A House is probably the most expensive investment a person makes in his life. Many people put all their savings in buying or constructing a house or apartment. Once the house is constructed, it is exposed to natural perils and damages. Calamities come unannounced and can cause irreparable damage to your house. A home insurance plan can secure your house against natural calamities like earthquake, floods and storms.
A Home insurance policy is a form of property insurance that covers losses or damages to house structure and contents. If you finance your house through a loan, your lender most likely will require you to have home insurance in case of damages caused by unforeseen circumstances like fires or natural disasters.
Want to know more on home insurance? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
Most of the home insurance policies have certain exclusions. Listed below are the most common exclusions:
A home insurance policy comes with benefits that add convenience to your life and finances. Given below are some of the benefits of availing a home insurance plan:
Insurance companies have deadlines within which an individual must inform the company on the loss. You can inform the company either by calling or through SMS or e-mail. You have to lodge an FIR before you file a claim and you need to submit the copy of the FIR to the insurance company. Apart from the copy of the FIR, you will also need to submit other documents. They are:
These are some basic documents that must be submitted to claim the insurance. The insurance company may ask for additional documents at the time of claim settlement.
There are ample cases of people reportedly getting cheated in home insurance. There are various insurers in India that offer different plans as per individual needs. Listed below are a few points that you must keep in mind before buying a home insurance policy:
Premium and coverage: Carefully evaluate the different risks that your house may go through in the future. Consider the geographical condition of the area and make sure your home insurance covers these risks. If you buy a policy without checking the kind of risks covered by the policy, then it’s of no use. Consequently, you feel cheated. Also check if the home insurance premium fits your budget.
Claim settlement ratio: A good insurance company is judged by the time it takes to settle claims. The very purpose of insurance will be defeated, if you do not get a claim when required. Do not buy policies from insurers with low claim settlement ratio. Always make sure to check the claim settlement record of insurers before zeroing in on the insurer.
Mis-selling home insurance: Sometimes your insurance agent or bank will try to convince you to buy a home insurance plan. Make sure to read the terms and conditions of the policy and the exclusions thoroughly, before investing. Your bank or agent may not disclose the terms or the exclusions and you might feel cheated later on.
How you can post complaint on indianmoney if you are cheated in Home Insurance?
Iamcheated.com is a free online consumer complaints portal of indianmoney.com, which registers consumer complaints online and helps to resolve it. If you have been cheated by your insurer or if you do not receive any response from them, you can post your complaint on IndianMoney.com complaints portal IamCheated.com. Visit the website and fill in the required details and we will help you to resolve the issue with your insurer.
You May Also Watch:
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.