April 8, 2025
- Our dwelling is our secure environment, and we take every conceivable measure to maintain its safety and security. However, emergencies do not announce themselves, and when an incident affects our home, it brings significant emotional and financial pressure. While much cannot be done to brace oneself for the emotional burden, the financial anxiety can be managed through a home insurance policy.
- A home insurance policy is an effective and wise method to safeguard the home against any unexpected events that may harm the property and its belongings. Home insurance will protect the home’s structure as well as the belongings, for which an inventory needs to be submitted to the insurance provider. The insurance provider compiles a list of covered electronics and valuables present in the household to keep them secure.
- When filing a claim or prior to obtaining a policy, it is normal to have inquiries regarding how to submit a home insurance claim. Let us attempt to address some of these questions here to help alleviate your concerns:
- What are the items covered for which a claim can be filed?
For a typical home insurance policy, damages caused by the following incidents are included:
● Riot
● Aircraft damage
● Missile testing activities
● Missile
● Flood
● Storm
● Lightning
● Cyclone
● Theft of items for which a list is provided to the insurer
● Earthquake - Which items will not be compensated by the home insurance policy?
The following losses are excluded from coverage under a standard home insurance policy:
● Loss of cash
● Loss resulting from wear and tear and depreciation
● Nuclear war
● War or actions by any foreign country
● Damage to an electronic item due to excessive usage - Is there a deadline to file a claim for the home insurance policy?
There is a specified time frame within which a claim must be reported and submitted to the insurance company. This deadline is stated in the policy and typically is 30 days. However, each insurance provider may have varying deadlines, so review your policy for this information. - What documents must be provided to facilitate the claim processing?
The following documents are required to be submitted to the assessor for loss evaluation:
● Fire report in the event of a fire
● The estimated cost for reconstructing the damaged area
● In the case of theft, an FIR
● Replacement and repair invoices
● Original receipts for high-value items to assist the assessor in determining depreciation
● In cases of theft, invoices for the stolen items
● Police report - Will property damage be compensated by the insurance provider?
Any damage to the property resulting from the above inclusions will be reimbursed by the insurance company. All these specifics are detailed in the policy and should be thoroughly reviewed before purchasing the policy. If questions regarding inclusions persist, the insured can contact the insurance provider. - Will the total claimed amount be reimbursed by the insurance provider?
If you possess a home insurance policy, you can file a claim for the damage and loss inflicted on the structure and the insured valuables. Nevertheless, all insurance companies adhere to a claims process that determines the sum payable. The loss is assessed based on the claim form, the claim’s eligibility in accordance with the policy, the documents provided to support the claim, and the depreciation, among other factors. An insurance company will assign a claim to a third-party surveyor who will evaluate the loss based on the claim and policy, subsequently providing the final loss amount to be reimbursed to the insured. - How can you identify the surveyor?
After you report a claim to the insurance provider and complete the claim form, the insurer will designate a surveyor for your loss. The assigned surveyor will reach out to the insured and arrange a visit to inspect the damage while requesting documents as needed. The survey he conducts, the documents he requires, and what is provided by the insured will all assist him in determining a loss figure, depending on the policy coverage. - What are the procedures to submit a claim?
Once a loss occurs, the following outlines the standard procedure for a policyholder:
● Notify the insurer regarding the loss using the number supplied
● Provide all requested relevant details
● Aid the surveyor in supplying details and documents
● Complete the claim form
● Await the surveyor’s report - What occurs following the surveyor’s submission of the report to the insurance company?
Once the surveyor gathers all documents and evidence of the loss, he prepares a report and sends it to the insurance company. This report specifies the amount due to the insured. After the insurance company reviews the report and the home insurance policy, they disburse the funds owed to the claimant.
Once the claim is resolved and the funds are received, it is essential to review the policy. During the claims process, you may identify any gaps in the policy or areas of inclusions and exclusions that may require examination. The claims history also influences the premium, so monitoring claims is crucial.
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