Nothing is more important than a good, safe, and secure home. After all, it is the place where you and your loved ones can rejoice, weave thousands of memories that last for a lifetime. While we work really hard and put all life’s savings into buying or constructing a home, we forget that home needs protection in the form of insurance too.
So if you are having a question like - Why buy home insurance?
Then you must remember that home insurance cover ensures the structure of your home and its contents against fire and allied perils such as robbery, earthquake and lightning. Don’t wait for a tragedy to remind you of buying home insurance. Opt for it beforehand.
“Better safe than sorry.”
However, before going ahead with how to buy home insurance, take a look at some of the essential aspects of how home insurance is structured.
The value of your home comprises three broad components, which are as follows:
Home insurance covers only the cost of construction
The real estate broker or the developer will inform you about the cost of construction.
Now, there are two ways to arrive at the insurance sum:
Though premiums for insurance plans that are based on a market-value basis are cheaper, reinstatement basis is the most preferred one.
A few points to remember about claim settlement are:
Now that you have a brief understanding of home insurance. Let’s understand the buying process. And the first step in home insurance buying process is choosing the right insurance policy.
Do research about the various policies.
Check both online and offline market places.
Different insurance companies will have different types of plans, each offering some unique features. Choose the policy which best suits your requirements. For example, some insurers might provide flood recovery, but if you live in a non-flood prone area, then you might not need this one.
Once you have selected your policy, insurers or banks will require some information about the kind of property you wish to get insured. So be ready with the following details:
Once you submit all the required details, you will get an estimate of the premium you shall be required to pay towards your chosen policy. If you are convinced, you can simply buy the plan by making the payment online or offline.
Firstly, evaluate risks. For example, if you live in an earthquake-prone area, then you should ensure that your home insurance covers this risk. Also, check if the premium fits your budget or not. You can solicit premium quotes of individual insurers or compare premium quotes on your own.
A good insurer is judged by the turnaround time of settling claims. The purpose of insurance will have no meaning if you do not get a claim when it is required. So, it is worthwhile to check the history of insurance companies before finalising one.
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1) TATA AIG Home Insurance
https://www.tataaig.com/home-insurance
2) Chola Ms Home Insurance
https://www.cholainsurance.com/home-insurance
3) Future Generali Home Insurance
https://general.futuregenerali.in/home-insurance-policy
4) IFFCO Tokio Home Insurance
5) Oriental Home Insurance
https://orientalinsurance.org.in/householder-policy
6) Reliance Home Insurance
https://www.reliancegeneral.co.in/Insurance/Home-Insurance/House-Property-Insurance.aspx
7) Royal Sundaram Home Insurance
8) Bajaj Allianz Home Insurance
https://general.bajajallianz.com/Corp/new-index.jsp
9) BHARTI AXA Home Insurance
https://www.bharti-axagi.co.in/home-insurance
10) HDFC ERGO Home Insurance
11) SBI Home Insurance
https://www.sbigeneral.in/SBIG/product/long-term-home-insurance
There is no denying that home insurance is a must, it not only provides comprehensive coverage to both the contents and structure of the home. It also secures home assets from any mishappening. Plus, home insurance gives satisfaction and reduces tension levels, in case of unforeseen circumstances.
For all the above factors, we highly recommend buying home insurance and then “Sada Sukhi Raho”
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