House Insurance
The Home insurance sector in India is at a nascent stage as compared to other insurance sectors in the country. With the real estate boom at its prime in India, home finance has become an indispensable part of real estate functioning. Moreover, the housing finance companies are also playing an important role in the evolvement of the home insurance company in India. Due to the new regulations by the finance companies making home insurance mandatory for seeking home loans in India, the home insurance sector has recently seen massive revival in business. Industry analyst say that, if the home loans and insurance sector continue to facilitate each others growth, then the insurance segment is soon set to achieve a 100% growth. The latest growth curve shows the home insurance premium touching the Rs 150 crore-mark, registering a growth of 25% in the last financial year; and if the situation prevails, the trend is predicted to continue.

As the growth curve of investments in Indian real estate sector escalates, more and more insurance companies are making their foray into the home insurance sector. This has also initiated a trend of insurance companies from across the globe making their foray into Indian market either as individual entity or in joint ventures with the local existing insurance companies.Home insurance and real estate has of late become conspicuous of the buzz it has created in the realty industry in India. Adding to the list of leading and existing public sector companies in the home insurance business like New India Assurance, Life Insurance Company of India, United India Insurance, Oriental Insurance and National Insurance Company; is a list of private insurance companies which are set to play a pivotal role in the growth of the sector.The most thriving amongst those are mostly joint venture companies like ICICI Lombard General Insurance, Bajaj Allianz General Insurance. Considering the feasibility of a largely huge and growing market, the home insurance sectors has lately expanded its business beyond the metros to the Tier I and II cities where real estate development is expected to flare up in the years to come.

Home Insurance Claim Procedure:-
In the event of some burglary, theft, fire, the claims of individuals are settled fast by companies. Leading insurance companies are launching 24 hours helplines and call centers to fasten the claim process and provide better service to customers.
 
  • The call center registers the claim request after the individual furnishes all personal details and details of the policy taken.
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  • A company appointed surveyor inspects the site and submits the loss report.
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  • In case a surveyor is not appointed, an individual must submit documents to be insured to the company.
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  • The claim is processed by company within 7-15 days.
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  • On approval of the claim, a letter is sent to the insured giving the approved amount of settlement.
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  • Payment cheque is released.
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    Documents Required for Home Insurance Claim:-
     
  • Duly completed and signed claim form
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  • Copy of FIR
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  • Final Report from police
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  • Copy of all invoices, price lists
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  • Letter of Indemnity from Insured
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    For Third Party Claims:-
     
  • Claim form duly signed
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  • RC copy of the vehicle
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  • Driving license copy
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  • Original policy copy
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  • Original FIR copy
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