A home is one of the most precious possessions of any individual. It is, therefore, better to ensure that your house stays protected no matter what. Opting for a house protection insurance policy is precisely what you need. There are different types of house protection schemes falling under different categories. You must opt for the right plan to receive optimum financial protection against unforeseen circumstances.

Why does residential property need insurance coverage

The main reasons to insure your house are as follows.

• Natural disasters

There can be massive damages to the property due to natural disasters like earthquakes and cyclones. This can eventually lead to severe financial distress. A home emergency protection insurance policy can help reduce this burden and make it easier for the insured.

• Theft and burglary

According to reports, every 20 seconds, a burglary occurs around the world. It is possible to secure a house and its perimeters, but there are cases where theft occurs in spite of that. This makes it essential to be prepared with the necessary measures so that the situation does not go outbound in times of emergencies.  

• Fire

Fire can occur from anything and destroy an entire property and also lead to fatal accidents. An insurance policy for a home can provide with the much-needed financial support during such situations.

Another reason why houses need protection insurance is that when the residents are out, the property may be left without a watch. It becomes vulnerable. A home protection policy while you are away is, therefore, recommended for any individual or family who often stays away from home.

You can opt for a home protection insurance from the Pocket Insurance category of products offered by Bajaj Finserv to cover any costs incurred due to burglary or theft when you are away.

What are the things covered?

Following are some of the things covered by a home protection plan:

1. Furniture
2. Clothes
3. Electronic items
4. Audio equipment
5. Money
6. Cheques

What should you check before applying for an insurance policy?

Following are some aspects which every individual needs to look out for when availing a house protection insurance scheme:

• Coverage duration

In case of a covered trip, the coverage commences at the time of leaving the residence for the trip and terminates when the following events occur:

• The time of return
• The policy expiry
• In any event

• Coverage conditions for travel time

Coverage commences in around 24 hours before the booked time for departure and stops 24 hours after the actual return time.

You can avail a domestic holiday cover from the Pocket Insurance plans offered by Bajaj Finserv to take care of any emergency expenses which may incur during the trip.

• Audio and electrical equipment covered

It includes equipment such as CD/DVD players, stereo sets, refrigerators and computers.

• Official police report

You need to provide an official report representing the incident that happened within the covered time frame for the claim which is to be paid.

• Claim payment

It should not be more than the covered items’ replacement cost.

Documentation for the claim

Following is the list of documents required to claim a house protection insurance policy:

1. A signed and duly filled claim form
2. Police report
3. Support voucher for items lost/damaged
4. Bank statement in case of loss of money
5. Other requirements depending on the financial institution

A home protection insurance policy makes sure that the expenses are taken care of in case of emergencies. Not only that but it is also possible to get coverage up to Rs 5 Lakh for Rs 199 per annum. This makes it highly affordable and attractive when the budget is considered. Protection insurance scheme for a home, thus, allows you to protect your property like never before.