InvestorQ : What can a policyholder do to make the home insurance claim process easier?
Pratik vyas made post

What can a policyholder do to make the home insurance claim process easier?

Manisha Mehta answered.
3 years ago

Although most home buyers recognise the importance of a home insurance, what often puts them off it is the various scare-inducing tales they’ve heard of the claim process and how taxing it can be.

However, with some caution and diligence on your part, you can ensure yours is a success story and not one of the scary ones.

Here are some tips to make your home insurance claim process relatively easier:

- Safeguard your bills and documents: When raising a claim, you will have to provide the original documents of all the contents you are demanding cover for. Yes, it is difficult to keep every document, but you can store them digitally by clicking pictures and naming them in a clear, descriptive manner. Not only should you have a copy of it on your laptop/ personal computer, you can also save it to the cloud to ensure it never gets lost. You have to mention the date of your purchase and its value at the time of purchase.

- Read fine print of your policy: It is often said that the devil is in the details and this is true for anything related to finance. Your policy documents will clearly state what is included and what is excluded from your policy. Additionally, it defines what can be rightfully claimed and what cannot. You must know this in and out, because there are certain insurance policies that cover very specific damages. It would be foolhardy to go through the entire claim process only to understand later that what you’re claiming for is not covered by the insurance company at all.

- Carefully fill claim form online: As is the case with most things online, you can fast track your claim process if you fill your claim form online. Ensure you fill the correct details so that there’s no delay on account of mistakes in the claim form.

- Follow up and follow up, again: It is your job to keep following up with the insurance company after you have made your insurance claim. Always remember, everyone (be it an individual or a company) is very quick when collecting money, but equally slow to give it back.

- Update your holdings: You should on an annual basis, or biannually if it is possible, update the inventory of your purchases. These purchases can include big-ticket household goods, gems & jewellery and electronic equipment. Once updated, you should provide it to your insurance company so that they too have an updated record of your belongings.