Home Insurance

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Home Insurance
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A Plan to protect your dream destination
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• A house is a place that provides shelter for
  living. Your dream palace is often cemented with
  rigorous efforts and bricks of emotions.
  Unexpected mishaps can turn these happy times
  into disasters leaving you completely shattered
  and broken. You not only go through monetary loss
  but also lose your mental peace. An insurance to
  cover financial loss can act as a healing source
  towards your sorrows during the crisis time. It
  can help reduce your stress and give mental
  calmness. A home insurance typically covers
  damages done to your house due to natural
  calamities, fire, riots, burglary etc. Also these
  policies cover home contents including furniture,
  cloth, utensils, jewellery, etc. All these
  aspects have made home insurance popular in India
  where more and more educated section of the
  society is willing to buy insurance to shield
  their dreams.
• How does it work?
• House policy can insure a house and contents
  (in certain cases) that make a home from loss due
  to any of the conditions that are mentioned in
  policy covers. Lets understand how policy works
  Firstly the property owner has to identify his or
  her insurance needs, including the premium
  payment capacity that he or she can afford to pay

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• Then you need to approach an insurance
  provider and chooses a policy that covers his or
  her specific needs. A proposal form is filled by
  the applicant and based on the value of the house
  structure and/or household items the property
  will be insured to certain amount along with a
  fixed monthly premium charge. With regular
  payment of premiums the house structure and/or
  household items will be insured for a certain
  period of time. The application will be processed
  and based on type of damage and its valuation
  claim takes place.
• Many people are unaware of the damages which
  policy covers and end up buying a wrong or
  incomplete policy. A typical house insurance will
  cover Fire, Lightening, Aircraft Damage,
  Explosion / Implosion, Storm, Cyclone, Typhoon,
  Hurricane, Tornado, Flood and Inundation, damage
  to property due to riot, strike, malicious and
  Terrorism, Landslide, any type of
  Bursting/overflowing of water installations,
  Missile testing operations, Leakage in sprinkler
  installations, Bush fire, Earthquake and Impact
  Damage.
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• Some factors that are strictly not covered
  under a home insurance policy are Destruction
  of property willfully, Damages to property due to
  wear and tear, Loss to property due to war, if
  house unoccupied for more than a certain
  specified period and money in the form of cash,
  antiques and collectibles.

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• How does claim work?
• For the structure of the property the value is
  arrived at on 'Reinstatement Value' basis. It
  means that the reimbursement amount will be the
  cost of construction of a similar new property.
  The contents, for which an individual is claiming
  an insurance reimbursement, are valued on the
  market value basis. For jewellery and
  furniture, the value is appropriately fixed after
  consulting a valuator.

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• Documents required for claims
• Depending on the cause of damage to your
  property the documents will also vary for ex If
  the damage is due to earth quake a seismological
  report is required. If its due to fire it has to
  be a report from fire brigade team etc. Besides
  you need some Standard documents such as A claim
  form filled as an application to claim process,
  FIR will be a necessity and Photo copies of
  bills, replacement estimates, policy etc.
• There are certain parameters that decide when
  and where a home insurance can be provided.
  Therefore, it is important for a person to read
  definition of each term in policy wordings to
  make sure house structure or households fit for
  insurance policy.
• .
• To know more about https//www.bajajalli
  anz.com/Corp/motor- insurance/car-insurance.jsp
  

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