How will you get compensation if your house is submerged in flood or destroyed in earthquake? Even a tenant can get home insurance..

In states like Punjab, Delhi, Himachal, and Assam (Punjab Floods), the situation is worsened due to floods. Thousands of houses have either collapsed or are badly damaged. Every year, as soon as the rainy season arrives, the concern increases that if the house is damaged, how will it be compensated? The answer to this question is - Home Insurance (Home Insurance India).

Now the question arises, what are its benefits, and what is covered in it? Can a tenant also take home insurance? So Ashwini Dubey, Business Head (Home Insurance) of Policybazaar.com, is telling about this.

1. Why is home insurance necessary?

A disaster like a flood or earthquake can happen at any time. If the house is not completely habitable in such accidents, then the insurance company provides financial help for temporary accommodation, repair, and reconstruction. By paying a small premium, you can cover losses worth lakhs.

2. What does home insurance cover?

Home insurance includes both the structure of the house and household items. That is, if the house collapses due to flood or the goods get burnt due to fire, both are compensated. Also, coverage is available in situations like theft, robbery, or riot.

3. Can the tenant also take the policy?

Yes. The tenant cannot get the wall or structure of the house insured, but he can take content insurance for his personal things (such as furniture, electronics, clothes). If there is damage due to theft or fire, compensation will be given.

4. On which of the things claimed is the claim not available?

Some situations have been excluded. Like cracks in a new building, poor construction, damage to walls due to moisture, and damage caused during repair. That is, the claim will not be available for normal damage.

5. How is the claim process done?

If there is damage to the house, then immediately give the policy number, details of the incident, and photo/video evidence to the insurance company.

The information is registered in 1-2 days.

The surveyor inspects the house in 3 days.

The report has to be submitted in 7-15 days.

The claim is settled within 30 days.

6. What is the premium?

The home insurance premium depends on the area, age, structure, and value of the items in the house. The policy can be taken annually as well as for a long term. Usually, the premium is quite low, but the damage cover is huge.

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