A home is where you feel safe and secure and it is our responsibility to secure it back too. Investing in home insurance is advised by most of the top successful investment advisors for decades now as the consequences of losing a home are way too big. If anything unexpected and unfortunate were to happen to our home, our livelihood would be on stake.
And if you were wise enough to invest in one, make sure you also do your best to successfully receive that claim when you need it.
Tips to Claim Your Home Insurance Successfully
1. Focus on the cover of the policy to choose the right one
It is human’s natural tendency to get tempted to buy the cheapest home insurance policy available, however, it is not wise to do so without checking that the coverage is sufficient for your home. According to India’s top insurance advisors and experts, one of the main reasons for a claim to fail is that the claim value is less than the policy excess (An amount that you have to pay to your insurer to receive a claim) and the cover is not the right one.
Before deciding on a cover, make sure you have calculated the value of your belongings accurately. A miscalculation can leave you underinsured or overinsured and neither is a good position to be in. Make a note of the valuables that have been added to your possessions even after you have purchased the cover so you can modify your cover accordingly.
There are multiple sites online where you could compare home insurance policies, here are some pointers that you should keep in mind while comparing- policy should be of a reputed insurance provider (the financial strength and claim settlement ratio of the insurer matters), coverage, exclusions, and premiums.
Sometimes, investing in a standard home insurance policy might not be enough. Adding a rider to your policy helps you increase the coverage that would enable you to protect your precious belongings too. For example - The expensive items (Jewellery, electronics, etc) that you want to safeguard from unforeseen situations can be protected by adding a rider to your standard insurance policy.
2. Don’t invalidate your policy
Every Home Insurance policy document contains its terms and conditions that should be abided by for the policy to be validated. Here are some examples of home insurance policy’s terms and conditions -
- Security locks on all doors windows.
- To intimate your insurer about the unfortunate event before the deadline.
- Informing your insurer about any new construction or major repair work in your home and building.
- Fire safety equipment installed.
- Not leaving your home unoccupied for long periods.
If you fail to abide by the terms and conditions given in your policy, your claim is most likely to get rejected.
3. Maintain your home and possessions
Another common reason for a claim to get rejected is that the home is not well maintained in terms of wear and tear. Home Structure and content insurance providers only protect you from unanticipated events and not the damage caused by the substandard maintenance.
Another way of maintaining a safe and secure home is by making sure that you are cautious about the safety of your home too. If your insurer identifies your carelessness in securing your home (for instance, you're not locking your doors and windows or you have lost your keys many times, etc.) your claim is bound to get rejected.
4. Take action fast and obey policy procedures
The first step you should take after experiencing an unexpected event in your home is intimating your insurer to avoid claim delays or rejection. Make a phone call to the customer care of your insurance provider and inform them about your situation. You can get the helpline number from their website or your home insurance policy document.
If your home has been looted or vandalized, you need to inform the local police at the earliest. To process your claim request, your insurers would ask for an FIR number. (So make sure you make two phone calls as soon as things go down)
If your home needs reconstruction, inform your insurer and then take any further action. Your insurer will have to approve the repairs and might even send their authorized labor to mend your home. Unless you're in an extreme crisis, Don’t discard anything from your home, your insurer might want to send surveyors to assess the situation and level of damage. The bottom line, Don’t do anything without informing your insurer.
5. Be honest and vigilant while providing information to your insurer
Be honest about the value of your claim and don’t tell any lies - honesty is always the best policy when making a claim. If the insurer identifies the inauthenticity of your application, they would most likely accuse you of swindling to receive policy benefits and your policy would get rejected.
This could put you in the bad book of your insurance company and you might struggle to get insurance in the future.
Even while filing a home insurance claim application form, be cautious and authentic about the information you give out to avoid any scope for mistakes from your end which will lead to further investigation and delays in claim processing.
6. Collect sufficient evidence
It's always better to have evidence that could serve as valid proof and can back up your claim request. Here are some examples of evidence that you could use -
- Pictures and videos of the damages, accident scene, or crime scene.
- Note down the name, contact number, and addresses of witnesses and other parties if any.
Buying a home is a huge accomplishment and I'm sure you’d want to protect under any circumstances. If you are facing troubles in filing for a home insurance claim or if your claim has been rejected, our experts at Insurance Samadhan are here to help you through it all!
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