Features and Benefits of SBI Home Insurance

Buying a house is one of the biggest investments in one’s life. Usually, people spend their hard-earned money to buy their dream house. Besides, they try to add several household contents in the best way possible. With so much risk associated, you must protect your house from all kinds of dangers and risks that may end up causing major financial loss, forget the emotional trauma. The best way to protect their precious possession from any potential risks is by getting them covered under a home insurance policy.

There are several home insurance companies offering different types of property insurance plans in India, including SBI Simple home insurance policy and SBI Long-term home insurance policy. Here are some of the most attractive features and benefits of an SBI home insurance policy-

• Offers coverage for contents and structure of the house
• Both homeowners and tenants can buy the policy
• Coverage for independent houses, flats as well as apartments available
• The minimum policy duration is 3 years and the maximum duration is 30 years
• Personal Accident (PA) cover
• Tenure discount available
• Coverage against the loss caused due to terrorism
• Cumulative bonus for up to 50% under PA cover available
• Global coverage for baggage and all risk cover
• Section discount for opting 5 or more sections

Types of SBI Home Insurance Plans

SBI home insurance offers two types of plans for residential houses-

1. Long-term Home Insurance Policy

   It is a type of SBI house insurance plan that provides coverage to only the structure of the house against any fire & related perils, including manmade and natural calamities. This policy is available for a tenure of 3 years to up to 30 years.

2. Simple Home Insurance Policy

   It is a type of SBI house insurance plan that protects the structure as well as the contents of the house against any unforeseen risks. It also provides personal accident cover to the insured. This policy is available for a tenure of one year to a maximum of 3 years. Moreover, people can choose the coverage combination as per their choice from the 10 sections available under this plan. However, a minimum of two sections, inclusive of section 1, is mandatory to get this policy issued.

You may also read- SBI General Long-term Home Insurance Policy

Coverage under SBI Home Insurance Policy

The following table represents the coverage available under both types of SBI house insurance plans:

Who Can Buy SBI Home Insurance Policy?

The following people can purchase an SBI house insurance policy-

• Homeowners residing in their own independent houses/ apartments/ flats.
• Tenants who stay in flats/ apartments/ independent houses not owned by them.
• People who do not live in houses made of kutcha construction.
• Homeowners or tenants residing in India.

Claim Procedure for SBI Home Insurance

If an unforeseen incident ends up damaging your house structure or its contents, you must raise a timely claim with SBI General Insurance. The claim procedure for SBI property insurance is very simple. Look at the steps involved in the claim procedure of SBI home insurance-

• Inform SBI General Insurance Company about the mishap within 15 days for Long-term home insurance policy and 7 days for Simple home insurance policy.
• In case of theft/ burglary, contact the police and lodge an FIR or written complaint
• Fill up the home insurance claim form and submit it along with other supporting documents (as asked by the insurer).
• The insurance company will send a surveyor to the damaged house to inspect the extent of the losses and calculate the estimated loss.
• The surveyor will submit an assessment report to the insurance company.
• Based on the documents submitted and the surveyor report and submitted supporting documents, the SBI General Insurance Company will approve the claim request.
• The claim amount will be paid to the policyholder to compensate for the losses & damages.

*Note- Make sure to not get the house repaired or get the debris removed unless the surveyor inspects the damaged property.

Documents Required to File Claims under SBI Home Insurance

While claiming with SBI home insurance, you may be required to submit the following documents to the insurance company-

• Duly completed & signed home insurance claim form
• Policy document
• House ownership proof, such as the letter of possession, sale deed, etc.
• Rent agreement (for tenants)
• Contact details of the policyholder
• Details of the loss, including type/ date/ location of the loss, etc.
• Copy of Police FIR (for burglary claims)
• Police investigation report
• Copy of fire brigade report
• Valuation reports
• All bills and invoices
• Estimated repair bill
• Supplier’s invoice for replacement
• Final repair bill
• Proof of rent paid for the alternate accommodation
• Bank account details
• Court summons or legal notices (if any)

SBI Home Insurance Renewal Process

SBI house insurance policy should be renewed without fail to maintain the shield that it provides to your house. The process of renewing a home insurance policy is very simple and easy at Policybazaar.com. Here is a list of steps involved in renewing a home insurance policy by SBI General Insurance Company-

• Go to the official website of the Policybazaar Insurance Brokers Private Limited
• Select the option of ‘Home Insurance’ from the ‘Other Insurance’ tab available in the ‘Insurance Products’ tab
• Login to your account using your name and mobile number
• Enter the details of your previous policy, including the policy number
• Verify the policy details and add or remove add-ons as per your need & budget
• Pay the final premium amount using UPI, debit/credit card, or Internet banking
• At last, you will receive the home insurance copy at your registered email id.

SBI Home Insurance FAQs