Home Insurance

What is Home Insurance?

All of us want the best for our home. And, why not? Home gives you a sense of belonging.

Adequate home insurance coverage enables you to stay financially secure against an untoward incident. This plan offers coverage against various contingencies and risks to householders. The severity of loss/damage caused due to a natural or man-made calamity cannot be measured in mere words. Unforeseen events like an earthquake, floods, and so forth, come unannounced and at times cause irreparable damage.

A house insurance policy provides a financial safety net in case of contingencies. The Bajaj Allianz Home Insurance policy secures your dwelling and its belongings from an array of risks.

Understanding the Need for Home Insurance in India 

Before you zero down on an insurance plan, it is suggested to compare various home insurance quotes and compare the benefits to make a wise decision. Your home is one of the biggest and most expensive assets. So, with house insurance safeguarding the four walls under any circumstance remains crucial. Choose house insurance that best fulfils your requirements. You should also have an in-depth understanding of the processes involved. It is not only about securing an asset but also about securing its financial stability in case of an unforeseen loss. If you still think that having a home insurance policy is not important, well, focus on the following:

- Determine the value of the property and its contents.

- Analyse the expense that might incur in case of repairing any loss/damage incurred to your home or replacing the contents in case of a total loss. 

If you already have a house insurance policy, check for its renewal date. As important as it is to be insured, you should also review the plan. Adequate home insurance coverage will always help you to have peace of mind in any situation.

Different Types of Home Insurance Policies Bajaj Allianz General Insurance Company Offers 

We understand that as fulfilling it is to have a home, it comes along with many responsibilities. To ensure that you remain stress-free, we have the following home insurance plans for you:

My Home Insurance All Risk Policy 

A home is forever. So, our plan offers a risk cover for the building, jewellery and valuables, works of art, curios and paintings with a single policy.

My Home Insurance All Risk Policy Add-ons 

- Loss of Rent

- Temporary Resettlement Cover

- Keys and Locks Replacement Cover

- ATM Withdrawal Robbery Cover

- Lost Wallet Cover

- Dog Insurance Cover

- Employees Compensation Cover

House Holders Package Policy 

A comprehensive policy that offers protection for property, domestic or electrical appliances, the interest of the insured and the family members.

House Holders Package Policy Add-ons 

- Loss of Rent

- Temporary Resettlement Cover

- Keys and Locks Replacement Cover

- ATM Withdrawal Robbery Cover

- Lost Wallet Cover

- Dog Insurance Cover

- Additional Expenses of Rent For an Alternate Accommodation

- Purchase Protection Cover

- Portable Equipment Cover

- Ambulance Charges Cover

Why Should You Buy a Home Insurance Policy from Bajaj Allianz General Insurance? 

Having a house insurance cover is a necessity rather than an option. For safeguarding during natural calamities, every property owner should opt for property insurance. With Bajaj Allianz Home Insurance policy, you not only secure the structure of the house but also the contents inside it.

Here's a quick rundown of why you should buy a home insurance policy from us:

- Comprehensive cover against natural and man-made calamities

- Cover for personal property such as flats, and apartments

- Coverage for content such as pedal cycles, and electrical and electronic appliances (other than Portable Equipment/Portable Items). Furniture including fixed furniture, fixtures, retrofitted valuable sanitary fittings and electrical fittings, crockery, cutlery and steel utensils

- Coverage for jewellery and valuables, curios, works of arts and paintings

- Any tenant and other non-owners can insure the “Contents and Jewellery & Valuables, Works of Art, Curios and Paintings” occupied by them for residential purpose

- Coverage term option from Day 1 up to 5 years

- Cost-effective premium

- Useful add-ons to customise your plan as per the needs

- Digitally-enabled process

- Quick disbursement of claims

With us, you need not worry about buying separate home appliance insurance coverage. Our house insurance plan is designed to cater to the worries of every house owner in everyday life.

Who Should Consider Buying a Home Insurance Policy? 

A house insurance policy can be bought by any owner/occupant/tenant who owns or has rented a flat, an apartment, or an independent building. Yes, you read it right our home insurance coverage is for homeowners and tenants as well.

It can also be bought by any Organization/Entity/Firm that is the owner of/ has an insurable interest in a flat / Apartment / Independent Building. Provided the building is used for residential purposes for its own employees/business partners/contractors/invitees.

However, you need to keep in mind that no home insurance policy can be bought for Kutcha constructions. Kutcha construction means buildings having walls and/or roofs of wooden planks/thatched leaves and/or grass/hay of any kind/bamboo/plastic cloth/asphalt cloth/ canvas/ tarpaulin and the like.

What are the Eligibility Criteria for a Home Insurance Policy? 

To avail of our house insurance policy, here are the eligibility criteria that you need to meet:

- Should be an Indian Resident

- The owner of a flat/apartment/independent building only for residential purposes and wishes to secure structure, contents, or both

- If you are a tenant and wish to secure your valuable possessions

- Should not have a ‘Kutcha’ construction

How to Keep Your Home Insurance Premiums in Check? 

Ensure to review your home insurance policy periodically. Also, check for the renewal date of your home insurance plan. You can keep a check on your policy premiums with the help of the following considering:

Characteristics of Home 

One of the key factors that help to determine the home insurance premium is the age of the building. Other crucial aspects include structure value, additional structure, if any, and so forth.

Good Credit Score 

There are insurance companies that may consider credit score history when it comes to deciding the house insurance premium. To keep a good credit score, it is advisable to pay bills timely

Increase Amount of Deductible 

Deductible is the amount that the policyholder pays for the loss before the insurer compensates for the claim. When you increase the deductible, it means you shoulder a higher out-of-pocket expense bringing down the home insurance premiums.

Be Mindful When Claiming 

It is suggested not to file a claim for minor damages. Uncertainty never comes with a knock on the door. Some insurers may offer a competitive house insurance premium price for every claim-free year.

If you have a comprehensive insurance plan, you need not look at purchasing separate home appliance insurance.

Steps to Apply for Home Insurance Online 

One of the ways to avail the home insurance coverage is through the Bajaj Allianz General Insurance website. Here’s a quick rundown of the steps that may help in buying a home insurance plan:

Step 1: Visit the website.

Step 2: Now, select from ‘What would you like us to protect’?

Step 3: You can select from either of the two options:

   - My Home Insurance Policy

   - House Holders Package Policy

Step 4: Basis the selection, it will redirect you to the specific page

Step 5: Click on ‘Call Us’

Step 6: Enter details on the ‘Request Call Back’ form. It asks for your full name and mobile number and chooses from the list of ‘Enquiry’. If you wish to buy a home insurance plan, choose ‘Purchase’ from the list

Step 7: A message will appear on your screen. Our customer support will reach out to assist you with the home insurance process throughout.

Raising a Claim Under Home Insurance 

Now you can raise a home insurance claim in no time. Register your claim, in the below ways:

- Using web URL: Click here

- Or through our Bajaj Allianz GIC mobile app Caringly yours

- Dial on our toll-free number: 1800-209-5858

- Email us at: bagichelp@bajajallianz.co.in

A general home insurance claim process includes the following steps:

- Register your claim as soon as possible, using any of the above methods

- Once the claim is registered, depending upon the claim amount and nature of the   claim, a surveyor is appointed

- If the claim amount is less than Rs. 1 lakh, a self-survey can be carried out by our in-house claims team

- Now, you can submit all the relevant documents and details about the incident and the home insurance policy using any of the following methods:

1. Web URL: Click here

2. Through Caringly Yours App

3. Handover documents to the appointed surveyor/claim handler

- The surveyor submits a report on the submission of all claim-supporting documents

- If the documents and reports are found to be correct, the home insurance claim is processed by the insurer

Tips for Choosing a Home Insurance Plan in India 

The home insurance needs will vary from person to person. To make things easier for you, we have enlisted some key tips that will prove to be helpful while choosing a home insurance policy in India:

Check What is Covered 

Before you finalise on a home insurance plan, it is necessary to evaluate the risks. When it comes to buying insurance for your house, it is a good idea to choose home insurance coverage keeping in mind the geographical location. Coverage is an important factor that affects the premium.

Choose Add-ons 

Apart from a base home insurance cover, you can also look at add-ons that enhance the overall protection of the policy. Choose from an array of add-on that enables you to increase the coverage so that you remain worry-free.

Look for Claim Settlement Ratio (CSR)  

No matter what policy you go with, always look for the claim settlement ratio of the company. A good CSR depicts the efficiency of the company in settling the claims.

Digital Friendly Process 

With us, you can choose house insurance online and offline as well. Before you narrow down on a plan, be sure to compare home insurance quotations. We have a digital-enabled process to ensure smooth and hassle-free experiences for our customers.

Advantages of Home Insurance 

Just like a fresh coat of paint that protects the exterior of your home from the elements, our all-in-one Home Insurance cover gives your home and its contents, lasting protection. With Bajaj Allianz Home Insurance, you can live stress-free knowing that in an emergency; your expenses will be taken care of.

- Whether due to a bolt of lightning or a stray cigarette butt, a fire is perhaps one of the biggest threats to your home and family. Within hours, a raging fire can ravage property worth lakhs of rupees despite concerted efforts by fire-fighters to put it out. Bajaj Allianz Home Insurance covers the costs of repair and/or reconstruction of such property.

- Predicting natural disasters like earthquakes is best left to the experts, however, with Bajaj Allianz Home Insurance you can hedge against the risk of damage to property. The costs of rebuilding a home can be prohibitive, all things considered. From obtaining the necessary municipal approvals to buying construction material and labour, you might need to spend many times more to rebuild a house than it originally cost. For a nominal home insurance premium, you can secure your home from such losses.

- Bajaj Allianz House Insurance is your trusted companion when it comes to rebuilding your home and life by mitigating the financial impact of a tragic earthquake.

- Your home is always at risk of theft or burglary. Even if you Leave no stone unturned for ensuring the security of your home, you cannot take a chance. Bajaj Allianz Home Insurance Policy covers your home against loss from burglary and theft, adding an extra layer of protection that you and your family truly deserve.

- If you’ve been putting off your vacation because of fears about the safety of the high value contents of your home, you can finally relax! Bajaj Allianz Home Insurance covers items such as home entertainment systems, computers and their peripherals and a host of other household appliances. If you have an enviable collection of paintings, sculptures or even professional equipment such as cameras, we’ve got you covered.

- Family jewellery and other valuables carry a lot of sentimental value. They represent a legacy handed down over many generations and deserve to be cherished and treasured for the aesthetic beauty and grace they embody. Choose Bajaj Allianz House Insurance to protect those priceless works of art that you may have carefully preserved away from the gaze of the world!

Let’s face it! The odds of a natural or man-made disaster can be beaten only a certain number of times. If you have to temporarily evacuate your insured house or residential property due to an emergency, Bajaj Allianz Home Insurance add-ons take care of the costs incurred on alternate accommodation as well.

- One size does not fit all, we know! That’s why with Bajaj Allianz House Insurance you get a range of customizable add-on covers that ensure foolproof protection for your home. In an emergency, you can count on us to offer more than just comforting words; our add-ons make sure that the cost of any stolen or damaged valuables is made good for a slightly higher home insurance premium.

- Owner or tenant, our house insurance plans are a snug fit for your needs. If you’re living in your own house, choose our comprehensive plan to secure your home and its contents from a variety of threats, both natural and man-made. If you’re quite the nomad, don’t worry! You can opt for our contents-only Home Insurance cover and breathe easy.

*Standard T&C apply