India's Home Insurance Industry
The home insurance industry falls under the general insurance umbrella sector. It is a very popular industry in India due to the obvious reason of the inherent risks faced in India.
In the paragraphs below, we shall seek to explore this industry in depth focusing on its importance, the kind of policies available in the market together with policy exclusions, how the claim process is done and finally quote a couple of companies that are the driving force in this industry.
Importance Of Getting The Cover
Your home is your most valuable asset. Both the structure and the contents in them. This is where you hold memories of your family growing from stage to stage. This is where you go to when you need some peace of mind.
This is also where you keep your sentimental assets. When catastrophes strike, you may end up losing your home and all its valuables. It is important therefore that you get your cover to shield you against these unforeseen circumstances.
The Policy Types and Their Exclusions
Various policies exist in the market for cover against potential loss of your home and its contents. These policies range from those to cater for repair cost on the building (risks being riots, fire especially with the rise of electrical appliances in various households), replacement of stolen items (risks being burglary, theft, terrorism etc) etc. The various policy types are customized to the various risks involved i.e. landslides, earthquakes, explosions, fire, etc.
The Claim Process
Despite many clients airing their complaints with regard to how the claim process is clogged with bureaucracies, the industry has tried to make uniform the whole procedure and ensure that the final customer benefits. In this process, the first thing to consider once the insured risk has occurred is to minimize loss as much as possible.
In the event of a fire outbreak, try to salvage as much as you can. The next step is to inform the police authorities especially in the event of a theft, burglary etc. Then inform your provider (ensure that you had given your provider details of your property well in advance). The provider shall send a surveyor to come and estimate the extent of the damage. Finally, you need to submit your claim form to your provider.
Wikipedia provides an in-depth list of service providers in this industry. Some of these like Bajaj Allianz, ICICI Prudential and Axis Bank have been calling the shots for a long time.