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Insurance Article

6 FAQs on Home Insurance Claims

November 25 2014

Though prompt relief and extensive evacuation measures could contain the number of human lives lost, it could not salvage thousands of homes and properties that were razed.

Insuring your home and personal belongings against nature's fury or manmade calamities is the need of the hour. Home insurance plans safeguards you from financial loss and provides you the means of rebuilding your home when it is damaged. These policies are easily available at nominal rates online. Making a claim is also equally easy and hassle-free.

Find below a few FAQs on home insurance claims:

Q. 1. What should I do to lodge a claim?

Call the helpline number of your insurance company and intimate them about your mishap. Keep your policy details handy before calling.

Q. 2. What happens after I call the insurance company?
How long does it take for me to get the amount?

As soon as you inform the insurance company, it authenticates the details provided by you and instructs its surveyor to take a firsthand view of the damage. The surveyor contacts you within 48 hours. After assessing the loss, he prepares the site report and interim report. These reports are then sent to the insurance company along with other documents that you submit to substantiate the claim.The insurance company reviews these documents and processes your claim within 7 days. Before disbursing the claim amount to you, the company sends a letter intimating the amount of claim.

Q. 3. I have lost all my important documents. Will I not get a claim? What are the documents that I need to submit?

You need to submit documents that can assist the surveyor in assessing the extent of loss you have suffered. Few of these documents are:
  • Duly completed claim form signed by you or your legal representative
  • First Information Report (FIR)
  • Fire Brigade Report
  • Original Invoice with an estimated amount of repairs
  • Rent Agreement
  • Transport details for baggage loss
  • Any other document that supports the occurrence of the event

Q. 4. Can I claim for loss of personal belongings too?

Yes, you may claim for loss of personal belongings if you have a home insurance plan that provides for content insurance (agreement to compensate on loss of possessions).

Q. 5. How is the loss amount calculated? On what basis is the property valued?

The insurance company provides compensation and settles the claim on basis of these broad pointers:

Loss Assessment Pointers
Structure Insurance
Content Insurance
What is considered as loss? Cost incurred to reconstruct a similar house today. Cost incurred to buy the same article (having same features and of similar age) today.
Assessment Based On Reinstatement Value Market Value
What is NOT considered? The market price of your home or land The market price of a new product today
Example of Sum Insured Built-up Area Of Home: 1000 Sq feet Rate of Construction / Sq Feet: Rs. 800 Sum Insured for Structure Insurance: Rs. 8 Lakhs Insured Article: Sofa cum bed (Product code 123, Company XYZ), Price Rs. 50,000 Year of Purchase: 2010 Year of Claim: 2014 Sum Insured: Current market value of Sofa cum bed (Product code 123, Company XYZ) less depreciation (for 4 years)
Note: Claim amount for loss of jewelry is 25% of total Content Sum Insured or Rs. 1 lakh, whichever is less.

Q. 6. Which claims are NOT APPROVED by the Insurance Company?

Claims that arise due to these factors are not approved:

  • Willful destruction of property
  • War or related perils
  • Electrical fluctuations
  • Loss of cash, bullion, antique works of art, mobiles, laptops etc.
  • Seepage
  • Electrical or mechanical breakdown
  • House being unoccupied for more than 30 days
Get peace of mind and secure your future by opting for a plan that safeguards your most valuable asset. Do not wait for the next reminder. Get your home insured today!

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