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Frequently Asked Questions While Raising a Home Insurance Claim

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Our home is our safe place and we take every possible step to keep it safe and protected. But emergencies do not come announced and when something happens to our house there is a lot of emotional and financial strain. While nothing much can be done to prepare oneself for the emotional strain, the financial stress can be taken care of by a home insurance policy.

A home insurance policy is a good and smart way to protect the house from any unforeseen situations that can damage the house and its contents. Home insurance will cover the structure of the house and also the contents a list of which has to be provided to the insurance company. The insurance company takes a list of electronics covered and the valuables which are in the house and are kept safe.

When there is a claim or before you take a policy it is natural to have questions about raising a home insurance claim. Let us try and answer some of them here to make you at ease:

1. What are the inclusions for which a claim can be raised?

For a standard home insurance policy, the damage caused by the following are included:

● Riot

● Aircraft damage

● Missile testing operations

● Missile

● Flood

● Storm

● Lightening

● Cyclone

● Theft of items a list of which is provided to the insurer

● Earthquake

2. What all will not be paid for by the house insurance policy?

The following losses will not be covered in a standard house insurance policy:

● Loss of cash

● Loss because of wear and tear and depreciation

● Nuclear war

● War or an act of any foreign country

● Damage caused to an electronic item due to overuse

3. Is there a time limit to file a claim for the house insurance policy?

There is a time limit within which a claim must be reported and filed with the insurance company. This time limit is mentioned in the policy and usually is 30 days. However, each insurance company can have different time limits and thus, check your policy for this.

4. What documents are required to be submitted to process the claim?

The following documents should be submitted to the surveyor for them to assess the loss:

● Fire report in case of fire

● The cost that will be incurred to reconstruct the damaged part

● In case of theft an FIR

● Replacement and repair bills

● Original invoice of expensive things to enable the surveyor to calculate depreciation

● In case of theft, the invoices of stolen things

● Report from police

5. Will property damage be paid for by the insurance company?

Any damage to the party caused due to the above inclusions will be paid for by the insurance company. All these details are mentioned in the policy and must be carefully read before buying the policy. If there are still questions about inclusions, the insured can reach out to the insurance company.

6. Will the entire amount claimed to be reimbursed by the insurance company?

If you have a home insurance policy, you can claim for the damage and loss caused to the structure and the valuables that are insured. However, all insurance companies follow a claim process which ascertains the amount payable. The loss is calculated on the basis of the claim form, admissibility of the claim as per the policy, the documents provided to substantiate the claim and the depreciation etc. An insurance company will assign the claim to a third-party surveyor who will assess the loss on the basis of the claim and policy and then give the final loss figure which will be reimbursed to the insured.

7. How do you know who is the surveyor?

Once you report a claim to the insurance company and fill out the claim form, the insurer will appoint a surveyor for your loss. The appointed surveyor will touch base with the insured and schedule a visit to see the loss and will then ask for documents etc. The survey he does, the documents he asks for and what is provided to him, will all help him in coming to a loss figure, of course, depending on the coverage in the policy.

8. What are the steps to file a claim?

Once there is a loss, the following is the standard procedure for a policy owner:

● Inform the insurer about the loss on the number provided

● Give all relevant details asked by them

● Assist the surveyor in providing details and documents

● Fill out the claim form

● Wait for the report of the surveyor

9. What is the process after the surveyor gives the report to the insurance company?

Once the surveyor receives all documents and proof of the loss, he makes a report and submits a report to the insurance company. In this report, the amount payable to the insured is there. Once the insurance company checks the report and the home insurancepolicy, they pay the amount due to the claimant.

Once the claim is settled and the amount received, always remember to review the policy. During the claim process, you will realise if there are any loopholes in the policy or if some inclusions and exclusions might need a review. The claim history also affects the premium and keeping a check on claims is important.

10. Anything that must be kept in mind before raising a claim?

One thing that can be done is to ascertain the amount of loss and the cost of repair or replacement. Sometimes, after depreciation etc., the amount payable is not much to require raising a claim. As a claim might raise the premium, it does not make sense to raise a claim for every small loss. Thus, think wisely and calculate carefully before contacting the home insurance company.

Conclusion:

Every time there is a loss, check the admissibility as per the policy and then follow all steps to ensure the claim is settled fast and in the best way. Providing the right documentation is important and cooperating with the surveyor as well. Also, when buying a policy check inclusions and if some add-on inclusions are needed pay the extra premium and get them rather than repenting later for the claim to be not covered.

A home insurance policy is like a safety net for your house and you should not compromise on the same. Choose the insurance company and the policy wisely, and if there are any questions, feel free to contact the insurer or any expert. A home insurance policy is the smartest way to protect yourself from any losses and safeguard your house.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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