Important Things to Consider While Buying a Home Insurance in India

Buying or having a house is one of the key achievements and investments in life. If you are a first-time home buyer, you are not only excited but also remain extra careful. Owning a house is a big financial commitment that comes with years of hard work, effort, and diligence. Regardless of whether you live in a rented house or have recently purchased a house, it is crucial to protect your dwelling round-the-clock. To ensure optimum protection of your house from various perils, consider securing it with a home insurance quotes policy. Having adequate home insurance coverage secures you from financial setbacks. First things first!

Why Home Insurance?

A home insurance policy enables you to stay financially secure in case of unforeseen circumstances that lead to any loss/damage. Having the right insurance cover not only protects the property but also the content inside it. With a plethora of home insurance plans available in the market, sometimes it becomes a tough choice for, which one to go with. Here, we have jotted down some important aspects that will help you to choose suitable home insurance coverage.

Know the Inclusions of the Home Insurance Cover

Home insurance is a type of property insurance that offers coverage to the structure and content of the house against any loss/damage. It can be bought by both the homeowners and even the tenants residing in the rented house. Choose comprehensive coverage for any emergency and have that peace of mind. In case you are a tenant, you also have the alternative of insuring the contents inside the house. Generally, a home insurance policy protects your home against loss from burglary, fire, and natural calamities. It also offers a cover for jewelry, valuables, and works of art. This may vary from insurer to insurer.  

Geographical Location Impacts the Home Insurance Premium

Yes, you read it right! The geographical location not only influences the premium but also the type of coverage that you may need. For instance, if you reside nearby a natural calamity-prone area/region you would require a structural and content damage cover. Or if the property is located near the sea, you would need a cover that secures the electronic appliance as it may get damaged because of corrosion.

Know the Type of Home

The coverage will be different as there are various risks associated with each type of home. The way a homeowner would like to secure a home will be different for a renter. The coverage will vary from a plot, bungalow, rental property, or flat. Hence, when buying an insurance policy consider all of these aspects. Look for home insurance quotes online and make a wise decision.

Provide Correct Information

While buying house insurance, provide all correct information about the property and the content inside it. For instance, giving out the floor/level of the property, buildup area, details of jewelry, and other valuables helps the insurance company to access apt coverage. The claims generally get denied when any information found is incorrect or false.

Choose Suitable Home Insurance Add-ons

Including add-ons to the base insurance plan enhances the standard insurance plan. You may customize the plan as per your needs and secure your home. The add-ons will vary from insurer to insurer. There are insurance companies that offer home insurance add-ons such as the key and lock replacement cover, dog insurance cover, public liability cover, etc. Add more protection to your prized possession with an array of add-on cover options.

Understand the Exclusions Under a House Insurance

Just like it is important to know the inclusions offered under the property insurance. Likewise, it's crucial to understand what is generally not covered under a home insurance plan. Before making the final purchasing decision, know the exclusions of the plan as it ensures a hassle-free claim process in the future. Certain things remain uncovered in the policy such as any misinterpretation or non-disclosure of information, pre-existing damages, and so forth. In case there is any exclusion that you wish to have in your standard plan, get an add-on cover if available.

Keep Documents Handy for Easier Claim Processing

Filing a home insurance claim is an important step to recovering from a loss/damage financially. During the claim, ensure to have all the important documents handy. Remember, giving out any false or incorrect information may lead to getting the home insurance claim delayed/rejected.

Wrapping it Up

Indeed, buying a home is a dream that we all see and a significant achievement in life. However, having home insurance coverage is not on everyone’s list. In case of any eventuality, having home insurance coverage will financially provide backup. With uncertainty growing, having house insurance will become a future investment that safeguards from any financial setback substantially. You may also use a home insurance calculator to have an idea of the amount you would end up paying. *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read the sales brochure/policy wording carefully before concluding a sale.