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Q : What are some practical things I can do to lower the cost of my homeowners insurance ?

A : There are a number of things you can do to lower the cost of your homeowners insurance. The best thing to do is to shop around. It is not surprising to find quotes on insurance that vary by hundreds of rupees for the same coverage on the same home. When you shop, be careful to make sure each insurer is offering the same coverage. Another way to lower the cost of your homeowners insurance is to look for any discounts that you may qualify for. For example, many insurers will offer a discount when you place both your automobile and homeowners insurance with the them. Other times, insurers offer discounts if there are deadbolt exterior locks on all your doors, or if your home has a security system. Be sure to ask your agent or company about discounts any that you may qualify for.

Q : What are Insurance Brokerage houses?

A : The insurance brokerage houses provide reinsurance to insurance companies. They are providers of non-life, group life and group mortgage insurance. These insurance brokerage houses are very large, sometimes larger than the insurance companies themselves. Working with an insurance broker has varied advantages. All the desired services right as soon as one starts thinking about taking insurance policy till the time his policy matures and final payment is being made. Recommending those avenues to the clients where one has the minimun chances of risk and loss factors. Give information about risk management and educate the client about insurance details. Send reminders about payment of premiums and collecting the premium cheques.

Q : What does the term "Underwriting" of risk stand for ?

A : Underwriting of a risk requires consideration of material facts and details which will decide whether to accept the risk. If at all it is to be accepted, then at what rate of premium.

Q : Insurance can be taken for what all things in a household policy and what all risks are covered?

A : Building and contents - Fire, lightning, earthquake, explosion of gas in domestic appliances, bursting and overflowing of water tanks, apparatus or pipes, riot, strikes or civil commotion, burglary, housebreaking or theft. Jewellery and valuables - Loss or damage caused by accident or misfortune while anywhere in India. Domestic appliances-Any damage due to mechanical or electrical breakdown of the appliances. TV, music system, VCR etc - Burglary, fire and allied perils, electrical or mechanical breakdown. Plate glass - Any damage due to accident or loss. Baggage while on travel- Your baggage as well as that of your family; if they are lost, destroyed or damaged by accident or by misfortune while traveling anywhere in India.

Q : What are the proceeds to make a claim in the event of theft?

A : Lodging a complaint with the Police. Giving immediate notice to the insurance company. Providing the details of amount of loss or damage and the evidences to substantiate the claim within fourteen days of the occurrence of event.