While it is one thing to buy a dream house, it is equally important to buy a home insurance policy for protecting your home, both from natural and man-made calamities. Under the direction of Insurance Regulatory and Development Authority of India (Irdai), many insurers have already launched a standard insurance policy called Bharat Griha Raksha. It is also important to know about the claim process which is ignored by many. The first thing or step in the claim process is to intimate the insurer in writing or call on their customer care number. After this, a list of documents needs to be submitted to the insurer.
i) Policy number
ii) Insured’s name
iii) Details of the police report
iv) Details of the report to any authority
v) Details of the insured event
vi) Statement of the loss
vii) Any other insurance of building or its contents
viii) Loss or damage under any add-ons
ix) Photographs of loss or physical damage
(x) Report to police, fire authorities and appropriate legal authorities
(xi) Reasonable steps are taken to prevent further damage
(xii) Preserve and collect evidence, like photographs
(xiii) Submit the claim form within 30 days from the date you first notice the loss or damage
(xiv) Prove that the insured event has happened, and prove the extent of loss
In underinsurance, the insurance company may pay the insured on a proportional basis, given the terms and conditions of the policy. However, the clause of underinsurance does not apply under the Bharat Griha Raksha policy. Hence, the difference will not affect the amount the insurance company pays, if the insured amount, calculated on the basis of the information, is less than the actual value at risk.
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