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How to Raise a Valid Insurance Claim on Your House?

How to Raise a Valid Insurance Claim on Your House?

Unlike other assets, your house property is a special asset, the value of which appreciates with time, and in many cases, it has been seen that the value gets doubled or even tripled in just a couple of years. The appreciation in the value of the house is due to appreciation in the value of the land. Now, when the asset’s value increases with time, it becomes important to secure that asset. The house property owned by you offers financial security to you in the years to come.

Apart from this, it is sometimes stipulated to get your house properly insured. For example, when you mortgage your house for availing of any loan facility from any bank, the bank asks you to get your property insured.  Before getting home insurance, you must know the coverage as well as the exclusion of the insurance policy.

Also, another important point is to know the claim settlement ratio of the insurer as in the end what matters is the hassle-free settlement of your claim. When you are buying any insurance, you should enquire about the claim procedure beforehand to be prepared for timely and hassle-free settlement of your claim in case of an accident.

Home Insurance Claim Process

1.Report the Damage

In case of any such accident when your house property witnesses unfortunate damage, you need to report the same to your insurance provider through telephone or email and explain the exact situation to the company officials.

2. Submit Proofs

You may be required to furnish photographs of the incident to the insurer in the future (if stipulated by the insurance provider). In this case, you need to capture photographs of the incident as and when it occurs. If you have availed of any service to help you during coping with the situation, you should keep the bills with you which may ultimately assist you to justify the claim.

3. Other Documents

You will be required to submit a claim form duly filled and signed by you along with the documentary proofs such as a cover note of your insurance policy. Hence, you should always keep the home insurance policy safe with you. Depending upon the level of damage caused to the house property, the insurer may ask you to furnish documents in support of your claim, such as FIR copy, hospital bills, rent agreement, supplier bills, a legal opinion from advocates, a certificate from the fire department, etc. In that case, you must arrange the documents in time.

4. Insurer Verifies the Claim

The insurer may appoint a surveyor to judge your claim’s genuineness and assess the damage caused to your house property. The amount of claim depends upon the assessment made by the surveyor. It is important to cooperate with the surveyors and tell them the exact situation of damage caused.

5. Surveyor Completes Formalities

After the assessment of the loss, the surveyor submits his report to the concerned official who then processes the home insurance claim. Depending upon the genuineness and extent of loss, the claim is finally approved by the concerned authority.

6. Claim Settlement

After approval of the claim, the claim is settled/ reimbursed to the customer. the mode of payment can be a bank transfer through NEFT/ RTGS or it can be paid through demand draft.

Important Points to Take Care of

  • Store the important documents such as insurance policy, bills of your belongings, etc., in safe custody.
  • Keep following up with your insurer till your claim is paid.
  • Before purchasing any home insurance policy, you should be aware of the inclusions and exclusions of the insurance policy. Read the document very carefully to avoid problems afterward.
  • Make sure you submit a claim form that is complete in all aspects along with the supportive documents to avoid administrative delays in the claim process. Any error in your claim form may attract delays in the process of claim.
  • Keep all the supportive documents safe with you to justify your claim to the insurance provider. The company may ask you to furnish these documents to know the genuineness of the claim.

Final Thoughts

Raising an insurance claim on your house accurately by following all the above-given steps will aid you to settle the claim early. Keep in mind the mentioned pointers, and experience a simplified claim process for your house insurance.

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