Insurance

Home Insurance: All Questions Answered

The quote ‘home is where the heart is’ will never go out of style. No matter at what corner of the world you are in, coming back home has a special feeling altogether. There’s something about our house that doesn’t make us stay away from it for too long. We are super possessive about our home and want it in good condition at all times. In order to keep your houses sound and secure, insurance companies have made the provision of home insurance for its customers. Therefore, take a look at this booklet of frequently asked questions in order to make informed decisions based on the queries and solutions:

How to make home insurance claims?

In case your house goes through any kind of damage, a policyholder can make home insurance claims from their insurance provider. Follow these steps given below in order to make home insurance claims:

  1. Contact the insurance company in order to inform them about the incident. If asked by the insurance company, take pictures of the incident.
  2. Submit the relevant documents based upon the frequency of the incident. All these documents are proof of the occurred incident.
  3. The insurance company will send an agent in order to inspect the place of incident.
  4. After all the steps have been cleared, the insurance company will process your claim and further disburse the amount to the policyholder.

What are the inclusions and exclusions of home insurance?

In order to understand the inclusions and exclusions of the policy, a policyholder should compulsorily read the terms and conditions of the home insurance policy. Failure to understand the inclusions and exclusions of the policy will lead to the rejection of the claims. Therefore, take a look at these inclusions and exclusions specified below in order to make informed decisions:

INCLUSIONS:

  1. Personal property protection
  2. Dwelling protection for garages or decks
  3. Protection for other structure like a fence, detached fence, tool shed, and so forth

EXCLUSIONS: 

  1. Intentional damage to the property by the policyholder
  2. Any damages caused because of war
  3. Conducting small scale business like baking in the house
  4. Damages caused due to poor infrastructural development

What is the difference between home insurance and housing society insurance?

When a policyholder purchases a house in a residential complex, he is liable to pay a certain amount. Due to this similarity between a home insurance policy and housing society insurance, a majority of people confuse these two policies with one another. Therefore, take a look at these differences between them:

DIFFERENCE HOME INSURANCE HOUSING SOCIETY INSURANCE
Coverage Covers the structure of the house Covers the possessions as well as the components of the house
Compensation Compensates the policyholder if there is any damage to the personal appliances or personal effects Compensates the policyholder in times of natural calamities

In order to find out the valuation of the property, the policyholder has to multiply the built-up area of the property with the construction cost per square feet.

What are the different types of home insurance plans?

When you opt for the purchase of home insurance policy, the insurance company provides the customer with two types. You have to make a choice either between basic fire insurance or householder’s package policy (HPP). In order to understand these two types of home insurance separately, take a look below:

  • Basic fire insurance covers all the damages caused by natural calamities like fire, landscapes, cyclones, and so forth.
  • HPP provides coverage for man-made calamities like terrorism, water pipe or gas explosions, riots and so forth.

Now that you’ve got all your queries pertaining to the home insurance resolved when are you purchasing it? Keep these queries in mind and don’t go wrong while investing in a home insurance plan. Invest in it wisely by comparing multiple policies in order to finalize the best one. The best way to compare policies is by using a home insurance premium calculator as it allows the comparison between features, benefits, and premiums of different policies.

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