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Questions to Ask When Purchasing Home Insurance

When it comes to home insurance, there are a million question which might arise in your mind. Here are a few commonly asked questions pertaining to home insurance, answered for you.

  1. Who is eligible to purchase a Home Insurance policy?

    Any individual who is a resident of India and is the owner or occupant of a property, can purchase a home insurance policy. Also, individuals who are living in a rented accommodation may also apply for a home insurance policy.

  2. What are some factors affecting the premium on a home insurance policy?

    Following are some factors affecting the premium on your homeowner insurance policy.

    • Location – The location of your house can also affect the premium rates. For example, your house is located in an area frequented by storms, hurricanes, cyclones etc., or in close proximity to a flood prone water body, in a region experiencing frequent earthquakes or in a neighborhood where theft, robberies and other such activities are rampant.
    • Features & Characteristics Of The House – Factors like the age of the house, structure type, roof, wiring, and garage can affect the premium amount. The older the house, the higher it might cost to insure it. Also, the materials your house is made of - brick, stone, frame or synthetic siding - can also affect your premium amount.
    • Personal Factors — Often, personal factors like your credit history and lifestyle habits can also affect your house insurance premium. For example, a smoker may pay more towards their home insurance premium than a non-smoker would. Also, a good credit history can help lower your insurance premium.
    • Installation of Protective Devices - Installation of protective devices like smoke detectors, fire alarms, deadbolt locks, burglar alarm systems, sprinkler systems, fire extinguishers, etc., can also help bring down the premium amount as all of these contribute to the safety of your house.
    • Claims History — Your claims history or can lower or increase your premium. If you do have a claim history, you may pay a higher premium, than if you don’t have one.
  3. Is the commencement date of an insurance policy?

    Your insurance policy will commence either from the day the company receives the first premium installment or from the date as chosen by you.

  4. What are the documents to be submitted in case a burglary takes place?

    In case of a burglary claim, you must submit the following documents:

    • The original invoice stating the value of the items stolen.
    • Cost of repair / replacement of the stolen items.
    • First Instance Report (FIR).
    • Duly filled Claim Form.
  5. If the insured house is sold, what happens to the home insurance policy?

    In case the insured house is sold, the policy stands cancelled from the moment the transfer of ownership of the house takes place and the insured ceases to be covered under the policy. Following this, the balance of the premium for the remaining insured period shall be refunded to the policy holder.

  6. What does it mean by canceling and non-renewing a home insurance policy?

    Non-renewal of a policy can either be done by the insured individual or the company. In this case, the insured person is no longer covered by the company. If the company decides to not renew your policy, it must do so with an explanation within a specified time period. You may also challenge this decision by taking the matter up with the company’s customer service department if you are not entirely convinced with the decision.

    Cancellation of the insurance policy too can be done by the policyholder or the company. Usually, an active policy is cancelled by the company if:

    • The applicant has made gross misrepresentations or committed serious fraud on their application.
    • Policy holder has failed to pay the premium due.
    • If the policy has been active for a period of less than 60 days.
  7. What happens after a home insurance claim is registered with a company?

    Once you have registered for a claim with your insurance company, a surveyor will contact you, usually within the next 48 hours. Also, a claim form shall reach you within the next few working days.

  8. What are the most common exclusions to any home insurance policy?

    There are some exclusions which are common to most home insurance policies . It is important that you carefully review your insurance policy wordings to find out exactly what kinds of perils your policy does protect you against and what it doesn’t cover. Do also remember, that the policy will have specific limits coverage of items like jewelry, silverware, securities, money, etc. Some of the most common exclusions to a home insurance policy are as follows:

    Most home insurance policies do not cover animals, birds, and fishes.

    Any loss of damage caused due to surface water, flooding or water backed up through drains /sewers.

    • Any physical damage or bodily injury resulting from an intentional act of the insured.
    • Movements of the earth.
    • War, nuclear damage, etc.
    • Business property & automobiles.
    • Any loss or damage caused due to the operation / ownership / use of any automobile, aircraft, watercraft and recreational motor vehicle with a motor capacity exceeding 50 Horsepower.
  9. I have taken home insurance policies with two companies. What happens in case of claim settlement?

    In case you have taken home insurance policies from two different companies, you will be paid on a proportionate basis in the event of a claim being made.

  10. What are some of the cases when the insurance company can cancel the coverage during an on-going policy?

    The insurance company can cancel your existing policy under any of the following circumstances:

    • Failure to pay premium.
    • Fraud or material misrepresentation.
    • Any illegal / hazardous acts increasing the hazard insured against and result in conviction. Example, conviction for illegal possession of fireworks.
    • Any physical changes occurring in the insured property and making it uninsurable. For instance, a house / property lying vacant for a long period, say 60 days or more, is exposed to a greater risk of being vandalized or damaged.
    • Any willfully reckless acts or omissions made by the insured which increase the risk of any hazard which the property is insured against. For instance, not getting a gas leak repaired.
    • Decision made by the Insurance Commissioner that continuation of the policy would place the company at risk due to violation of the law.
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Customer Reviews

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  • HDFC Ergo Home Insurance
    "Excellent service"
    0.5 4.0/5 "Great!"
    While i have taken my home loan from HDFC,LTD they have asked me to take a house insurance policy. I pay the premium amount nominal which is applicable till my loan tenure period. It use to get auto debited from my account. They have given me a coverage upto Rs. 5 lakhs for 10 years .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 11, 2019
  • HDFC Ergo
    HDFC Ergo Home Insurance
    "Complicated policy"
    0.5 4.0/5 "Great!"
    While i have taken my home loan from HDFC, they have asked me to take a life insurance policy. I pay the premium amount of Rs. 50000 which is applicable till my loan tenure period. They are deducting the insurance premium amount from loan premium amount. They have given me a coverage upto Rs. 4 lakhs.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 09, 2019
  • review Home Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I got a home insurance from SBI General Insurance and they have charged 50K for the insurance which was little bit higher when compared to others. They have not sent the insurance paper yet. The policy is valid for 15 years. It covers fire accidents, natural calamities and everything.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 07, 2019
  • review Home Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Health Insurance through Royal Sundaram through Online .I am paying a premium of Rs. 15000 it is a 1year nee to renew each year ,I am paying through by online ,This insurance was referred by Citi Bank .I have not faced any issues so far on using this policy .There are cashless facility as well.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 31, 2019
  • ICICI Lombard Home Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Health insurance policy since got call from ICICI Lombard hence taken the policy.This is a 1year policy need to renew the policy every year ,There is cashless facility on this policy ,premium is very nominal it is Rs.13000 paying through auto debit .I have got the policy documents on time ,Submitted documents also and not gone for any claim so far.
    Was this review helpful? 0
    , thane
    Reviewed on May 28, 2019
  • Tata AIG Home Insurance
    "Good for home protection"
    0.5 5.0/5 "Blown Away!"
    Tata Aig home insurance policy has the tenure of 15 years, when I took home loan from Axis they took around Rs. 25,000. Its covers rain, riots, terrorism, natural calamity, fire everything come under this, hence its a good protection for me.
    Was this review helpful? 1
    , bangalore
    Reviewed on May 13, 2019
  • HDFC Ergo Home Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I got a Home insurance from HDFC ERGO while taking the home loan. The policy is valid for 5years and the premium is reasonable. They have charged me 69K and have received the soft copy of the insurance. The policy coverage is good and it includes natural calamities and fire accident.
    Was this review helpful? 0
    , pune
    Reviewed on Apr 30, 2019
  • HDFC Ergo Home Insurance
    "Good. Can work on the charges"
    0.5 4.0/5 "Great!"
    HDFC Ergo home insurance policy is good and there is a coverage for five years, and I can renew it if I wish too. I also have the option to continue till the loan gets completed. The total amount is of 1.11 Lakhs. I need to pay 700rs on a monthly basis. I suggest that the charges should be on a lower side.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Apr 29, 2019
  • Bharti Axa Home Insurance
    " Premium should be economical"
    0.5 4.0/5 "Great!"
    I paid premium of Rs.1.5 lakh to Bharti Axa for home insurance it has the tenure upto loan end peroid of 20 years. I believe its covers all natural calamities like earth quake, the premium is huge as compared to others. I got the policy paper through PNB Housing,
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 12, 2019
  • HDFC Ergo Home Insurance
    "Good"
    0.5 3.5/5 "Pretty good"
    They have charged me a premium of 1.4L for the home insurance which is 26 years. I have received the insurance paper from HDFC ERGO. Actually the premium is on higher side when compared to other insurer but have no other go. The customer service is always good. They have given me better benefits but still looking for bit more.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 29, 2019
  • review Home Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I do have a home insurance with SBI GENERAL INSURANCE and it was offered along with the home loan. They have charged me 6K for 15 years. I have no claims till now. I have received the insurance documents. It has lot of benefits. I have not contacted the customer service.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 15, 2019
  • review Home Insurance
    "Good for future"
    0.5 4.0/5 "Great!"
    I don't have any experience of claiming anything in this policy. Its covered with the complete home and products like all the electronic items. I have made the one time premium amount of Rs. 35000 for 25 years. They have given me a coverage amount of Rs. 16 lakhs. When i avail my home loan they have offered this policy.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jan 29, 2019
  • HDFC Ergo Home Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have insured my home with HDFC , home got insured at 174000 and the customer service is good , they help me through out the process . Only i got disappointed at one place they wrongly updated my name . My premium amount use to get auto debited from my account . It was average experience .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 27, 2019
  • HDFC Ergo Home Insurance
    "Average Service"
    0.5 3.0/5 "Satisfactory"
    I had taken this insurance policy a while back and the premium had been paying on a Quarterly basis. The premium amount has been around 80,000 and the payment method has been simple. Their customer support has responsive and is helpful at times.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 26, 2019
  • ICICI Lombard Home Insurance
    "Satisfactory"
    0.5 4.0/5 "Great!"
    At the time of home loan they have issued me a home insurance with ICICI Lombard actually the product was good. They have more number of branches. I took the policy amount of 1L which is one time premium for 20 years. The sum assured is 40L. I am very much happy with their service.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 23, 2019
  • ICICI Lombard Home Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have take Home Insurance from the Icici which i got through my Home loan where its been given by them . The premium amount which i paid for the is quiet high , The explained the policy very well and but they haven't given the document for that , as i don't know the sum assured amount and policy details.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 23, 2019
  • HDFC Ergo Home Insurance
    "Should be transparent"
    0.5 2.0/5 "Expected more"
    I took home insurance from HDFC Ergo by paying the premium around Rs. 3 lakhs. In the beginning they were communicated the policy for whole 25 years, now they were telling its only for 5 years. If I want to continue then I need to renew it. The policy is good it covers all natural calamities, fire, rain etc. But they should be transparent in their communication.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 03, 2019
  • ICICI Lombard Home Insurance
    "Good Service provider"
    0.5 5.0/5 "Blown Away!"
    ICICI lombard gave me the medical coverage of Rs. 5 lakhs its entire family. The brand value is good to tie reputed hospital in area. Once I used the policy for dengue fever, they gave me cash less treatment for 10 days, they didn't charge any money. I just submitted medical card and id proof.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 10, 2018
  • HDFC Ergo Home Insurance
    "I want to top up my Home loan to HDFC bank home loan departm"
    0.5 4.0/5 "Great!"
    Very good response by bank bazaar to connect HDFC bank home loan web site, very quick response by Bank Bazaar, Iam very happy to say if bank authorities will reply my application I am very thankful to you bank Bazaar.------------------------
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 06, 2018
  • HDFC Ergo Home Insurance
    "Good Protection for House"
    0.5 4.0/5 "Great!"
    While I was taking loan from HDFC bank they taken amount for the home insurance for the tenure period of five years. I think they gave me the cover for different calamities, glass, raining, fire etc. But I thought for long tenure but they gave minimal tenure period for the home protection.
    Was this review helpful? 1
    , chennai
    Reviewed on Nov 05, 2018
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