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  • Experts Says That Insurers Should Oblige to Claims Made Due To A Natural Calamity

    Cyclone Vardah has caused significant damage to buildings, automobiles, and businesses in Chennai. Insurance companies are now flooded with numerous insurance claims from policyholders who had taken home insurance hoping to protect their house in case of eventuality. When insurance companies say that they protect your home and cover for any expenses caused due to a natural calamity, they do not mention in specific that they do not cover damages caused due to rainfall. It is mostly found in the exclusions list in the insurance documents written in small letters. This christmas is not a time to celebrate for Chennai residents as rain has caused severe damage to their properties. Puneet Sahni, Head Product Development in SBI Insurance Company stated that normally damages caused by rainfall is not covered by insurance companies however cyclone Vardah has caused an havoc in Chennai and insurance companies should act morally and accept claims made.

    2 January 2017

  • Home Insurance one of the least owned policies in the country

    Although India has seen a whopping $9.8 billion loss due to natural disasters like earthquakes, cyclones, floods, tsunamis, and storm surges, home insurance is still one of the least owned insurance policies in the country.

    Pointing out the same, a media house recently reported that there are actually plenty of advantages to owning a home insurance policy.

    In the report, the media house listed out the various covers a home insurance policy would provide the policyholders. Among the many things a home insurance covers, the main ones include protection against natural disasters, man-made disasters, against terror attacks and riots, and also provides coverage against the contents of a house.

    29 November 2016

  • Must have insurance policies for newly-weds

    A young newly-married individual usually has a long work life ahead of him/her, and subsequently many hurdles to cross before he/she creates wealth and financial securities for the family. Listed below are some of the essential insurance products that he/she must purchase in order to secure the family’s savings:

    • Life term insurance - A term insurance plan is a low-cost policy that is ideal for a person with a family. There is no investment component involved in the coverage. One can look for a cover that is 20 times his/her current annual income for securing his/her long-term financial needs.
    • Health insurance plan - Hospitalisation expenses today are highly steep; hence, it is inevitable that one is in possession of a suitable health insurance policy. A cover provided by the employer may not be sufficient, as this would cease to exist when one leaves his/her job. To ensure that the cost of premium is low, it is advisable to purchase a family floater plan.
    • Critical Plan - A Critical Illness Insurance plan will protect the policyholder upon the diagnosis of a specified critical illness. The insurance provides the beneficiary a lump sum amount for the treatment of the disease.
    • Home Insurance - A home insurance policy will provide coverage for damage to the structure of the house from situations like fire. It also protects the contents of the home. The house owner or a tenant can purchase this policy.

    11 November 2016

  • Insurance Market Experiences A Boom Following 2015 Chennai Floods

    Following the widespread destruction caused by the Chennai floods last year, the insurance sector has registered a significant 40% to 50% growth in policy sales not only in Chennai but also its surrounding areas as residents of the city becoming increasingly aware towards protection of their assets. According to reports, insurance claims following the floods touched Rs 5,000 crore.

    The floods caused losses amounting to more than $2 billion, out of which the insured losses amounted to $0.8 billion. Analysis done by Swiss Re indicated that a major portion of the losses were reported from commercial entities, given that Chennai houses a large number of manufacturing companies, especially pertaining to the automotive industry. The boom in the insurance sector can primarily be attributed to customers opting for motor insurance and home insurance while companies are opting for fire insurance policies, motor insurance and machinery insurance.

    3 October 2016

  • Terrorist Attack Cover: An Add-on to Property Insurance Policy

    Anticipating the increasing risk of terror attacks, insurance analysts suggest that it is wise on the part of customers to cover social events, public gatherings and the like. However, insurance companies follow certain measures for taking such requests into consideration. First and foremost being the assessment of risk factor.

    Generally, individuals who have properties near to the most vulnerable locations should take insurance covers for terrorist attacks. These policies can be opted as an enhancement to their existing property insurance. Even the cost of terrorism cover is significantly low when compared to other insurance products.

    30 September 2016

  • Chennai Floods Leads to Increase in Home Insurance Purchase

    The Chennai floods that ravaged the city the previous year have led to a spike in the number of home insurance enquiries.

    Insurers have reported an increase in the number of home insurance policies being sold in the city and its neighbouring areas, with sales going up by 30%.

    The floods that hit Chennai in November and December of 2015 resulted in damage worth Rs.14,000 crore, with about 35% of this being insured losses.

    The need for home insurance and its benefits have been publicized after the floods, with leading insurers carrying out awareness campaigns in the aftermath of the flood.

    A mere fraction of the claims paid out after the floods were for insured homes, but the renewed public interest appears to be changing the trend as homeowners opt for comprehensive coverage.

    12 September 2016

  • Unclaimed Insurance Amounting to Over Rs.11,000 Crore

    According to reports, over Rs.11,000 crore are currently being held by insurance companies in the way of unclaimed amounts.

    Parliament was informed of this in the recent session by the Minister of State for Finance. The Life Insurance Corporation of India (LIC) alone has over Rs.5,934 crore in unclaimed amounts as on March 31, 2016.

    The large amount still unclaimed by policyholders has been described as something of a concern, with this amount accumulated over a period of time.

    The majority of the unclaimed amount stems from the life insurance and home insurance sectors arising out of death benefit, maturity claim, survival benefit etc.

    Premiums that have not been claimed for over 6 months are also included in this category.

    10 September 2016

  • Listing Insurance Companies to become Mandatory

    IRDAI, the insurance regulator, will be releasing an exposure draft soon in an effort to make it compulsory for insurance companies to be listed. A discussion paper on the issue has already been released. The purpose of this paper was to emphasize the need for listing firms, and that listed companies will have stricter norms regarding disclosure. Presently, only ICICI Prudential Life Insurance has plans for listing the company. There will be more transparency in the insurance system when companies are listed. In terms of the number of insurance policies sold in 2015-16 and the premium income, the life insurance sector showed growth in double digits. These numbers have not been seen since 5 years. The high growth is mainly a result of the amendment to the Gratuity Act making the amount payable Rs.10 lakhs from Rs.3 lakhs. The gratuities are payable by the insurance companies resulting in higher funding. A number of banks have partnered with insurance firms as the IRDAI recently introduced new bancassurance norms allowing banks to sell only 9 policies which is 3 in each category of life, non-life and health insurance.

    1 September 2016

  • Robbery from home to be covered in renters and homeowners cover

    You receive plenty of indemnity for what you spend for your renter’s insurance and home owner’s insurance. For instance, many such policies related to home insurance protects possessions stolen outside of your house, which is known as ‘off-premises coverage’. These policies also cover pet bites, damage to property, and your stuffs among others. You are also protected if your house belongings get stolen from, say, your car while parked elsewhere. 10 percent is the standard amount you will get after a claim. Hence please go through your policy carefully to know what all you can claim for and whether it qualifies for ‘off-premises claim’.

    29 August 2016

  • Unclaimed Insurance Amounting to Over Rs.11,000 Crore

    According to reports, over Rs.11,000 crore are currently being held by insurance companies in the way of unclaimed amounts.

    Parliament was informed of this in the recent session by the Minister of State for Finance. The Life Insurance Corporation of India (LIC) alone has over Rs.5,934 crore in unclaimed amounts as on March 31, 2016.

    The large amount still unclaimed by policyholders has been described as something of a concern, with this amount accumulated over a period of time.

    The majority of the unclaimed amount stems from the life insurance and home insurance sectors arising out of death benefit, maturity claim, survival benefit etc.

    Premiums that have not been claimed for over 6 months are also included in this category.

    25 August 2016

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Home Insurance Reviews

Page 1 of 7 1 2 3 4 5
  • ICICI Lombard Home Insurance
    "Unhappy"
    0.5 1.0/5 "Really Bad"
    I am not satisfied with ICICI Lombard for home insurance because the premium is very higher and the claim was not good. I will not recommend and would suggest to go with LIC housing. The premium is 1.30L for 7 years where LIC is charging 60k for 12 years.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Sep 24, 2019
  • HDFC Ergo
    HDFC Ergo Home Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I got a home insurance from HDFC ERGO recently and they have been charging be monthly 506rupees which is reasonable and the payment mode is ECS. They have provided me an insurance for 5 years. I have no issues with the service. I don't have claim experience.
    Was this review helpful? 1
    , mumbai
    Reviewed on Sep 14, 2019
  • review Home Insurance
    "Recommendable policy"
    0.5 5.0/5 "Blown Away!"
    When i taken the home loan, they have provided me a home insurance with Reliance. They have provided me a coverage value of Rs. 70 lakhs which is my loan amount. In one shot, i have paid the amount of Rs. 1 lakhs which covers for 15 years. It covers only for the house.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jul 26, 2019
  • Bajaj Allianz Home Insurance
    "Required policy"
    0.5 5.0/5 "Blown Away!"
    It was very fast and i didn't run for any kind of documentation part. Since i took the home loan from Bajaj Finance, they have provided me a home insurance policy with them. I'm not sure about the premium amount. This policy has a coverage of 100% including the hold things.
    Was this review helpful? 1
    , secunderabad
    Reviewed on Jul 24, 2019
  • HDFC Ergo Home Insurance
    "NOT SATISFIED"
    0.5 1.0/5 "Really Bad"
    I have a home insurance with HDFC ERGO GENERAL INSURANCE where the premium paid was 2-3K where the duration of the policy is was 5years but i have canceled the policy within 1 month. The documents submitted was basic documents, but i am not satisfied with the policy.
    Was this review helpful? 1
    , pune
    Reviewed on Jul 13, 2019
  • Tata AIG Home Insurance
    "Super Insurance "
    0.5 5.0/5 "Blown Away!"
    When i purchased my home loan, they have provided me a home insurance from TATA AIG. I have paid the premium amount of Rs.12000 but i have chosen the monthly payment mode and that will be deducted from home loan EMI. They told me a coverage of 20 lakhs like the current value of my house. Its included for the theft cover also. I have a 8 benefits from this policy like theft coverage, fire cover, builder problem etc.,
    Was this review helpful? 1
    , navi mumbai
    Reviewed on Jul 04, 2019
  • review Home Insurance
    "Very good policy"
    0.5 5.0/5 "Blown Away!"
    When i taken my home loan, they have given me a home insurance along with the home loan. Since its a compulsory policy, i have purchased the loan. I'm not sure about the insured period. Overall, I'm satisfied with the policy. This policy is covered 100% for the home not for the products.
    Was this review helpful? 1
    , chennai
    Reviewed on Jun 24, 2019
  • Bajaj Allianz Home Insurance
    "Satisfactory"
    0.5 4.0/5 "Great!"
    Its having higer coverage of 2L and the policy is valid for 25 years. Bajaj Allianz has charged me 25K yearly and the benefits are good. It was provided along with my home loan. They have provided me a good service. The documents has been provided to me on time.
    Was this review helpful? 0
    , vadodara
    Reviewed on Jun 22, 2019
  • 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 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? 2
    , 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
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