Property Insurance Rejected

Property Insurance Rejected: Why They Reject Claims?

In order to financially safeguard your house's structure and contents against a variety of natural and man-made calamities, you purchased home insurance in India. This insurance has several advantages. However, in practise, it will only do so if you submit your claim properly. If not, your claim requests can be turned down. Even if you might not stop wondering what happened, your insurance might hold the key to the mystery.

Sometimes, in your haste to obtain insurance to safeguard your lovely property, you could neglect to carefully study the terms and conditions of the policy. Homeowners sometimes apply for claims only to have them rejected by the insurance provider because they were unaware of the inclusions and limitations. Know the five reasons why your home insurance claim request might be refused and how to prevent them in order to ensure that you never experience such a terrible situation.

5 reasons why home insurance claims get denied

Delay in filing

You have a certain amount of time to submit your claim. The insurance provider has the authority to deny the claim if you submit it after the due date or if it determines that you waited too long to do so after the occurrence. It's best to notify the insurer as soon as possible, but you should confirm the schedule with your insurance provider.

Damage that the policy does not cover

You cannot make a claim for harm if the cause is not covered by the policy. Every insurance policy contains a list of exclusions, including those for things like flood damage, earthquake damage, sewage backup damage, replacement expenses, accidents caused by defective electrical wiring, etcThese must be added to your ordinary insurance policy by paying an additional fee if you want coverage for them.

False information

Your insurer will send a surveyor to the scene after you've submitted your claim to evaluate the damage and may also question some witnesses. Your claim will undoubtedly be rejected if the surveyor discovers that you made up the damage or that there is any discrepancy in your account.

insufficient evidence

The insurance will want documentation of the damage before approving your claim. Make sure you have sufficient proof to support your claim when you file one. Take pictures of the location if you can to adequately record it. If your insurance is not persuaded by your claim, they may reject it.

Damage does not exceed the deductible

The amount that you consent to pay as part of the home insurance claim is known as the deductible. Your insurance company won't be able to pay anything on the claim if the amount of the damage is less than your deductible, thus your claim will be denied. When your deductible is Rs. 3 lakh and the cost of the damage is Rs. 2 lakh, for example, the insurer is not obligated to make any payments.

Conclusion

safeguards your home and its contents against any potential threats. But occasionally, a claim may be denied because the reason for the damage was an exclusion, the claim was submitted after the deadline, or the evidence was insufficient. You may feel discouraged as a result. Therefore, thoroughly study the terms and conditions and be aware of all the inclusions and limitations to ensure that your claim requests are honoured. The information shown here is just meant to be illustrative. Before the sales are finished, please refer to the policy wordings and prospectus for further information.

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