Home Insurance Companies In India

Owning a home in India was a dream before because of the lower living standards but as the living standards increased additionally, the real estate rates increased exponentially. So it still remains a dream. But if you own one you would certainly do anything to protect it. The home owner certainly counts his home as his biggest asset. So protecting the dream home has become a mandatory practice for all homeowners. The home insurance companies provide aplenty options and schemes to ensure the safety of your prime possession. The general practices involved in home insurance as followed by the home insurance companies in India:Areas Covered Under Home InsuranceThe home insurance policies protect against various natural and man made disasters including:
Thefts and Burglaries
Fire
Earthquake
Floods
Explosions etc.Calculation of the Home Insurance Premium or Amount The factors to be kept in mind while calculating the insurance premium and accepting the home insurance quote being offered by the home insurance company are:
Area of the House (calculated in sq.ft.)
Location and neighborhood
Approximate rate of construction (calculated in Rs. Per sq.ft.)
Permanent construction on the land
The time period offered for the insurance premium (monthly, quarterly or six monthly depending upon the insurance amount) Property more than 50 years old is not covered in home insurance
The insurance policy offered is standard or flexi covering Home Insurance ClaimIn case of the above-mentioned disasters, the home insurance companies settle as quickly as possible. For customer care 24 hr helplines are also being set up to fasten the claim procedure and provide better customer service. The claim settlement procedure home insurance includes:
Personal information like the contact details
Details of the policy undertaken
Inspection of the site by the company appointed surveyor
Claim is processed within two weeks of the complete documentation
Approval of the claim letter is sent to the claimant with the settlement amount approved
Payment of the home insurance claim cheque.Documentation The home insurance companies follow a fixed procedure to settle the insurance claim. You are required to submit completed documents in order to fasten the claim procedure. These include:
Duly completed and signed claim form
Copy of the FIR
A Final Police Report
Copies of all invoices, price lists
Letter of indemnity