mind when it comes to home insurance. Here are some frequently asked questions about home insurance, along with their respective answers.

Who may obtain coverage for home insurance?

Any resident of India who owns or resides in a property is eligible to acquire house insurance coverage.

What are some elements that affect a house insurance policy’s premium?

The following are some elements that affect your home insurance policy’s premium amount:

  • Location:Your home’s location can impact the premium costs. A home adjacent to a water body prone to flooding, in a region where earthquakes occur or where criminal activity is frequent, attracts higher premiums. It becomes important to add burglary insurance in such areas where criminal activity is common.
  • Features & property characteristics:The premium amount can be influenced by elements such as the house’s age, building type, roof, wiring, and garage.
  • Personal factors:Your home insurance rate may frequently be impacted by individual factors, including your credit history and lifestyle choices.
  • Protective devices:As they all contribute to the safety of your home, installing protective devices can also assist in reducing the premium amount.
  • Claims history:Your premium may be lowered or raised depending on your claims history. If you have a claim history, your home insurance quotes may be more significant than it would be if you didn’t.

Does the start date of an insurance policy matter?

Your insurance coverage starts on the date you specify or when the insurance provider receives the first premium payment.

What paperwork must be completed in the event of a break-in?

In the event of a claim for a break-in, you must provide the following documentation:

  • An original invoice detailing the cost of the stolen goods.
  • FIR (First instance report).
  • Claim form.

What happens to the home insurance coverage if the insured residence is sold?

If the insured residence is sold, the policy is void as of the time of the transfer of ownership, and the contract no longer protects the insured. The policyholder would then receive a reimbursement for the remaining portion of the premium for the protected term.

What does “cancelling and not renewing” an insurance policy for a home mean?

Either the insured party or the company may decide not to renew the insurance. In this situation, the corporation no longer provides insurance for the insured person. Both the policyholder and the insurance provider have the option of cancelling the coverage.

What occurs following the filing of a house insurance claim with a company?

A surveyor contacts you after filing a claim with your insurance provider. Additionally, a claim form may be delivered to you in the coming few business days.

What are the most typical house insurance policy exclusions?

Some exclusions are present in the majority of home insurance policies; for e.g.: –

  • Any loss brought on by flooding.
  • Any actual harm brought on by the insured’s willful actions.
  • The earth’s movements.
  • Nuclear attack, war, etc.
  • Vehicles & real estate for businesses.
  • Any loss brought on by operating a vehicle with a motor that has more horsepower than 50.

I’ve signed up for home insurance with two different firms. What happens when a claim is settled?

If a claim is filed and you have home insurance from two different carriers, you may be compensated proportionately.

Conclusion

One of the most comprehensive types of risk coverage available is homeowner’s insurance. It protects your valuable possession and covers losses that may arise out of any unfortunate damage to your home.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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