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Why do I need home insurance?
Why do I need home insurance? You have always cherished to make your dream house. Saved every penny, worked hard, and planned harder - all towards a dream of a perfect abode to gift yourself and your family. To secure your dream, you need to secure your home and its content with insurance against fire, external conditions, robbery, etc. To protect your house against risks against unforeseen disasters you need home insurance else you can take home protection cover to cover your home belongings when you are away from your home during trip.
Disclaimer - *Conditions apply. This product is offered under the Group Insurance scheme wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above mentioned benefits and premium amount are subject to various factors such as age of insured, lifestyle habits, health, etc (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third party products.”
How do we value the property under home insurance?
Property valuation is done by multiplying the built-up area of the property with the cost of construction per square feet.
When is an FIR necessary in a Home Insurance claim?
Police FIR is mandatory in the case of burglary, theft, malicious damage, riot and strike.
What is the difference between burglary, theft and larceny?
Burglary is when there is forceful entry in the premises in order to rob. Theft is when there is a robbery without any evidence of forceful entry in the premises. Larceny is when a known person on the premises has robbed or stolen the insured’s belongings.
What happens to the home insurance policy if the insured house is sold?
From the time the transfer of ownership becomes effective, the policy stands cancelled and the insured ceases to be an insured under the policy. We will then refund the premium for the balance of the insured period.
What are the documents required to be submitted in case of a home burglary claim?
The original invoice has to be submitted, giving the value of the items stolen. In addition to this you also have to give the replacement cost/repair cost, FIR, Final police report and claim form.
Is there an age limit on the property for it to be insured?
No there is no age limit to buy a home insurance policy.
What will be the start date of my insurance policy?
Your insurance cover starts from the commencement date indicated by you in the proposal form or receipt of the premium by us, whichever is later.
What does Home Insurance Policy cover?
The policy covers losses to building due to natural calamity or manmade events like fire, storm, cyclone, typhoon, lightning, subsidence and landslides, flood and inundation, earthquake, riot, strike, malicious and terrorism damage (optional cover), explosion/implosion, etc. The policy covers your home building contents, appliances, valuables against fire and allied perils including terrorism damage (optional cover), earthquake along with burglary, housebreaking, hold-up and breakdown of mechanical / electrical appliances.
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