November 30, 2023

Important Factors To Consider Before Buying A Home Insurance Policy In India

Even with security measures like house alarms and surveillance cameras in place, thefts and burglaries are quite common occurrences in Indian houses. Also, though these are isolated incidents, a burglary in your home can lead to huge financial losses on your part.

A home insurance policy is a cover that can shield you from the financial damages caused by a theft or burglary at your property. Additionally, they also cover costs that arise due to damages caused by natural and man-made calamities.

What are the covers provided by this insurance?

The best house insurance policies provide the following covers

  • Damages incurred due to various man-made and natural calamities like floods, earthquakes, etc.
  • Protection for valuables like work of art, jewellery, etc. and loss of them from home.
  • Benefits like rent for alternate accommodation facilities, etc.

Additionally, Bajaj Finserv also provide add-on covers like replacement for key and lock, loss of rent, etc.

Therefore, with a home insurance, you can secure your house and possessions from various liabilities.

Why should you opt for an insurance cover for your home?

There are several reasons why you should avail an insurance policy for your house. They are

  • Reduces personal liabilities

Paying for the damages to your house due to reasons like theft, fire, natural calamities, etc. can also put a dent in your pockets. Opting for a home protection plan can help to reduce the liabilities to your property by shielding you against such damages.

  • Helps to minimise risks

There are several natural and man-made calamities that can present risks to your house and property. For instance, fire breakouts, earthquakes, floods, etc. are some calamities that can cause extensive damage to your property. The insurance scheme helps to decrease the liabilities from these incidents by reducing the financial burden that come from them.

  • Covers cost for temporary resettlement

You might need to arrange for temporary accommodation if your house is rendered inhabitable due to the outbreak of a fire or any other natural disaster. Availing insurance policies from companies like Bajaj Finserv provides you with rent for the alternate accommodation facilities.

  • Provides round the clock protection

The insurance cover remains active even when you are away from your house. For instance, if a fire breaks out when you are on vacation, you can still avail the benefits from the policy. Thus, the insurance cover provides financial protection round the clock.

Things to know before availing insurance cover for your home

Following are a few details you should know before availing property insurance policy:

  • Check whether you are eligible to avail the benefits under this insurance cover. Most of these policies offer coverage to individuals who own a property. However, tenants can also avail this plan to insure their valuables and other belongings in the house.
  • Learn about the damages against which you can seek cover for your house and belongings.
  • Know if the insurance scheme protects both your house‚Äôs structure and the contents inside it.
  • Learn about the process to apply for home insurance online.
  • Learn about the documents you have to submit to claim insurance policy benefits. For instance, in the case of a home burglary case, you need to submit documents like the original invoice, which gives the value of items stolen. With these, you will also have to provide documents giving the replacement or repair costs, police report, claim form, etc.

Thus, with these few details in mind, you can avail a home insurance cover and protect yourself from financial liabilities like damage to your property and belongings. But make sure to read the fine print of the insurance policy before applying for it.