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Home Insurance Interview Questions & Answers - Learning Mode
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Home Insurance Interview Questions & Answers - Learning Mode

Home insurance, also commonly called hazard insurance or homeowner's insurance, is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.

Try Home Insurance Interview Questions & Answers - Exam Mode

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Home Insurance Interview Questions & Answers - Learning Mode
Try Home Insurance Interview Questions & Answers - Exam Mode
Question: What is the maximum claim in case of Property Damage for third party insurance?

Answer: When the beneficiary of any insurance policy is someone other than the two parties involved in the contract (the insurer and the insurance service provider), the policy is known as a third party insurance cover. As far as third party claims are concerned, the insurer?s liability is restricted to a maximum sum of Rs 7.5 Lakhs. As a general rule in third party insurance, unlimited compensation is available only for bodily injury or loss of life. Source: CoolInterview.com
Question: I live in a rented accommodation. Can I get home insurance?

Answer: Of course you can get home insurance even if you are living in a rented accommodation. Many people think wrongly that only house owners can seek a home insurance plan. Technically the physical structure may not belong to you as a tenant but the belongings in the house are yours and you have a right to safeguard against any theft or natural calamity etc. Insurance service providers offer dedicated home insurance plans for tenants that you can choose according to your valuables like white goods, f Source: CoolInterview.com
Question: Can I include my new furniture, which I purchased recently, to my existing home insurance policy or do I need to wait till the renewal?

Answer: You can include new additions any time to an existing policy. No need to wait till renewal. All you have to do is to give a letter to the insurance company, mentioning the additions to be made and by stating its value. The insurance company will give you an intimation, mentioning the additional insurance to be paid for include the new items till the expiry of the current policy, or in other words, for the remaining time period in the current insurance policy. You will have to pay that amount eit Source: CoolInterview.com
Question: Are there any home insurance plans for burglary? Is so please do suggest an ideal burglary insurance plan?

Answer: Yes, you can opt for a household insurance policy that covers the structural damage as well as the household valuable items like furniture, jewelry, electronic items etc and losses due to theft or burglary. You can select plans from wide range of options available in the market. Following are some good household/burglary policy :
- SBI General?s Burglary Policy
- Bharti AXA home insurance: It covers losses from fire, burglary, waylaying, snatching.
- Burglary Policy by The New India Ass Source: CoolInterview.com
Question: What is difference between Home insurance and home loan insurance?

Answer: Home insurance and home loan insurance are two distinct products. Home loan insurance offers a protective cover for the home loan in case of the demise or permanent disability of the home loan borrower. In case you have taken up a home loan and are unable to repay the loan due to disability or death, home loan insurance pays the loan on behalf of you.

On the other hand, a home insurance policy offers protective coverage for the building structure and home valuables offering protection aga Source: CoolInterview.com
Question: What should be the premium if i opt for a home insurance for my home worth Rs. 50 Lakhs? Is it too expensive?

Answer: Home insurance is not costly as wrongly perceived by a lot of people. You can easily get a home insurance for a sum insured of Rs. 50 Lakhs with an annual premium around Rs. 10,000 which is not even 0.25% of the total worth of your house. Home insurance however repays you the cost of construction and not the cost of land unless otherwise specified. Source: CoolInterview.com
Question: When is the ideal time to get home insurance? At the time of down payment or when we get the property in hand?

Answer: Home is the biggest investment for most of the people. Hence it is extremely important for home buyers to take insurance. Home insurance is taken to protect your home structure and content. You can take either of them or both. This cover is against natural disaster or man-made such as burglary, vandalism etc.

You have to look carefully to see what is covered in home insurance. The definition for man-made and natural disaster has many variants. The sum assured is reconstruction cost of the Source: CoolInterview.com
Question: What?s the difference between theft and burglary insurance for home insurance?

Answer: While burglary and theft may look similar in common parlance and can be confusing for the common man here is what the Supreme Court of India had noted. In a ruling it said that unless there is an element of force or violence, a burglary cannot be considered as theft. Source: CoolInterview.com

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