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Home insurance claim in India: step-by-step guide

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A home is a haven for its residents, almost like an extended family member. It is more than a real financial asset, often connected to the deepest of emotions and desires. Acquiring a home for oneself is considered to be a milestone.

The importance of a home cannot be exaggerated. So, it is important to ensure its complete safety by all means under every circumstance. In this context, the contribution and significance of property insurance, home insurance, or building insurance is significant.

Home insurance coverage

Depending on the types and terms of the chosen policy, the coverage span of a home plan may differ. Usually, a standard comprehensive home cover allows coverage for the building, contents, jewellery, valuables, etc. as specified under the chosen plan terms.

If there is any loss or damage to the home or its contents, you can raise a claim according to the existing home insurance plan terms, you are eligible to receive necessary compensation from your designated insurance provider.

In this article, we will highlight the process of negotiating and fulfilling a home insurance claim in India.

Raising a home insurance claim

If unfortunately, any mishap happens to your home, your property insurance or home insurance will come to your rescue to save the day. However, you need to follow a basic protocol to fulfil your demands and ensure to receive the claim.

1. Informing the insurer:

This is the very first step after you detect your mishap. You must immediately approach your home insurance provider regarding the event. Your information must mention the nature of damage that occurred, like whether it is due to a natural calamity burglary or theft and so on. You must mention your policy details too during this intimation.

2. Claim corroboration:

Once the insurance provider is intimated regarding the claim, they will eventually corroborate all the facts and figures that have been provided. Once they have validated the authenticity of the claim, it will be forwarded to the designated claims department.

3. Surveyor appointment:

Once the claim has been verified and forwarded to the claims department, it gets registered. Within the next 48 hours, they will appoint a special surveyor, who is an IRDAI-licensed intermediary for claims investigation. The surveyor is responsible for qualifying, validating, and loss dealing, as arising due to any emergency crisis.

4. Inspection:

The appointed policyholder performs the duties of carrying out the necessary investigation based on your information. You must provide all the right information and cooperate with the investigation accordingly. The more evidence that you may provide, the more beneficial it becomes for you for claim substantiation. Based on all these findings, the designated inspector will make a special report and submit it to the insurance within a stipulated time frame. The time necessity may depend on various factors like the severity of the issue, which ideally ranges between 7 and 15 days.

5. Claim processing:

The insurance provider will utilise and consider the report as prepared by the designated inspector for claim settlement. They will make the final decision on whether to approve or reject the claim based on the findings. Once the report is submitted, the insurance company usually needs around 7-10 days for final claim settlement. You can even forward your home insurance claim online, provided your insurance provider allows and offers this provision.

Documents required for home insurance claims

To ensure smooth home insurance claim settlement, you need to submit certain typical documents, depending on the nature of loss and damage. These documents are as follows:

For damages to the concerned building and/or its contents

• Duly filled-in claim form signed by the designated insurance holder

• A specific narration or record of the damage(s) incurred

• Original purchase invoice of the item(s) that has/have been damaged or lost

• An estimate of the repair cost of the damages

• An authentic service report from the repairing agency/company

• Bill for repairs and all the original payment receipts

• NEFT documents

• KYC documents are necessary if the damage and repair cost exceeds INR 1 lakh

• Consent form

For theft

• Claim form, which must be duly filled and signed by the home insurance policyholder

• Comprehensive information about the lost item(s)

• Original purchase invoice of the lost item(s)

• A compact record of the concerned theft incident

• Police FIR copy

• Final report from the police

• An indemnity bond is necessary only as per applicability

• NEFT documents

• KYC documents are essential if the value of the lost item(s) is above INR 1 lakh

• Consent form

For burglary

• Duly filled-in claim form signed by the policyholder

• Compact report regarding the damaged/lost item(s)

• Comprehensive report regarding the incident

• Police FIR copy

• Indemnity bonds (if applicable)

• NEFT documents

• KYC documents if the damaged/burgled item(s) worth over INR 1 lakh

• Consent form

• Discharge papers and paper cuttings if possible

However, you must note in this context that, all these home or property insurance claims are subject to the specific terms and conditions as specified under the concerned chosen home insurance plan.

Popular mistakes to avoid for smooth claim settlement

To enhance your chances of a positive home/property insurance claim settlement, you need to consider certain factors to avoid some common mistakes:

1. Ensure documenting all the expenses and damages based on your loss

2. Always remain proactive regarding the follow-up of your claim, without giving the insurance provider any chance to delay your claim settlement under any circumstances

3. Invest the necessary time required to assess if the initial offer from your designated insurance provider adequately covers the cost of all the damages and losses incurred

4. Be acclimatised with all the necessary terms and conditions and the coverage span of your chosen policy plan by reading all the fine print in the policy document. In the case of any doubt or ambiguity, please clarify it beforehand from authentic sources to avoid any misunderstandings.

Insurance estimation

In the case of any disagreement with the claim settling adjuster, you possess every right to challenge it and dispute the proposed estimate with your insurance provider. Highlight all the inadequate parts of the estimate and necessarily support your perspective with relevant documents. You can even request a reassessment from another adjuster as provided by your insurance provider.

Depending on the circumstances, you can even appoint a separate appraiser who can critically estimate the damage, that your insurance provider must consider before claim settlement. If differences persist even after this, both appraisers must critically establish a designated value for the concerned claim.

If necessary, you can even file a complaint with your insurance regulator of the state to mediate and settle the dispute.

In case, you have tried out all the available options without any positive results, you can consult taking legal help.

FAQs

1. How is the value of jewellery calculated in home insurance claim settlement?

The optimum jewellery value covered must be ideally 25% of the total contents or INR 1 lakh, whichever amounts to be lower.

2. What are the various modes of payment in a home insurance plan?

You can make the payment using any secure option including credit card, debit card, e-wallet, cheque, AMEX card, etc. according to your convenience.

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

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