Insurance plan is a vital part which many landlords and real estate investors do not take complete advantage of. While most properties have insurance policies, crucial accessories like keys remain uninsured. The common occurrence of key loss or damage can lead to considerable replacement costs and significant hassle during repairs. A specialised key insurance policy can help property investors and landlords with financial support against the losses sustained.
Importance of a key insurance plan
Most houses nowadays have advanced locking systems implementing the latest technology. Hence, the replacement of such locks and keys often cost huge expenses. Also, an insurance plan is vital for a house with multiple occupancies and several sets of keys. These schemes insure your house keys and provide high coverage limit in case those are stolen, damaged or lost.
What are the primary features of a key insurance policy?
Features of these insurance policies usually vary with different providers. However, the best plan may include the following –
- It reimburses the labour costs involved in replacing the locks.
- Policyholders can avail coverage for making the duplicate keys of the property.
- Reimbursement of locksmith charges is also available in cases of a lockout.
Leading key insurance company may also cover car key replacement under the same policy. In such schemes, even the cost of a rental car is reimbursed if key replacement doesn’t complete in 24 hours.
Companies such as Bajaj Finserv offer exclusive Pocket Insurance Schemes such as key replacement insurance plan.
- Customers can avail financial coverage up to Rs. 20,000 at reasonable premiums per annum.
- You can pay those yearly premiums via multiple payment modes, including credit or debit cards, mobile wallets, UPI, or internet banking.
- Enjoy easy and hassle-free claim process.
When purchasing an insurance policy, make sure to read the terms and conditions carefully. Check out the list of coverage and exclusions beforehand.
How to purchase an insurance plan?
To buy a key replacement cover, follow the three easy steps mentioned below –
- Visit the official website of your insurance provider.
- Fill up and submit the online application form with correct information.
- Pay the premium to complete this application process successfully.
What are the steps to claim the coverage?
It is crucial to understand the claim settlement process of your chosen insurer to enjoy all benefits without complications. Here is a step-by-step procedure to apply for the same.
- Get in touch with the insurance company over phone or email as soon as you are aware of the loss or theft of keys.
- Next, you need to provide a written application highlighting all the details of the incident.
- At the same time, lodge a complaint to the nearest police station within 24 hours regarding the key loss. Carry a copy of the complaint for documentation purposes.
- Your insurer will provide you with a claim form. Fill up the form and send it to the insurer along with other relevant documents such as a copy of the FIR, receipts of replacing the lock and key set, etc. Ensure to complete this process within 3 days of the incident.
Many financial organisations offering key insurance policy service also bring additional plans such as electronic stationary insurance policy. The expensive electronics of a house should be safeguarded financially against damage to avoid significant expenses on repairs. With a nominal premium of Rs. 799, policyholders can opt for coverage up to Rs. 20,000.
Landlords and property investors must look for appropriate plans and secure their investments against unforeseen incidents. It is one of the most important factors that can increase their property’s market value and turn their investment into financial success.