Some Dos and Don’ts

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Dos

When you buy a prop­erty in­sur­ance pol­icy you should: Know you can in­sure only prop­erty you own. Be sure you have the doc­u­ments to prove own­er­ship and value at the time of a claim. Al­ways keep a safe col­lec­tion of all bills and doc­u­ments re­lated to the pur­chase of your valu­ables. If un­able to stock any ev­i­dence, you can click pic­tures of your valu­ables and their pur­chase doc­u­ments with se­rial num­bers and save them on­line in a cloud-based ser­vice like Drop­box. Don’t for­get to men­tion the date of pur­chase and value at the time of pur­chase. On an­nual ba­sis, cre­ate a writ­ten in­ven­tory of all your house­hold goods from jew­ellery to elec­tronic equip­ment. The new sheet should be de­posited with the in­sur­ance com­pany for their records. Give a com­plete and cor­rect de­scrip­tion, ad­dress and lo­ca­tion of the prop­erty to be cov­ered. Ask the in­ter­me­di­ary or in­surer to give in­for­ma­tion and ex­plain the ba­sis of fix­ing the sum in­sured. It can be: a) mar­ket value-based where de­pre­ci­a­tion is taken into ac­count, or b) re­in­state­ment val­ue­based where the cost of re­place­ment of the prop­erty is taken into ac­count. This is the ba­sis on which the claim is paid. Ask for in­for­ma­tion re­gard­ing add-ons; choose them as per your needs.

Don’ts

Don’t al­low any­one else to fill your pro­posal form. Don’t con­ceal or mis­state any facts about the prop­erty and its fix­tures. Don’t mis-de­clare the value of your prop­erty and face dis­putes at the time of a claim.

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