Home Insurance

Covers not only your home structure but also garages, sheds, boundary walls, and valuables like electronics, furniture, appliances, and jewellery.

Offers protection against fire-related damages, helping in rebuilding or repairing your property.

Financially protects you in case of robbery or burglary of home contents.

Provides coverage against natural disasters such as floods, earthquakes, cyclones, etc.

Protects your home from damage caused by riots, strikes, vandalism, or terrorism.

Covers repair or replacement costs for appliances and electronic gadgets due to sudden breakdowns.

Insures expensive fittings and fixtures from accidental damage within your home.

Pays for repairing or replacing damaged parts of your home and belongings.

If your home becomes uninhabitable due to an insured event, the policy pays for temporary housing expenses.

If you're a landlord and your property becomes uninhabitable, the policy can compensate for lost rental income.

Covers legal liability and compensation if someone is injured on your property.

Offers living expense support (like hotel bills) if your home is damaged and you can't stay there.

Offers smooth, quick, and digital claim settlement processes.

Enhance your base policy with optional covers like burglary, fire, temporary relocation, etc.

A significant step of any insurance claim process is timely reporting or informing the insurer on time. Register your claims with the claim assistance team round-the-clock if you have purchased your home insurance online from Policybazaar.com. Contact your insurance agent or the nearest branch office for offline purchases to raise claims.

Notifying the relevant authorities, such as the local police or fire brigade, is essential in unfortunate events such as theft or fire. Moreover, get a copy of the First Information Report (FIR) for subsequent claim settlement procedures under your policy.

Gathering evidence is substantial for raising your claim. Whether through photographs, videos, or CCTV footage, ensure you have collected enough proof, facilitating a hassle-free claims process.

If a third party causes damage to the insured building, promptly inform your insurer. They will then initiate a claim with the responsible party's insurer, streamlining the settlement process.

Before proceeding with repairs or replacements within your insured property, it is essential to procure estimates of the expenses involved. These estimates will be a basis for your insurer's claim evaluation and reimbursement.

Next, the insurer will appoint a surveyor to assess the extent of damage. The surveyor investigates the circumstances leading to the loss, checks the gathered evidence, and calculates the overall damage. Additionally, they give suggestions for further loss prevention measures. In cases involving third-party claims, they examine the extent of policy coverage applicable.

Once the assessment is completed and the claim is verified, it is mandatory to submit all requisite documents to the insurance provider. After all, these documents serve as evidence to support your claim.

The duration of claim settlement may vary depending on the case's complexity. Insurers may sometimes reimburse claim payouts in instalments, particularly for intricate cases. On the other hand, reimbursement may be processed immediately for simple claims.

Deductible refers to the portion a policyholder agrees to pay on their own during a claim settlement. As a homeowner, agreeing to pay the repair or replacement costs will reduce the insurer's liability and, in turn, lower your premium.

Avoid insuring outdated or depreciated items to lower your overall premium. For instance, insuring a 10-year-old repaired TV adds little value but increases your premium. Carefully curate your inventory and only include valuable & functional belongings.

You may be eligible for multi-policy discounts if you purchase multiple policies from the same insurance provider (e.g., home insurance + bike insurance policy).

Another way to reduce the premium is to install insurer-certified security items like CCTV, fire alarms, smoke detectors, etc. As a reward, you are eligible for lower premiums.

Buying a long-term policy, i.e. 3-10 years, often comes with attractive lower premiums and the added convenience of no annual renewals, which means peace of mind for a longer time.