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Questions to Ask When Purchasing Home Insurance

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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.

Customer Reviews

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  • 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? 0
    , 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
  • review Home Insurance
    "Safe and secured"
    0.5 4.0/5 "Great!"
    I have paid Rs. 50 to 60k premium for home insurance in SBI General for the tenure of 20 years, they give coverage for natural calamities. The documentation process was smooth and they gave me good policy coverage based on the home valuation.
    Was this review helpful? 0
    , pune
    Reviewed on Sep 29, 2018
  • review Home Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I've a home insurance from the New India Assurance. Considering the nominal premium I pay, the policy offers complete protection for the house and the entire appliances. It is a very useful policy in case of any mis happenings.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jul 28, 2018
  • HDFC Ergo Home Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have recently got a home insurance with HDFC ERGO one month back, i am satisfied with this insurance policy. I am not aware of the premium amount for this insurance policy. I was informed about the terms and conditions of this policy from the customer service team.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Jun 05, 2018
  • ICICI Lombard Home Insurance
    "Not satisfied"
    0.5 2.0/5 "Expected more"
    I have a home insurance with ICICI Lombard from last 16 years, they gave the soft copy and hard copy of the insurance on time. A premium of Rs 3130 has to be paid for this home insurance for 15 years. I am happy with the coverage value of this insurance policy.
    Was this review helpful? 1
    , coimbatore
    Reviewed on May 24, 2018
  • HDFC Ergo Home Insurance
    "Good policy to use"
    0.5 3.0/5 "Satisfactory"
    I need to pay the premium amount of Rs,10,000 every year to the home insurance policy . The HDFC ergo has gave me the home insurance policy around 2 years ago. The customer support service is good from the HDFC ergo and I pay the premium amount through ECS mode. This policy has the tenure of 10years.
    Was this review helpful? 0
    , jaipur
    Reviewed on May 03, 2018
  • review Home Insurance
    "Good policy to use"
    0.5 4.0/5 "Great!"
    I have insured my home with the SBI general insurance company. I have got this policy around 5 years ago. This policy has the tenure of 20yeras. I have paid Rs,55000 and it is valid for next 20years and I would say it is a good policy to use, but I never had any claim experience with this policy.
    Was this review helpful? 1
    , bangalore
    Reviewed on Apr 25, 2018
  • HDFC Ergo Home Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have a home insurance with HDFC ERGO from last 5 years, i have to make an one time payment for Rs 25000 for this home insurance. I find this insurance policy is best when compared to other insurance companies. I am happy with the coverage value of this insurance.
    Was this review helpful? 1
    , new delhi
    Reviewed on Apr 12, 2018
  • HDFC Ergo Home Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    HDFC ERGO GENERAL INSURANCE company has insured my home because I have got the Home loan from the HDFC limited. I have got the Home insurance policy around 7 months ago from the HDFC ERGO GENERAL INSURANCE company, This policy has the tenure of 25years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 27, 2018
  • review Home Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have a home insurance with National insurance from last 7 years and it is a good insurance policy. I pay an insurance amount of Rs 7000-8000 for this home insurance. I do not have claim experience so far with this insurance. Customer service was good and they gave all the right information. I am happy with the coverage of this policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 26, 2018
  • review Home Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    At that time loan disbursement the agent of DFHL cleared all the formalities in getting the home insurance from the CHOLAMANDALAM GENERAL INSURANCE company. I have paid Rs,1,00,000 to get the home insurance policy from the CHOLAMANDALAM GENERAL INSURANCE company.
    Was this review helpful? 2
    , mumbai
    Reviewed on Mar 16, 2018
  • ICICI Lombard Home Insurance
    "Home insurance with ICICI LOMBARD "
    0.5 4.0/5 "Great!"
    I have taken a home insurance from ICICI LOMBARD GENERAL INSURANCE and the premium amount is 550 for a month. This insurance policy covers the damage to the house, any robbery to the house.For natural calamities they wont provide any coverage.
    Was this review helpful? 2
    , vadodara
    Reviewed on Mar 12, 2018
  • HDFC Ergo Home Insurance
    "HDFC ERGO Home insurance"
    0.5 3.0/5 "Satisfactory"
    I have taken a home insurance from HDFC ERGO GENERAL INSURANCE. The premium amount is 1800 per month. They provide insurance for damage of the property. If i loss the job then, for 3 months then the EMI have not to be paid. If death happen to me then they will waive off the loan and the property documents will be returned no need to pay the loan.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 07, 2018
  • Bajaj Allianz Home Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken a Home insurance with Bajaj Allianz,The policy is for 15 years i paid a premium amount of 8,000.I have no claim experience with till date this was taken since 2013.The premium amount is registered for an auto debit.The customer service is good.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 02, 2018
  • review Home Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have insured my home from the NATIONAL INSURANCE company. I have paid Rs,6000 to get this policy . This policy has better plan benefits and the policy coverage with this policy. This policy has the life time tenure . I would say NATIONAL INSURANCE company gives good service to the customers.
    Was this review helpful? 1
    , bhimavaram
    Reviewed on Feb 12, 2018
  • review Home Insurance
    "Better policy to use"
    0.5 5.0/5 "Blown Away!"
    The SBI general insurance has offered me a home loan and they have insured my home as well. This home insurance has the tenure of 15years. The policy coverage and the plan options are good with the SBI general insurance company and I am satisfied getting the home insurance policy with the SBI.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jan 30, 2018
  • ICICI Lombard Home Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have the Home insurance policy around 10 months ago from ICICI LOMBARD GENERAL INSURANCE. I have paid Rs,48,000 to this home insurance policy . This policy covers the life time tenure. The plan options and the coverage is good with this policy.
    Was this review helpful? 4
    , salem
    Reviewed on Jan 17, 2018
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