• A house serves as a sanctuary for its occupants, resembling an extended family member in many ways. It transcends being merely a financial investment and is frequently tied to profound emotions and aspirations. Owning a home is regarded as a significant milestone in life.
• The value of a home cannot be overstated. Therefore, it is essential to prioritize its total security by all measures in every situation. In this regard, the role and importance of property insurance, home insurance, or building insurance are crucial.

Home insurance coverage

• Depending on the varieties and conditions of the selected policy, the extent of coverage for a home insurance plan may vary. Typically, a standard comprehensive home insurance policy provides coverage for the structure, personal belongings, jewelry, valuable items, etc. , as specified in the chosen plan’s terms.
• In the event of any loss or damage to the home or its contents, you can submit a claim in accordance with the terms of your current home insurance policy, and you are entitled to receive the necessary compensation from your designated insurance company.
• This article will outline the procedure for negotiating and processing a home insurance claim in India.

Raising a home insurance claim

• If a misfortune occurs affecting your home, your property insurance or home insurance will be there to assist you in overcoming the situation. However, you must adhere to a basic protocol to fulfill your requirements and ensure that you receive the claim.

1. Informing the insurer:

• This is the first step you should take after you discover the incident. You need to promptly contact your home insurance provider regarding the occurrence. Your communication should detail the type of damage that has taken place, such as whether it was caused by a natural disaster, burglary, or theft, among others. It is also necessary to include your policy details during this notification.

2. Claim corroboration:

• After the insurance provider has been informed about the claim, they will verify all the facts and figures that have been submitted. Once they confirm the legitimacy of the claim, it will be sent to the appropriate claims department.

3. Surveyor appointment:

• After the claim has been validated and forwarded to the claims department, it gets logged. Within the following 48 hours, a specialized surveyor, who is an IRDAI-licensed intermediary for claims assessment, will be appointed. The surveyor is tasked with assessing, validating, and addressing losses resulting from the emergency event.

4. Inspection:

The appointed surveyor undertakes the responsibilities of conducting the necessary investigation based on your provided information. You must supply all accurate information and assist with the investigation accordingly. The more evidence you can provide, the more advantageous it will be for substantiating your claim. Based on these findings, the assigned inspector will prepare a detailed report and submit it to the insurance company within a specified timeframe. The duration required may vary depending on several factors, such as the severity of the issue, generally ranging between 7 and 15 days.

5. Claim processing:

• The insurance company will use and take into account the report prepared by the appointed inspector for settling the claim. They will make the ultimate determination on whether to accept or deny the claim based on the findings. After the report is submitted, the insurance provider typically requires around 7-10 days for finalizing the claim settlement. You may even submit your home insurance claim online if your insurance provider permits and provides this option.

Documents required for home insurance claims

To facilitate a smooth home insurance claim settlement, you must present certain standard documents, depending on the type of loss and damage. These documents include:
For damages to the relevant building and/or its contents
• Completed claim form signed by the designated insurance holder
• A detailed account or record of the damage(s) sustained
• Original purchase receipt of the item(s) that have been damaged or lost
• An estimate for the repair cost of the damages
• A valid service report from the repair agency/company
• Invoice for repairs and all 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 fully completed and signed by the home insurance policyholder
• Detailed information about the lost item(s)
• Original purchase invoice for the lost item(s)
• A brief account of the relevant theft incident
• Police FIR copy
• Final report from the police
• An indemnity bond is required only as applicable
• NEFT documents
• KYC documents are essential if the value of the lost item(s) is over INR 1 lakh
• Consent form

For burglary

• Filled claim form signed by the policyholder
• Brief report regarding the damaged/lost item(s)
• Detailed report concerning the incident
• Police FIR copy
• Indemnity bonds (if applicable)
• NEFT documents
• KYC documents if the damaged/burgled item(s) are worth more than INR 1 lakh
• Consent form
• Discharge papers and newspaper cuttings if available
However, it is important to note in this regard that all these home or property insurance claims are subject to the specific terms and conditions outlined in the respective chosen home insurance plan.

Popular errors to avoid for seamless claim resolution

To improve your chances of a successful home/property insurance claim resolution, you should take into account certain elements to steer clear of some frequent errors:
1. Make sure to document all expenses and damages based on your loss.
2. Always remain proactive in following up on your claim, without providing the insurance provider any opportunity to postpone your claim resolution under any circumstances.
3. Devote the necessary time to evaluate whether the initial offer from your assigned insurance provider sufficiently covers the total cost of all damages and losses suffered.
4. Familiarize yourself with all the essential terms and conditions and the coverage duration of your selected policy plan by reviewing all the fine print in the policy document. If there are any uncertainties or ambiguities, please clarify them beforehand from credible sources to avoid any misinterpretations.

Insurance appraisal

In the event of any disagreement with the claim settling adjuster, you hold the right to contest it and dispute the proposed estimate with your insurance provider. Point out all the insufficient aspects of the estimate and adequately support your viewpoint with pertinent documents. You can also request a reevaluation from another adjuster as allowed by your insurance provider.
Depending on the situation, you may also hire an independent appraiser who can thoroughly evaluate the damage, which your insurance provider must take into account prior to claim resolution. If disagreements continue even after this, both appraisers must accurately determine a designated value for the relevant claim.
If necessary, you can file a complaint with your state’s insurance regulator to mediate and resolve the disagreement.
In case you have explored all available options without any favorable outcomes, consider seeking legal assistance.

FAQs
1. How is the value of jewelry determined in home insurance claim resolution?
The ideal jewelry value covered should be a maximum of 25% of the total contents or INR 1 lakh, whichever is lower.
2. What are the different payment methods available in a home insurance plan?
You may make the payment using any secure method including credit card, debit card, e-wallet, cheque, AMEX card, etc. , according to your preference.

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