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Nov 21, 2023

Home Insurance Claims in India: A Step-by-Step Guide

A home is often an extension of the people that live in it. A home is not just a financial asset, but also an emotional storehouse for many. Hence, it is important to protect the home with a solid home insurance policy. Depending on the kind of policy you opt for, the home insurance coverage can vary. The My Home Insurance All Risk policy from Bajaj Allianz General Insurance Company provides protection for the building, contents, valuables, jewellery, works of art and curios, and more, with the scope of coverage specified in the policy wordings. * Claims are subject to terms and conditions set forth under home insurance policy. If any risk or contingency covered by the policy occurs, you could raise a claim with us. The process to raise a home insurance claim is simple and straightforward, as explained below.

How to Raise a Home Insurance Claim?

When an unfortunate event strikes your precious home, you can expect your home insurance policy to come to your rescue. Here is what the home insurance claim process may look like:

1. The policyholder informs the insurer

The first thing you as a policyholder need to do is inform the insurance company about the event that has occurred. Whether it is a burglary, theft, or any other natural calamity, you can reach out to Bajaj Allianz General Insurance Company via our toll-free insurance helpline number 1800-209-5858. At this juncture, you need to provide important information related to your policy as well as the event that has occurred.

2. The insurance company corroborates the claim. 

After the insurer has been informed of the claim, they will corroborate all the facts provided by the policyholder. Once the claim’s authenticity has been validated, it will be forwarded by the insurer to its claims department.

3. The insurance company appoints a surveyor 

Now that the claim has been forwarded to the claims department and registered, the next step is the appointment of a surveyor within the next 48 hours. For the uninitiated, the surveyor is an insurance intermediary licensed by the IRDAI (Insurance Regulatory and Development Authority of India) to investigate claims. A surveyor manages, quantifies, validates, and deals with losses arising from any contingency. #

4. The surveyor carries out the inspection

Now, the surveyor steps in to carry out their duties. To support their inspection, you as a policyholder must provide all relevant information to them. The more evidence you have to support your claim, the better it can be for substantiating the claim. Based on all the information provided, the surveyor will create a report and submit it to the insurance company within a specified number of days. The time taken might depend on the situation and other factors, such as the severity of the event that has occurred. Ideally, it might take 7-15 days.

5. The insurance company processes the claim

The insurer will use the report prepared by the surveyor to settle your claim. They will decide whether your claim will be approved or rejected. Usually, after the report has been submitted, the insurance company may take around 7-10 days to settle the claim. You can also take forward the claim on your home insurance policy online. The claim forms can also be availed on our site. You can choose from different claim forms based on the item or insured property that has been damaged. The documents needed for the claim may also differ based on it. Let’s look at it in detail. Claims are subject to terms and conditions set forth under home insurance policy.

Documents Needed for Home Insurance Claims 

Some documents you are going to need for home insurance claims of different types include:

For damages to the building or contents: *

  1. Claim form, filled and signed by the insured
  2. A record or narration regarding the loss incurred
  3. Purchase invoice of the item that has been damaged
  4. An estimate of the repair of the damages
  5. A service report from the repairer
  6. Bills for the repairs and payment receipts for the same
  7. NEFT documents
  8. KYC documents if the amount is more than ₹ 1 lakh
  9. Consent form.

For theft: *

  1. Claim form, filled and signed by the insured
  2. Information regarding the lost item
  3. Purchase invoice of the lost item
  4. A brief record or narration of the theft incident
  5. First Information Report or FIR by the police
  6. Final Police Report
  7. Indemnity Bond, if applicable
Here, too, you need NEFT documents, KYC documents if the amount is more than ₹ 1 lakh, and the consent form.

For burglary *

For this type of claim, you need the above-listed documents as well as additional documents, such as paper cutting and discharge papers, if there are any. Claims are subject to terms and conditions set forth under home insurance policy. A home insurance policy that provides comprehensive coverage is an ideal one. To get an idea of the premium of such a plan, you can use a home insurance premium calculator in India. Once you have an estimate of the premium, you can plan your budget and coverage accordingly. Claims are subject to terms and conditions set forth under home insurance policy. * Standard T&C Apply. # Visit the official website of IRDAI for further details. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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