How to get insurance? | |||
It is important to understand how value of sum assured for insurance is arrived at. The valuation for the structure is done on reinstatement basis. This means, the value required to replace your old item with a new one. The structure of your home is usually valued on this basis because, the policy will handle expenses related to reconstruction or fixing the house. It doesn't cover the market value of the house. In case of contents, the claim is evaluated on a market value basis. This is the value of the item if you were to sell it just before the loss. Essentially, it is the purchase value minus the depreciation. It is important that you make a list of all contents of your home. Attach bills of purchase if possible. This will make the claim procedure easier as it will help investigation. The general practices involved in home insurance as followed by the home insurance companies in India are as under: The home insurance policies protect against various natural and man made disasters including:
Calculation of the Home Insurance Premium or Amount The factors to be kept in mind while estimating the insurance premium and accepting the home insurance quote being offered by the insurance company are:
Home Insurance Claim In case of the above-mentioned disasters, the home insurance companies settle the claim as quickly as possible. The claim settlement procedure under home insurance includes:
Documentation
While the policy covers may seem comprehensive, you should look out for policy exclusions that usually stay hidden. Insurance companies usually don't cover any conscious damage to property. Valuables like gold, silver and bullion are not covered unless you opt for a special cover for these. |
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