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Home Insurance Companies in India
Owning a home in India was a dream before because of the lower living standards but as the living standards increased additionally, the real estate rates increased exponentially. So it still remains a dream. But if you own one you would certainly do anything to protect it. The home owner certainly counts his home as his biggest asset. So protecting the dream home has become a mandatory practice for all homeowners. The home insurance companies provide aplenty options and schemes to ensure the safety of your prime possession.
The general practices involved in home insurance as followed by the home insurance companies in India:

Areas Covered Under Home Insurance

The home insurance policies protect against various natural and man made disasters including:
  • Thefts and Burglaries
  • Fire
  • Earthquake
  • Floods
  • Explosions etc.

Calculation of the Home Insurance Premium or Amount

The factors to be kept in mind while calculating the insurance premium and accepting the home insurance quote being offered by the home insurance company are:

  • Area of the House (calculated in sq.ft.)
  • Location and neighborhood
  • Approximate rate of construction (calculated in Rs. Per sq.ft.)
  • Permanent construction on the land
  • The time period offered for the insurance premium (monthly, quarterly or six monthly depending upon the insurance amount) Property more than 50 years old is not covered in home insurance
  • The insurance policy offered is standard or flexi covering

Home Insurance Claim

In case of the above-mentioned disasters, the home insurance companies settle as quickly as possible. For customer care 24 hr helplines are also being set up to fasten the claim procedure and provide better customer service. The claim settlement procedure home insurance includes:

  • Personal information like the contact details
  • Details of the policy undertaken
  • Inspection of the site by the company appointed surveyor
  • Claim is processed within two weeks of the complete documentation
  • Approval of the claim letter is sent to the claimant with the settlement amount approved
  • Payment of the home insurance claim cheque.

Documentation

The home insurance companies follow a fixed procedure to settle the insurance claim. You are required to submit completed documents in order to fasten the claim procedure. These include:

  • Duly completed and signed claim form
  • Copy of the FIR
  • A Final Police Report
  • Copies of all invoices, price lists
  • Letter of indemnity

Below mentioned is a comprehensive list of the top home insurance companies in India. All the companies offer varied insurance policies and quotes with attractive premiums to suit your needs. Choose wisely and ensure complete documentation of all the offers and quotes made. Also refer to the home insurance companies ratings available on many sites online.

ICICI Lombard - Icici Lombard General Insurance
Insure your home and its contents against natural calamities like fire, earthquake, flood, gas cylinder explosion, fire due to electric short circuit as well as man-made disaster like burglary.

Website: www.icicilombard.com
 
National Insurance Company Ltd.
National Insurance Company Limited was incorporated in 1906 with its Registered office in Kolkata. Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were amalgamated with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India. After the notification of the General Insurance Business (Nationalisation) Amendment Act, on 7th August 2002, National has become a Government of India undertaking.

Website: www.nationalinsuranceindia.com
 
Oriental Insurance Co. Ltd.
The Oriental Insurance Company Ltd was incorporated at Bombay on 12th September 1947. The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 ( till the General Insurance Business was nationalized in the country). In 2003 all shares of our company held by the General Insurance Corporation of India has been transferred to Central Government.

Website: www.orientalinsurance.nic.in

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