Home Insurance Claims Procedure

Basis of Claim Settlement

In case of Total Loss:
  • Sum Insured or Market Value whichever is less.

Partial Losses:
Reasonable repair costs.
  • Not more than 20% of the total value of contents in respect of a single item.
  • Rateable proportion of loss in case of underinsurance (permitted upto 15%, only for the package policies, not for stand alone Fire policies).
  • Contribution clause to operate in case of double insurance.

Other Features

  • Claims to be notified immediately by any means followed by written intimation within a week.
  • For Burglary/Theft / Jewellery / Baggage/ Cash in transit claims F.I.R. is a must.
  • For Fire benefit auto reinstatement of sum insured will be there unless otherwise opted immediately after occurrence of loss.
  • Cancellation notice on either side would be 15 days.
  • No refund on cancellation in case there is a claim under the policy.
  • Though the pre-underwritten packages give a fixed sum insured, there will be an option to increase the sum insured in case of Fire:Building cover only.
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