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Home insurance

Purchasing a house is a dream-come-true for most of us. While purchasing and owning a house in not an inexpensive matter, we usually don’t mind the added expense since a house is likely to be a one-time investment for most of us. Besides the money that goes into it, one also invests a significant amount of time and emotions into the house. Considering just how much meaning and cherished memories a house holds for its occupants, it is absolutely important for individuals to purchase a Comprehensive Home Insurance Policy to keep their house and its content safe from any eventuality.

Top 5 Benefits of Home Insurance

here is no denying of the fact that house insurance is a must, however, there are other benefits and riders to buying such a policy that will add convince you totally. Have a look below:

  • Get comprehensive coverage to both content and structure of your home.
  • Secure your assets from any mis-happening.
  • Buy home insurance policy at comparatively lower premium rates than other insurance policies.
  • Reduce stress and tension level for you’ll have a home insurance to fall back to, in case of unforeseen circumstances.
  • Timely insurance payouts allow families to go through rebuilding process quickly, helping them to move on and get back to their normal daily lives.

Key Features of Home Insurance

here is no denying of the fact that house insurance is a must, however, there are other benefits and riders to buying such a policy that will add convince you totally. Have a look below:

  • Most home insurance policies provide policy buyers the option to purchase an insurance cover only for the structure/building or even for the belongings inside the house.
  • Home insurance policies cover liabilities arising out of damage to the house and/or its contents due to natural calamities, such as floods, fire, lightning, etc. or due to man-made reasons, such as theft, burglary, etc.
  • Individuals who don’t wish to purchase a Comprehensive Home Insurance Policy can purchase a Fire Insurance policy which will provide a cover against fire and other allied perils. However, one must note that the level of coverage offered by a comprehensive insurance plan is much greater.
  • Considering how many general insurance firms are offering home insurance policies to customers, one is sure to not face any hassles in finding a policy at a competitive rate.
  • In addition, many insurance firms also provide add-on riders, such as a Loss of Rent Cover, Temporary Resettlement Cover, Dog Insurance Cover, etc. These riders can help enhance the level of protection that’s offered by your policy and can help you remain truly worry-free.

Why should one buy Home Insurance?

Considering how most people spend months finalising the design of one’s dream house and years collecting the precious belongings that are to go in the house, it makes it all the more important to purchase an insurance policy to protect them. Sadly, most people forego buying home insurance since they are unaware of the many benefits that these plans offer. Some of the key reasons to purchase a home insurance plan are:

  • Protection against Natural Calamities: Natural calamities can strike at any point. In case of a flood, earthquake, lightning, etc., it is quite likely that the structure will suffer damages. Whether, these damages are severe or mild, a comprehensive home insurance policy can provide a cover against these natural calamities. For example, in case one lives in a low-lying area that is prone to flooding, a home insurance policy can provide the householder much needed financial assistance if the house and/or its belongings are damaged due to the flood.
  • Provides a Cover against Man-Made Disasters: Man-made threats can never be ruled out, even in the safest of localities. Thus, in case of theft or burglary, one can make a claim for the loss suffered.
  • Covers Damage/Loss of Personal Assets: A home insurance policy also provides a cover to the contents inside the house. One might have a lot of valuable assets inside one’s house including expensive furniture, antiques, jewellery, etc. In case these items are lost or damaged, one can make a claim for the same.
  • Covers Temporary Living Costs: In case your house has to be reconstructed or repaired, you might be required to move elsewhere. In this case, your home insurance policy will cover your rent expenses.
  • Choice of Policy Tenure: Home insurance policies can be purchased on a yearly basis or on a more long-term basis. Many insurers offer discounts to policy buyers who opt for long-term insurance plans. A yearly policy might be especially beneficial to individuals who rent or wish to make frequent changes to their policy cover.

Types of Home Insurance Coverage in India

Considering how most people spend months finalising the design of one’s dream house and years collecting the precious belongings that are to go in the house, it makes it all the more important to purchase an insurance policy to protect them. Sadly, most people forego buying home insurance since they are unaware of the many benefits that these plans offer. Some of the key reasons to purchase a home insurance plan are:

  • Standard Fire and Special Perils Insurance Policy:As the name suggests, this type of a policy covers any damage that might occur to the house/structure due to fire or any other allied perils, such as lightning, explosion, storms, riots malicious damage, strikes, floods, hurricane, cyclones, landslide, overflowing water tanks, pollution, bush fire, etc. This type of policy can be purchased by the house owner, shopkeepers, industrial firms, godown keepers, etc. to ensure the safety of the building.
  • Comprehensive Home Insurance: A comprehensive home insurance policy will provide coverage against fire and allied perils and also burglary, larceny, and theft. This type of insurance policy can provide a cover for both the structure of the building as well as the contents within the house. Contents can include personal belongings, electrical items, furniture, jewellery, and other valuables. However, you will have to declare your belongings at the time of purchasing the policy. This type of policy will provide an exhaustive coverage and it can be purchased by homeowners and tenants, alike.
  • Building Insurance: Policy buyers have the option to purchase a home insurance policy that will provide coverage solely to their house/flat/apartment. Building insurance can be bought for any building/house that is not of a ‘kutcha’ construction. It is important to note that under this type of insurance, the contents within the house are not covered. The sum insured for a building insurance policy is calculated according to the reconstruction value of the house/building.
  • Household Articles Insurance: Policy buyers can also opt to separately purchase an insurance cover only for the articles within the house. Thus, with this policy, household appliances, furniture, jewellery, clothing, equipment, etc. are all covered against loss/damage. The value for household articles are calculated according to the current market value of these items.
  • Public Liability Coverage: A Public Liability Policy will cover expenses that one might have to incur if they happen to suffer from injuries or accidental death in the property of a third-party. Any legal costs or expenses that one may incur due to this are also covered by this policy.
  • Add-Ons: Most insurance firms also offer a number of add-ons that one can purchase in order to secure a more exhaustive coverage. While the number and type of add-ons offered will vary from insurer to insurer, listed below are a few add-ons that are more commonly offered by most insurers. Some of these add-ons can only be purchased by home owners, while others can be purchased by both homeowners and tenants.
    • Loss of Rent Cover
    • Temporary Living Expenses Cover
    • Key and Lock Replacement Cover
    • ATM Withdrawal Robbery Cover
    • Dog Insurance Cover

Exclusions in Home Insurance

Considering how most people spend months finalising the design of one’s dream house and years collecting the precious belongings that are to go in the house, it makes it all the more important to purchase an insurance policy to protect them. Sadly, most people forego buying home insurance since they are unaware of the many benefits that these plans offer. Some of the key reasons to purchase a home insurance plan are:

  • Loss or damage caused by wear & tear and depreciation
  • Loss of cash
  • Loss or damage caused by war, invasion, act of foreign country
  • Loss or damage caused by nuclear war
  • Loss, destruction or damage caused to any electronic equipment due to over-running or excessive pressure

Tips for Choosing the Best Home Insurance Policy

While there are a number of home insurance policies in the market, there are a few things that you will need to keep in mind before you purchase a policy.

  • Understand your Requirements:Are you a tenant who just wants a cover of your personal belongings? Or, are you a homeowner who would like to insure the structure? Insurers provide different kinds of insurance plans, and the policy buyer can opt for a suitable policy. In addition, make sure to check whether the policies that you are considering to purchase offer coverage for risks that your house is especially prone to. For example, if you live in an area that is theft-prone, get a home insurance policy covers theft and burglary. Thus, based on your needs, you can choose a policy.`
  • Compare Policies: Research different plans that are offered by insurers in your city and compare the benefits provided by various plans. Ensure that you pick a policy that provides you with your desired coverage for an optimum premium amount.
  • Look into the Company’s History: Factors like how well-established the company is, the claim settlement ratio, turnaround time, online purchase and renewability options, discounts offered, etc. are important parameters to consider when purchasing a policy, and the higher a company scores on these factors, the more effective they will be as an insurer.
  • Consider Purchasing Add-Ons: Several insurers offer attractive add-ons to customers for an additional premium. These add-ons can help you increase your coverage. However, you must note that opting for too many add-ons can cause your premium to increase. So, ensure that you choose wisely when purchasing add-ons.
  • Know the Policy Terms and Conditions: Ensure that you read the policy brochure in detail or speak to an insurance advisor before you purchase the policy. It is vital that you are aware of the inclusions, exclusions, terms and conditions, etc. Only if you find everything satisfactory should you proceed to purchase the policy.

How to Apply for Home Insurance?

You can choose to apply for your home insurance policy through online or offline channels, based on which is more convenient for you.

  • Purchasing a Policy through Online Channels
  • While not all insurers provide customers the option to purchase their policies online, several insurers are increasingly offering this option to policy buyers. You can also choose to apply for your home insurance policy through trusted third-party sites that offer such policies. Opting to purchase an insurance policy through a third-party website will allow you to compare between different policies, in a hassle-free manner.
  • Once you have found a few policies, ensure that you read through the policy brochure and are aware of the policy benefits, features, inclusions and exclusions. Post this, you will be able to narrow-down your choices based on your requirements.
  • After you have decided on a plan, you can then request for a quote from the insurer. For this, you will have to key-in certain basic details, such as the age of the property, type of ownership (own-house or rented house), desired policy tenure, type of coverage, etc. Once you have provided all these details, the payable premium will be displayed to you.
  • If the premium quote seems okay to you, you can go ahead and fill the insurer’s proposal form and upload any documents that are required by the insurer. The proposal form is something that every policy buyer will have to fill-up when purchasing a home insurance policy.
  • Post this you can proceed to paying your premium online. Most insurers have a few different channels through which you can pay your premium, such as NEFT, ECS, etc. Thus, you can choose to pay your premium through your preferred means.
  • Once the insurer receives your premium and has verified your documents, the policy document will be sent to you.
  • Purchasing a Policy through Offline Channels
  • If you prefer, you can also purchase the premium through the insurer’s branch directly. You can visit the insurer’s website and locate a branch that’s closest to you or you can directly walk into any branch of your preference.
  • Make sure to meet with an insurance advisor and go through the brochure and the terms and conditions of the policy. If you have any doubts, you can clarify them with the advisor.
  • Next, you will have to opt for a sum insured as per the reconstruction value of the house or the market value of your belongings. The insurer will decide on your premium based on a few factors. If this premium amount seems justified to you, you can purchase the policy.
  • Lastly, if you are happy with the policy, you can fill-up the required forms and submit whatever documents are needed to the insurer. Post this, the policy document will be issued to you.

How to Lower Your Home insurance Premium?

  • Reduce your liability by agreeing to share the burden of repairing. It will help in reducing your premium.
  • There are many such things in our house which are precious to us but there is no point in insuring them if they are too old. For instance, your 10 years old black & white TV might be working well, but there is no point in insuring it at a depreciated value. Be wary while making an inventory of products to be insured.
  • Take two or more insurance covers to become eligible to get discounts.

Company informations

#205 Datta Height, Telecom Nagar Gachibowli Hyderabad
Telangana 500032

Contact details

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contact@policymantri.com

(+91) 99999 99999