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Insurance Companies

“Home” is an expression of your aspirations, dreams and pride. It is an extension of your self. Hence, securing your home from the unforeseen calamities is not only your duty but a necessity. Home insurance companies in India in the market have now introduced various home insurance policies and schemes. All these policies are aimed at protecting your home from various natural, man-made as well as unforeseen calamities.

The home insurance schemes protects your house against the loss or damage that occurs due to atomic explosions, earthquakes, fire attacks, burglary, thefts and other social insecurities.

 Functions of Home Insurance:

There are several functions that the home insurance companies undertake. A thorough understanding of the functions will allow you to choose what type of insurance would be applicable for you. To speak as elementary as possible, insurance would signify a protection against any kind of loss that happens due to any unfortunate event or circumstance. Developing economies like India gives a lot of credence to home insurance companies and policies


Basic Functions of Home Insurance Companies:

 These can be classified as:


1) Primary Functions


2) Secondary Functions


3) Miscellaneous Functions


Home Insurance image from Housing in Inida

Primary Functions
The primary functions provided by the home insurance companies are:-
  • Protection: - The basic function of the home insurance companies is to provide security towards any kind of calamities and risks. Insurance cannot foresee the danger that is taking or has taken place, but it can take all responsibility to cover the loss occurred as much as possible.
  • Calculating Risk: - Home insurance policies calculate the extent of the risk that is probable based on various factors. It is on this the premium rate is decided.
  • Risk Bearing: - Home insurance schemes always cover the loss. Through this medium few losses are distributed amidst huge number of people.
  • Provides Assurance: - Home insurance policies and solutions help in transforming uncertainties to certainties.
Secondary Functions
The secondary functions would entail:-
  • Recuperating Losses: - Home insurance policies always make individuals and other professionals, as well as business people aware of impending calamity. This is done by providing adequate safety and precautionary measures and instructions.
  • Security Investments: - This is achieved by paying a minimal amount of premium against huge risks.
Other Functions
Some of the other functions provided by the home insurance companies are:-
  • Acts as a saving investment scheme: - Insurance on any vertical is actually a saving option. This arranges the monetary flow and saves unwanted expenditure. At the same time it provides proper benefits from income tax exemptions. In short, it manages the monetary structure of an individual economically.
  • A device of procuring foreign exchange: - Being a part international commerce and business, almost any nation or country can procure foreign exchange. This can be carried on through marine insurance policies and many other ways.
  • Risk free Trade: - Insurance always complements exports insurance, thereby making risk free foreign trade. This is carried on through the various kinds of policies
Evaluation of Home Insurance Premium or Amount
Home insurance companies instantly provide their customers and individuals with the relevant quotes. The amount of home insurance required by the individual is calculated following certain factors. Some of them are the location of the land holding, the rate of construction, house area and the like. Any property that is over fifty years is not insured. The home insurance companies in case of insurance only take into consideration the permanent built properties. All these decide the premium and the home insurance amount that the individuals applying for the policies need to pay.
How to claim Home Insurance
The home insurance companies take responsibility to address the individual who has undergone any attacks or loss on the house. The eminent home insurance companies are now working towards launching help lines that would operate round the clock. This is done so that the individuals can quickly avail the help. There are certain other pointers here that apply:-
  • The payment checks are fast given out.
  • The claim is processed within 7-15 days by the company.
  • The company always appoints a surveyor who investigates the situation and submits the detailed report.
  • In case when the surveyor is absent, the individual must submit all necessary details.
  • Once the respective claims are approved, an intimation letter is given to the individual guiding on the further procedures.
Relevant Documents need for Home Insurance Claims
The home insurance companies require some documents for home insurance claims. They can be listed as:-
  • FIR Copy
  • A claim form that is completed and signed as per the formality
  • Report from Police
  • Invoice, price list copies and the like
  • Indemnity letter from the individual
In case of any third party claims one would require the following:-
  • FIR original copy
  • Original Policy Copy
  • A claim form signed properly
  • Driving License copy
  • Vehicle RC copy
  • The RTO transfer papers signed properly


Home Insurance Companies
  • HSBC – Home Secure
  • ICICI Lombard – Home Gold Plan
  • Bajaj Allianz – Householders
  • The New Age India Assurance Company – Householders Policy