Understanding Home Insurance Premium with Home Insurance Premium Calculator

| February 6, 2018 | 0 Comments

Home InsuranceHome Insurance in India has gained popularity after the Chennai floods. People are increasingly aware of the disasters that can strike their homes and are seeking cover under Home Insurance plans. With a choice of plans and covers on offer, you can choose one that fits your bill.

A Home Insurance premium calculator helps to crystallise your premium payout — based on the sum assured and policy tenure. The quantum of cover should be adequate to cover any unforeseen losses.

The premium that you pay should not be regarded as an expense, but a small investment that can cushion you and your home against any types of risks.

You’ve been wise to take a home insurance cover. In the case of any unfortunate incident, like damage to your home/belongings due to a fire, you’re saddened by the loss and there is this task of you making the home insurance claim, which does seem daunting.

Well, making a home insurance claim is not a tedious task. Here are the things that you must do, which will ease the claim making process.

Tips to Ease the Home Insurance Claim Making Process

  • Read Your Policy Thoroughly

Home Insurance is a contract made by you with an insurance provider. There is an exhaustive list of inclusions and exclusions. It is essential that you’re well aware as to what risks the policy covers.

Reading the fine print is very essential. This will ensure that when you’re making the claim, you will know what is allowable and what are the deductibles.

Knowing your policy thoroughly will help you avoid making unnecessary claims, thus making the claim processing easier and stress-free.

  • File Your Claim Within the Stipulated Time

Insurance companies have a set time limit, within which you have to file your claim. In a majority of the cases, claims have been disallowed because the applicant did not file the claim form on time.

Not adhering to the time limit leads to unwanted litigation. It’s true that you’re shaken by the loss to your home. But in order to rebuild your home, you need funds and this can be met only by filing an insurance claim on time.

  • Provide Sufficient Evidence

Insurance companies require adequate evidence in support of your claim. Take pictures of all the damaged items and keep them safe, until the time the surveyor makes an assessment of the damage.

Further, home insurance companies require that you furnish all bills and receipts pertaining to your personal possessions. Make sure that you keep all these supporting documents. A claim form with necessary support will be processed faster.

  • Provide Correct and Accurate Information

The key to ensuring that your home insurance claim is processed without any problems, is by providing a true picture of the damage.

Fill in the claim form correctly, after taking the valuation of the damaged properties — based on the bills and receipts in your hand. Give complete details of the nature of damage. Incorrect information is bound to delay your claim processing.

  • Avoid Doing Permanent Repairs

Claim processing is likely to be held up if you carry out any repairs of a permanent nature, after the damage. Insurers need to assess the damage in an as-it-is condition.

So, it’s best to notify your insurance provider as soon as possible. Of course, temporary repairs that will enable you to reside in your home are allowed.

The above measures will make the claim process easier. After you’ve intimated the insurer, a surveyor is sent to assess the damage and make the report. Once the report is made and found to be in order, the insurer initiates the settlement process and clears your claims.

 

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