Your home is your haven. Your permanent asset. And just like you would insure any other asset you need to insure your home too! Home insurance safeguards your home against unknown adversities that can bring you unexpected yet substantial financial losses. However, it is startling to find that there is just about 1% who are aware of these insurances! So what are the things you have to keep in mind when you go in for home insurance?
Any person – be it an owner or a tenant – who is a resident in India can avail of a home insurance policy. Here, the home includes a flat in an apartment complex too. Even organizations or firms owning property for residential purposes can avail of this insurance.
In most cases, your home is an investment for a lifetime. And it has to be protected against any untoward incidents. When you invest in a home, you should ideally invest in a comprehensive home insurance policy to protect your dwelling in case of both natural and man-made damages, and safeguard your home against multiple calamities. You also have to ensure that when you invest in policy all events are covered under it.
Home insurance provides coverage against
A person can also get additional cover for specific purposes like
Yes. These are the common exclusions.
There are different types of policies for homeowners. The most common ones are:
There are two options:
Do proper research before you decide on which one is ideal for your home.
Your responsibility as a homeowner does not end with getting property insurance. The insurance is just a cover, and you have to ensure you carry out everything including maintenance and other periodical repair works that you would normally do. This also means that you have to take all necessary precautions to prevent the losses even if you are insured.
The first thing to do is to contact your insurer. This can be done online or by dropping in. The insurer has to legally acknowledge your complaint within 3 working days and attempt to resolve the issue within 15 days. If you feel that the company has not addressed your grievance, you can raise an issue with the Insurance Regulatory and Development Authority of India (IRDAI).
As a niche builder, we at Prime Property Developers can put you in touch with the best insurance companies. We also offer ample and sufficient help so that the processing of the insurance is hassle-free