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December 5, 2021

What documents are required to get home insurance?

  • November 15, 2021
  • 4 min read
What documents are required to get home insurance?

Buying a home is one of the biggest financial decisions for many individuals and households. However, first time homeowners are daunted by the numerous formalities and documentation processes, especially when it comes to home insurance. Is it necessary? What is the process involved? What is the right insurance for my home or office? These and many other questions run through a homeowner’s mind. 

In this blog, we have covered salient features of home insurance

Home insurance

Insurance is a protection for your house against damage from natural and/or man-made calamities or accidents such as earthquakes, floods, fires and more. Home insurance will protect the insured from financial losses in case an unforeseen incident damages property or its content. Do remember, the insurance cover will vary across financial institutions. 

So, it is essential to compare insurance plans from different financial companies to choose the one that best suits you. Financial institutions that offer home loans on EMI may also provide you with a home insurance policy. 

Types of home insurance

There is a wide range of home insurance available in the market. Both banks and non-banking financial companies offer these plans to suit various needs and preferences. 

When looking at insurance plans, here are the things to remember: 

  • Structure insurance – it insures the building’s structure
  • Standard fire and special perils plan – provides protection against natural calamities 
  • Personal accident – the home is insured against losses caused by personal accidents
  • Theft insurance – insurance against theft for contents of the home 

It is worth noting that home insurance provides protection not only to the house but also to its content under various situations. Here are the covers provided under home insurance: 

  • Damage or loss to the content of the property. 
  • Damage or loss of valuables and jewelry. 
  • Loss of content due to theft.
  • Damage or loss due to calamities, such as fire, explosion, storm, cyclone, earthquake, riots, lightning, flood, terrorism, etc. 

Requirements to buy a home insurance policy

To buy a home insurance plan, you must submit a proposal form with a general insurance company. Make sure to provide all your necessary details. 

Keep in mind that the primary requirement of your home insurance policy is to make regular and timely payments of premiums. It ensures the protection of your home and peace of mind that the potential losses are covered. 

Home insurance is a crucial aspect to protect your asset (home) from unseen circumstances. Here are the situations when you can buy a home insurance plan: 

  • If you legally own a property
  • If you are a tenant using a rented place. 

Home insurance claim process 

An insurance claim is what you can ask the insurance company to pay if there is an accident, calamity, theft or other damages as stipulated in the policy. In such cases, you will need to register a claim with the insurance company. Here are the steps to follow to make the claim process forward: 

  • Send an email or call the toll-free number of your insurance company and inform them of the problem. 
  • In the case of loss or theft,  you need to file a complaint or an FIR with the insurance provider. 
  • The insurance company will ask for information like the policy number and other details regarding the claim. 
  • After registering your claim request with the company, a surveyor will evaluate the case. 
  • Provide all the relevant documents to take the case ahead, such as photographs, etc. 
  • The survey will visit your property, make a report, and submit it to the insurance provider. 
  • If the insurance provider finds it an apt case, the claim amount will be deposited in your bank account. If it does not find a genuine case, your application will get rejected.

Documents required for the claim process

While reporting an insurance claim, you will need to prepare and submit the documents required.  Although the documents required vary across different types of claims, here are the common ones: 

  • Duly filled application form. 
  • Plan of the property
  • FIR or fire brigade report in the case of loss or theft. 
  • Bills/receipts
  • KYC documents. 
  • Canceled cheque leaf of your bank account.

Do remember, insurance varies across companies and understand the insurance cover offered before deciding on one. 

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