Jammu and Kashmir floods have been devastating to say the least. Many people have lost their lives. Businesses including restaurants, Shikaras, tourism, small workshops have been razed. Agricultural land has been eroded. Houses including the contents of a household have been damaged. In this situation, home insurance would have been of great help to people whose houses and house appliances have been damaged.

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Does your home require insurance? Just answer the following questions:
 Is your house located in an area that is prone to the risks of floods, earthquakes or burglaries?
 Do you own high-value domestic and electronic appliances?
 Do you have expensive furniture?
If your answer is yes for the above questions, then you would probably require an insurance cover for your home.
What can be covered?
Home insurance can cover losses to the structure and contents of your home from any natural or man-made calamity. The disasters that can be insured against are fire, earthquakes, storms, cyclones, tempests, tornadoes, hurricanes, floods or inundation, lightning strike, explosion, landslides, impact by vehicles or aircraft, and bursting or overflowing of water tanks and pipes However, care needs to be taken that only the cost of structure is insured and not the cost of land.
Burglary cover: Loss due to burglary or an attempted robbery of valuables such as jewelers and silverware can also be covered.
Alternative accommodation: In case the family is forced to shift to an alternative accommodation because of an insured peril, the cost of the additional rent will be taken care of.
Breakdown of domestic appliances: Composite home insurance covers the breakdown of ACs, refrigerators and other appliances. If there is accidental electrical or mechanical failure of domestic appliances, charges for repair will be settled without applying any depreciation by the insurance company. But items that are over 10 years old may not be insured.

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Other benefits of taking home insurance
1. Cost of premium is small. The cost of the insurance premium in comparison with the value and cost of the structure and contents, domestic and electronic appliances, is less than one per cent.
2. Policy covers a range of segments. Home insurance covers almost all kinds of catastrophic risks, from damages arising from terrorist attacks to breakdowns of water tanks. The choice is yours - if you think your home is not going to be damaged by a terrorist attack, you don't need to cover it. In case you are living in a rented house, you can choose to insure only the contents.
3. Covers cost of temporary shelter. In case of fire or damage to your home, which makes it unlivable, the cost of temporary rental for six months, not exceeding Rs 1 lakh will be covered.
4. Mortgage Reducing Term Assurance (MRTA). Nowadays insurance companies also offer cover to home loan borrowers in the cases of untimely death. Under such cover, if the borrower dies pending payment of the entire dues, the balance loan amount is paid by the insurance company and as such the burden is not passed on to the surviving family members. Thus the borrower is enabled to pass on the shelter and not the loan burden to his family members, in the event of his/her unfortunate demise on the way, in case however, he/she has taken MRTA policy. Premium to be paid to the insurance company for such policy is normally onetime payment and can also be financed by the financing institution.
5. Buy it online. It is simple and easy to buy home insurance. You can buy it online as well. Just log on to any of insurance companies' website, fill the necessary details to buy a policy, make the payment and you have home insurance!

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How to claim?
In the event of some theft, burglary, fire, an individual can claim insurance from insurance companies. Some of the leading insurance companies have launched help lines and call centers that work 24 hours, to speed up the claim process and provide better service to customers. The claim procedure for most of the companies goes in the following way:
1. Call the helpline or call centre of the insurance company immediately. Keep these phone numbers in the emergency list.
2. The call center registers the claim request and asks the individual to furnish all personal details and details of the policy taken.
3. A surveyor, appointed by the company, inspects the site and submits the loss report.
4. Even if there is no surveyor, the claimant should submit all the necessary documents to the company.
5. The company takes 7-15 days to process the claim.
6. When the company approves the claim, a letter is sent to the insured giving the approved amount of settlement.
7. After completing the above processes, the payment cheque is released.
Documents required for home insurance claim:
 Duly completed and signed claim form
 Copy of FIR, in case of burglary
 Letter of Indemnity from Insured

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Instructions for claimant
Following the above mentioned procedure you claim insurance from your insurance company. But, there are few things which you need to keep in mind while claiming the insurance. These are:
 Keep the helpline numbers and call center phone numbers in your emergency list.
 Write a letter stating all the damages in detail to the insurance company.
 Take photographs before cleaning up and salvaging what is left.
 Keep damaged material for proof of loss.
 In case of burglary, report it to the police.
 Ensure that you keep a copy of all information and receipts.

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Major general insurance companies in India which offer varied insurance policies with attractive premiums to suit your needs.
1. National Insurance Company Limited
2. New India Assurance Company Limited
3. Oriental Insurance Company Limited
4. United India Insurance Company Limited
5. Bajaj Allianz General Insurance Co. Limited
6. ICICI Lombard General Insurance Co. Ltd
7. IFFCO-Tokio General Insurance Co. Ltd
8. Reliance General Insurance Co. Limited
9. Royal Sundaram Alliance Insurance Co. Ltd
10. TATA AIG General Insurance Co. Limited
11. Cholamandalam General Insurance Co. Ltd.
12. Export Credit Guarantee Corporation
13. HDFC Chubb General Insurance Co. Ltd.
Source: National Housing Bank

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