Why you need a Home Insurance Cover?

Home Insurance covers risk from fire, burglary, earthquake, floods and other allied perils on:

1. The Constructed Structure from The Furniture and interiors
2. Audio Video Equipment
3. Home Appliances like Air conditioner etc.
4. Pedal Cycle
5. Jewelry
6. Cash

How to value Home and assets for Insurance?-         

for the structure – the valuation is based on reconstruction costs prevalent. For Metro and Tier 1 cities the cost is about Rs. 1000 per sq. feet of carpet area-  Remaining assets are valued at market value. 

What are the Papers required for applying for a Home Insurance?

A Proposal form of a Home Insurance requires

1.  Serial nos. of all assets insured.
2. Break of Jewelry into description, nos. and value of each of them.  Though not required to be submitted during proposal, submission of Invoice copies of Assets and Jewelry would be of immense help during claims. 

Any Important Points to note? 

1. Do not value the structure of your house as per market value, as this would be considered as Over Insurance. Remember you would be paid as per reconstruction costs prevalent.
2. If your house is vacant for more than 30 days, claims occurring during this period do not stand good. The house should atleast have an attendant to claim.