What to look for while insuring your home?
Check whether the sum for which you are going to insure your home truly reflects the current replacement value. If you are insuring your home for contents, ensure that the value reflects the replacement value at today’s cost and not the price at which you bought them. While calculating the insured amount for your home, please remember to add the cost of improvements in and around your home like fences, gates, paths, swimming pools, landscaping etc.
Special care has to be given to include the valuation of the luxury fittings like marble flooring, granite bench tops, gold fitted taps etc. and it is the responsibility of the insurer to ensure that the sum insured accurately reflects the cost of replacement of your home or the contents therein. It is a better practice to peruse (and not casual browsing!) the terms and conditions printed on the insurance policy document and make sure that all the salient conditions are met before signing it and paying your first premium
What are all the factors that go into calculating your premium for home insurance?
- Where your house is located?
- The date of birth of the oldest owner of the house
- The sum insured
- The type of insurance and the claims history of the owners
- The kind of construction material used for building your home and more importantly, the age of your home
- The discounts to which you are eligible
- The cost of any improvement that you have made
- The presence of security devices like alarms fitted at appropriate places
- The discounts that you are eligible for
Usually the premium also includes local levies, sales and service taxes, surcharges and other charges applicable depending on the state. You have the option of reducing your premium amount by paying it annually instead of at monthly installments and choosing a higher basic excess category.
How to resolve a complaint and avoid conflict?
If you have any grievances, talk to any one of the staffs of your insurance company directly and if your complaint is with regard to a specific claim, make an appointment with the officer who manages claim settlement. Your policy usually possesses all the required contact details for you to contact in case of any need. If you are still not satisfied with the action, you will be directed to the appropriate internal complaints handling department. External review of your insurance company’s decision can be directed to a legal adviser or Insurance Enquiries and Complaints Ltd, in case your state has one.
How to make a claim for your home insurance?
If there is any damage or loss to your home, call your insurance company at once. When you make a claim, you need to provide the insurance company with the proof of loss and ownership for any claimed item by producing receipts, valuations, model and serial numbers and proof for the value of items claimed.
More about How to file a claim for home owner's insurance?